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[AudraMiller]

There are many people that are starting to use bitcoin as a form of transaction however one of the most important factors that need to be considered is the transaction fee that is associated with utilising Bitcoin. Generally if you are sending a transaction using bitcoin it can be quite difficult because the traffic on the network will be determinant of the transaction fee. Therefore many people have changed to the lightning network which offers faster transactions and at a much lower transaction fee. A news article has actually shown that this network has become increasingly popular among people with a number of Bitcoin being stored on the lightning network increasing by over 1,000 percent over the last year. What do you think about this development and do you think that it is as a result of the auction in El Salvador which primarily uses the lightning network?

 

[Wisdom01]

Yeah I think the lightening network is growing interms of popularity ,I think many people are actually seeing the advantage it offer's and they are actually doing all they could do to benefit from it too

 

[AudraMiller]

Yeah I think the lightening network is growing interms of popularity ,I think many people are actually seeing the advantage it offer's and they are actually doing all they could do to benefit from it too

I think that the next major step that needs to happen is that various cryptocurrency wallets have to start integrating the lightning network into their wallet interface in order to allow people to transact via the cheaper method.

 

[Wisdom01]

I think that the next major step that needs to happen is that various cryptocurrency wallets have to start integrating the lightning network into their wallet interface in order to allow people to transact via the cheaper method.

Yeah that would have sound better ,but the problem is that all exchange platform don't actually works together ,that would have been a nice decision to remove exchange fees

 

[Brain]

Anything that will bring lesser transaction fees will be welcomed and the lightning network seems to offer this and ofcourse people will troop to use. People are always about a better option

 

[btaliat]

I think this will be a good development to the hurdle that people do face while transacting bitcoins. I only wish exchange start using it in a moment.

 

[a_jerobon]

The network comes with faster transaction and less fee. That is a very good benefit that people always look for. I guess that is why it has truly gotten so much popularity.

 

[Balint098]

Well, not surprising considering how none of us like to wait for hours before our money transfer is confirmed on the blockchain.

 

[Wisdom01]

Yes you are right in your analysis and research the number of bitcoin nodes have actually gone up and they have not actually even changed the fees so its still 1 sqtoshi usually which is a lot better than many of the networks and truely unbeatable

so it's just one Satoshi that is been charged ,I actually know that it was cents but never knew that the fee is that low like that ,I think probably this would encourage people to make use of the lightning network once they see the very low fees atrached to using it and the effectiveness it actually denotes

 

[Wisdom01]

1 satoshi is the base fee and if your transactions is higher than $100 then it can cost a few cents usually but generally it is less than a cent so you can round off the value to a cent actually and that's saves you from.fees and time as well

then that means it's good ,the only thing is that once many people start conducting transaction in the lightening network I really hope it won't affect the network negatively and cause more increase in the network approach ,I actually want things to get better too tho

 

[Wisdom01]

Not actually you are right because the lightning network is designed in such a manner that it is flexible and can easily fetch 32+ transactions as the standard limit per block which is 2.5 times higher than bitcoins original limit so that's help and solves the issue of congestion and fees at the same times actually

this is amazing I wish other network similar to this lightening network could be created ,so that investors won't worry at all about network congestion and others again ,they would have drastic alternatives available to them ,I think it's going to be good seeing such thing put in place

 

[Wisdom01]

You are right most people aware of the fact are actually using the service and its much better in terms of speed that almost no coins actually compete except a few whose transactions take the same Milli seconds as well So the fees is the best option that beats others Crypto out actually

but I think it could be a competitor to other smaller coin , because it's because if the high fees of Bitcoin and ethereum that makes some people consider using smaller coin to carry out transaction ,it could be helpful ,but another competiton to smaller coins that benefits from the transaction from people who can't use ethereum or Bitcoin