Bitcoin Lightning Network Is Coming: Test a Transaction Now – Bitcoinist. You can test micropayment channel bitcoin Bitcoin LN transaction right now.
What are you looking for? Receive all Bitcoinist news in Telegram! Although Bitcoin has managed to gain credibility and legitimacy in the financial world, skyrocketing transaction fees and long transaction times are becoming an increasingly severe handicap. LN promises to reduce Bitcoin’s transaction fees dramatically, and achieve near-instant transactions. Bitcoin users are unhappy about the high costs of transaction fees. 28 USD on December 18, as shown in the chart below.
Moreover, the Bitcoin network traffic has become clogged due to the rising demand for transactions per block. As a result, confirming Bitcoin transactions is taking an extremely long time. Block sizes are limited, so this means that transactions which exceed the capacity for a block get stuck in a queue for confirmation by bitcoin miners. This queue of unconfirmed transactions is called the bitcoin mempool.
Now, Bitcoin enthusiasts and cryptocurrency experts are centering their hopes on the LN approach to reduce transactions fees and long time-delays. The Bitcoin Lightning Network is essentially a decentralized system where users can set up trustless micropayment channels to conduct one or multiple payment transactions off-blockchain. These channels reside outside the Bitcoin blockchain. However, once the payment channel is closed, the transactions that occurred between the channels are then broadcast, as a single transaction, to the main blockchain network. Thus, no matter the number of micro-transactions conducted, the blockchain is accessed only twice, when the channel is opened and when the channel is closed. Obviously, this approach would significantly reduce the load on the blockchain. Presently, three teams are independently working on the LN implementation: ACINQ, Blockstream, and Lightning Labs.
Moreover, these tests achieved interoperability across all three implantations. As demand for Bitcoin continues to grow, transaction costs and time delays are bound to get worse. However, many Bitcoin enthusiasts and experts are excited about LN. What do you think would be the impact on the cryptocurrency ecosystem when Bitcoin Lightning Network starts allowing users to make cheap micropayments at near-instant speed?
Let us know in the comments below. Communication Via the Blockchain with Experty. If you were lucky enough to buy Bitcoin early on, the chances are that you are retired now. No other investment in the world has performed like BTC over the last few years and those that saw the revolution coming are now multi-millionaires. This success has led to an influx of investors trying to find the next big cryptocurrency so that they can make thousands of percent returns in only a few years. As developers of the Lightning Network protocol, we’re excited to announce version 1.