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CATEGORY: bitcoin lightning network


Earn Bitcoin While Walking with sMiles App

Author: Shiela Bertillo
Philippines
Jul 28, 2023 11:15

Earn Bitcoin While Walking with sMiles App

Discover the sMiles app. While not yet available in the Philippines, it lets users earn Bitcoin for everyday activities.

The post Earn Bitcoin While Walking with sMiles App appeared first on BitPinas.

Mar 05, 2023 06:55

TBD's Block Launches c= to Enhance Bitcoin Lightning Network


TBD, a division of Block, has launched c=, a venture aimed at improving the Bitcoin Lightning Network by providing added liquidity and routing services. The Lightning Network is a layer 2 payment network designed to make Bitcoin more accessible through faster, cheaper, and more reliable transactions. (Read More)

Dec 06, 2022 07:10

Bitcoin Lightning Network Strike Enabling Low-Cost Payments To Africa

The world’s leading Bitcoin Lightning Network-based digital payment system, Strike, has announced a partnership with Bitnob, an African payments platform, according to a press release published by Businesswire on December 6th. Through the Strike “Send Globally” feature, this cooperation intends to make rapid, inexpensive transactions to Africa. Starting on December 6th, it will be accessible to […]

Here’s How Bitcoin Transactions Are Supported On Cash App Through Lightning Network

Author: Aishwarya shashikumar
Estonia
Oct 26, 2022 02:30

Here’s How Bitcoin Transactions Are Supported On Cash App Through Lightning Network

The first cryptocurrency ever created, Bitcoin [BTC], went on to become more of a store of value than a payment method. However, it became much simpler to use Bitcoin as a payment method after the Lightning Network was included. The Jack Dorsey-developed Cash App has consistently supported Bitcoin throughout. The platform then continued to make […]

Sep 28, 2022 10:35

Strike Secures $80m in Funding to Propel Instant Bitcoin Payments


Strike raised $80 million in funding to revamp BTC payments for top financial institutions, marketplaces, and merchants. (Read More)

Researchers discover vulnerabilities in Bitcoin layer-2 Lightning Network

Author: Oluwapelumi Adejumo
United States
Aug 12, 2022 05:55

Researchers discover vulnerabilities in Bitcoin layer-2 Lightning Network

Researchers at the University of Illinois have discovered vulnerabilities in the Bitcoin (BTC) Lightning Network that could result in the theft of 750 BTCs (roughly $18 million).

The post Researchers discover vulnerabilities in Bitcoin layer-2 Lightning Network appeared first on CryptoSlate.

Apr 25, 2022 10:45

Bitcoin Lightning Network Would be Practical for Small Payments than Debit Cards, Morgan Stanley Says


The Bitcoin Lightning Network attracts fees close to zero, so it becomes more practical to use it when undertaking small payments than a debit card, according to leading investment bank Morgan Stanley. (Read More)

Apr 08, 2022 07:01

Shopify Inks Deal with Strike, Enabling Bitcoin Lightning Payments


Merchants on Shopify, a global e-commerce giant, will have the option of receiving Bitcoin off-chain payment through the Bitcoin Lightning Network after sealing a deal with Strike. (Read More)

Feb 09, 2022 07:00

Bitcoin Lightning Network Continues to Gain Steam, Hitting Historic Highs of 3,436 BTC


After crossing the 3,000 BTC capacity for the first time in October 2021, the Bitcoin Lightning Network does not show signs of slowing down as its upward quest continues. (Read More)

Jan 19, 2022 10:50

Bitcoin’s LN integrates with Block-owned Cash App for US users

Leading payment service provider, Cash App announced bringing Bitcoin’s Lightning Network into its fold thus enabling U.S. users to send bitcoin to anyone in the world. Although an official announcement from Cash App is yet to come, the payment app revealed that the rollout is expected to be complete over the coming weeks, targeting all […]

Jan 12, 2022 02:50

Argentina Is Adopting Bitcoin Lightning Network

The Bitcoin Lightning Network keeps expanding its reach across the globe with its latest endorsements. Covered: Lightning Network Lands In Argentina Cash App Enables Lightning Network The number of publicly known Lightning Network nodes has hit an all-time high. pic.twitter.com/M8BoHsARBa — Pomp ?? (@APompliano) January 11, 2022 Today is a bullish day for Bitcoin, both […]

The post Argentina Is Adopting Bitcoin Lightning Network appeared first on CryptosRus.

NYDIG acquires Bitcoin micropayments firm Bottlepay

Author: Cointelegraph By Tom Farren
United States
Nov 01, 2021 04:40

NYDIG acquires Bitcoin micropayments firm Bottlepay

Former Goldman Sachs partner NYDIG partook in Bottlepay’s seed funding round in March 2021.

Nov 01, 2021 07:05

Lightning Network Can Support ~35 Million Users At 3 Tx / Yr Average: LN Whitepaper

Lightning Network has been heavily promoted again recently as Bitcoin's most promising solution to scale globally and become the world's largest micropayments network. As Bitcoin's base layer (like most L1s) has high fees and longer waiting times, it's not suitable for small payments. Naturally, it makes sense to find out the limitations of the Lightning Network to understand if LN can indeed scale for billions of users worldwide. It's our understanding that the best source for finding out the capacity limits would be the LN Whitepaper itself. Fortunately, it has the answer.

If we presume that a decentralized payment network exists and one user will make 3 blockchain transactions per year on average, Bitcoin will be able to support over 35 million users with 1MB blocks in ideal circumstances (assuming 2000 transactions/MB, or 500 bytes/Tx).

This is quite limited, and an increase of the block size may be necessary to support everyone in the world using Bitcoin. A simple increase of the block size would be a hard fork, meaning all nodes will need to update their wallets if they wish to participate in the network with the larger blocks.

Block Size Increases and Consensus - Lightning Network Whitepaper

The section 10 of the LN whitepaper titled "Block Size Increases and Consensus" concludes that because of the current Bitcoin block size of 1 MB, Lightning Network can support just over 35 million users, assuming that each of them are performing 3 transactions per year on average. It's further stated that even this capacity is only possible under ideal circumstances (2000 tx / MB or 5000 bytes / tx), which is of course not always the case.

Bitcoin Average Transactions Per Block - Blockchain.com

The latest version of Lightning Network whitepaper was released way back on 14 Jan, 2016 and little has changed on the Bitcoin base layer, since then. The Segregated Witness Consensus Layer (SegWit) was the most significant upgrade after the LN whitepaper release, resulting in the Bitcoin protocol being able to increase the number of transactions that it could process by removing the witness data, reducing tx size and raising the number of tx that can be included in the block.

LN Whitepaper Suggests Block Size Increase As A Possible Solution

It was introduced in Aug 2017 and according to the data obtained from Blockchain.com, the number of transactions that can be included in a single block now expand upto 2,500 tx / block under high load, against the 2,000 tx / block capacity, mentioned in the whitepaper. Assuming the same conditions, it means that the Lightning Network can now support just over 43.75 million users with the same 3 tx / year average.

https://cryptoticker.io/en/cryptocurrency-crypto-dictionary/

The data shows that Lightning Network doesn't solve Bitcoin's scaling solution, the currently popular Strike and Chivo Wallets operate off-chain for the most parts and don't seem to use LN, in any true manner. Noting that the world's population is well over 7.8 billion and it's unlikely that each person can make only 3 transactions in a year, Bitcoin needs to increase its block size for the Lightning Network to work for everyone and fulfill its purpose in a truly decentralized manner.

Lightning Network LN Whitepaper© Cryptoticker

The post Lightning Network Can Support ~35 Million Users At 3 Tx / Yr Average: LN Whitepaper appeared first on CryptoTicker.

Binance confirms Bitcoin Lightning Network integration in the works

Author: Oluwapelumi Adejumo
United States
Jun 20, 2023 05:50

Binance confirms Bitcoin Lightning Network integration in the works

Cryptocurrency exchange Binance confirmed it was working to integrate the Bitcoin (BTC) Lightning Network (LN) for deposits and withdrawals activities on its platform, according to a June 20 tweet. Binance will join Bitfinex, Kraken, and OKX as one of the largest trading exchanges to integrate Lightning, according to a GitHub repository by LN advocate David […]

The post Binance confirms Bitcoin Lightning Network integration in the works appeared first on CryptoSlate.

Jun 20, 2023 06:55

Binance Announces Integration of Bitcoin Lightning Network for Enhanced Transaction Efficiency


Cryptocurrency exchange giant Binance has announced its plans to integrate the Bitcoin Lightning Network for deposits and withdrawals. The move aims to improve transaction efficiency and provide users with a faster and more cost-effective experience. (Read More)

Binance Pioneers Bitcoin Lightning Network Integration

Author: Aishwarya shashikumar
Estonia
Jul 17, 2023 10:50

Binance Pioneers Bitcoin Lightning Network Integration

Binance, a prominent player in the cryptocurrency industry, has been at the forefront of multiple advancements in recent years. In a recent announcement, the exchange made a significant stride by successfully integrating Bitcoin (BTC) onto the Lightning Network. In a blog post published on July 17, Binance unveiled an exciting development for its users. They […]

Apr 12, 2023 06:55

Gamers in Africa Can Earn Bitcoin While Playing Classic Titles


Zebedee has partnered with Bitnob to allow African gamers to earn Bitcoin while playing classic games such as Counter-Strike. The Bitcoin Lightning Network will allow game developers to replace in-game points with Bitcoin, which can then be converted to local currencies. (Read More)

Aug 12, 2023 06:20

Lightning network capacity decreases while number of channels grows

The Lightning Network is a Layer-2 solution designed to address Bitcoin transactions’ scalability and speed issues. It creates off-chain payment channels that allow users to conduct transactions almost instantly and at a fraction of the cost compared to traditional on-chain methods. By enabling multiple transactions to occur off-chain and only recording the final balance on […]

The post Lightning network capacity decreases while number of channels grows appeared first on CryptoSlate.

May 07, 2023 05:50

Growing Bitcoin transactions highlight Lightning Network’s importance

The popularity of Ordinal Inscriptions on the Bitcoin blockchain has led to skyrocketing transaction fees and memory usage, raising concerns about the future of Bitcoin's block rewards. As this phenomenon continues to evolve, miner fee revenue has reached levels previously seen only during bull markets.

However, amidst the mounting criticism, a potential solution emerges. Discover how this high-speed, low-cost alternative could revolutionize Bitcoin payments and address the challenges of Ordinal Inscriptions.

The post Growing Bitcoin transactions highlight Lightning Network’s importance appeared first on CryptoSlate.

Bitcoin Lightning Home: Google, Amazon’s Tech Dome

Author: Aishwarya shashikumar
Estonia
Aug 03, 2023 07:10

Bitcoin Lightning Home: Google, Amazon’s Tech Dome

Bitcoin has reached a pivotal juncture in the realm of cryptocurrency, as the revelation unfolds that industry giants Amazon and Google are currently responsible for hosting a considerable segment of the nodes within the Bitcoin Lightning Network. This collaboration stands as a crucial landmark in the progression of blockchain technology, effectively reinforcing the widespread embrace […]

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