Slide Bitcoin Lightning Network

Slide intergration-1024x683 (1) Bitcoin Lightning Network

What it Lightning Network ?

Lightning Network was introduced in 2015 as a payment protocol which runs on top of the existing bitcoin blockchain allowing ‘off-chain’ transactions leading to higher transaction-per-second and a much lower fees.

How Payment Processing Works

Instantaneous Transactions

Currently bitcoin blockchain transactions take about an average of 10 minutes to confirm since that is the time every new block gets added to the blockchain by the miners. Depending on the fees, the confirmation time on average can range between 10 mins – 2 hours.
Through Lightning Network the transactions would confirm in a matter of seconds making them almost instantaneous.

Low Fees

The bitcoin blockchain fees varies according to the market but usually lies in the range of $0.2 — $4 to get the transaction confirmed in the next block. As adoption increases so does the load on the blocks and the fees usually goes up.
With Lightning Network the fees ranges between $0.00008 — $0.0008 making them ideal for quick daily transactions.

Less congestion on Bitcoin Network

Since the Lightning Network runs on a ‘second layer’ without interacting with the main bitcoin blockchain, the bitcoin network remains less congested making it more scalable for adoption.

Top Security

The Lightning Network implements security protocols to make sure payments are secure and and not vulnerable to attacks. In addition, the Lightning Network offers users a high degree of confidentiality. Users do not need to make their channels known to the broader network.

What it Lightning Network ?

Lightning Network was introduced in 2015 as a payment protocol which runs on top of the existing bitcoin blockchain allowing ‘off-chain’ transactions leading to higher transaction-per-second and a much lower fees.

How Payment Processing Works

Instantanous Transaction

Currently bitcoin blockchain transactions take about an average of 10 minutes to confirm since that is the time every new block gets added to the blockchain by the miners. Depending on the fees, the confirmation time on average can range between 10 mins – 2 hours.
Through Lightning Network the transactions would confirm in a matter of seconds making them almost instantaneous.

Low Fees

The bitcoin blockchain fees varies according to the market but usually lies in the range of $0.2 — $4 to get the transaction confirmed in the next block. As adoption increases so does the load on the blocks and the fees usually goes up.

Less congestion on Bitcoin Network

Since the Lightning Network runs on a ‘second layer’ without interacting with the main bitcoin blockchain, the bitcoin network remains less congested making it more scalable for adoption.

Top Security

The Lightning Network implements security protocols to make sure payments are secure and and not vulnerable to attacks. In addition, the Lightning Network offers users a high degree of confidentiality. Users do not need to make their channels known to the broader network.