The lightning network is considered to be the next major upgrade to the Bitcoin network, speeding up transactions and making Bitcoin lighter and more efficient..
On July 1st 2018 bitlaunch will be enabling payments through Bitcoin’s Lightning Network in addition to their current payment options. The Lightning Network offers cheaper, faster, and more private payments.
How does it work
The lightning network is considered to be the next major upgrade to the Bitcoin network, speeding up transactions and making Bitcoin lighter and more efficient.
The lightning network technology connects users in a web of “payment channels”, completely independent of the Bitcoin network. Payment channels allow multiple transactions to be aggregated into just a few on-chain transactions.
Payments are made “off-chain”, which means users do not have to pay mining fees or wait for confirmations. Payments can be made nearly as quickly as packets can be sent.
Read more about Bitcoin Lightning.
The Lightning Network is a collaborate effort by the Bitcoin community to help solve the scaling and capacity issue that Bitcoin is currently facing. An example of this problem was when transaction fees skyrocketed in December 2017, with people paying an average of 28 dollars on average per transaction.
Here are the top 4 benefits of Bitcoin Lightning.
Check out some of our other posts for ideas and projects for your Bitcoin VPS like how to up a private, secure Bitcoin VPN or check back for our upcoming article on How to Set Up a Masternode with Cryptocurrency.