Get 30% off Ledger wallets here: https://shop.ledger.com/pages/black-Friday?r=3c47
Back in 2018, many people claimed that 2019 would be the year of the Lightning Network.
With 2019 soon coming to a close, adoption has been...disappointing. Some might say.
In this video, we'll be discussing whether the Lightning Network has failed.
🧠 FREE CRASH COURSE - Learn to securely buy, store and sell cryptocurrencies:
🧠 Want to get smart about crypto investing? Download my brain here:
To the question in your title, my Magic 8-Ball says:
Do not count on it
Vitalik talked about the blockchain trilemma: Scalability, Decentralization and Security, you can only choose two out of those for a blockchain. Bitcoin lacks scalability. So the lightning network was the answer. But it's clearly a bullshit answer, since it doesn't scale Bitcoin, it simply is a sidechain which uses timelocks to the Bitcoin blockchain.
Any blockchain can do that. The lightning network can be used for any blockchain. the lightning network does not have the same security and decentralization as the Bitcoin layer.
Saying that the lightning network is a solution is like saying that any other blockchain with better scalability is a solution, disregarding decentralization and security. For some reason people assume that Bitcoin's qualities are passed down to the lightning network. Not true.
I'm just waiting for the day that the bitcoin community will finally understand all they have to do is raise the blocksize. As the cost of hardware goes down over time, it won't impact decentralization in a negative way. And no I don't think bitcoin cash will ever workout, it needs to be on bitcoin.
Certainly, those numbers are far from impressive, but I have a feeling that since BTC is the battle ram if we really have a chance for crypto currency mass adoption then it will be achieved through BTC first. It will just take longer than expected...
PS. Nice decoration you have there mate. Sweet BTC pillows. Ha!
IMO No, it hasn't got that much of an attention. When the focus turns on scaling Bitcoin Lightning network will have a huge impact
I believe at this point Bitcoin will never get mass adoption and become only a niche of store of value.
Stablecoins will bring crypto mainstream.
Thank you for a very informative 3 Speak presentation explaining what the Lighting Network is and your thoughts on whether is has failed.
I agree with your theories about liquidity and the Bitcoin price having to be much higher in value, so that any price fluctuations are smoothed out.
thanks for your video. here are my thoughts
i prefer on chain scaling with dash (no forks for 5 yrs now, fingers crossed) - very easy, fast and reliable. I have seen LN in action for a year now, online AND offline and iam not convinved that merchants will be satisfied with it. too complicated to also take care of a 2nd layer. There is a 2nd layer in dash too (Masternode network) but this you dont really notice as an end user.
I still hold some BTC put if things continue this way for BTC/LN i think it will head towards serious issues because store of value will fade if bicoin isnt usable as money anymore.
Lightning is working fine, very hard to know the volume of transactions which is good for privacy but I have done thousands myself!
Unfortunately, we find that Lightning at least up to this point is still very difficult to use for the average person.