What Is The Bitcoin Lightning Network, And How Do You Use It?

How To Use The Bitcoin Lightning Network?

What Is The Bitcoin Lightning Network?

Bitcoin is one of the highest performing cryptocurrencies of our time, providing fast and secure conversions with security and transparency that tracks the movement of Bitcoin blocks exchanged on the blockchain. Therefore, it is ideal for large transactions.

1- Bitcoin Issue That Caused Lightning:

Bitcoin faces major obstacles to high-speed transactions because the data that makes up the blockchain is so small. The Bitcoin blockchain can only store 1MB of data per second, which is about 7 transactions per second. 

This is very small and most new blockchains reach sizes over 10MB, causing congestion, slowing transaction speeds, and increasing costs.

2- Lightning Network:

The developers suggested a solution to the problem and provided a Lightning Network to facilitate transactions. This network processes transactions outside the blockchain over connected channels, allowing users to send and receive payments in blocks without paying. When the transaction between the parties ends, the payment is recorded as a single transaction on the blockchain. 

Lightning Network is a network system with thousands of channels connecting thousands of users, and  Lightning Network finds the path with the least resistance to the transfer of payments between users for fast transactions. , Costs can be kept to a minimum.

3- How to use the Lightning Network?

Suppose you are in a location that accepts Bitcoin payments when they expire and you pay your invoice through your digital wallet at that location. What's really happening behind the scenes is that the Lightning Network system creates a new channel between you and this location. 

The channel is used to transfer payments and is booked on the blockchain. Channels remain on the network, and the more exchanges there are, the more channels there are between users, and the faster and wider the network. 

Finally, Lightning Network is an excellent system for accelerating transactions between Bitcoin users without increasing costs and ensuring the smooth movement of blocks on the blockchain network.