Lightning Network: Everything You Need to Know in 2021! ⚡

The Lightning Network is the famous 2nd layer scaling solution for Bitcoin. We all know Bitcoin can be slow and expensive to use at times especially when the network is in high demand and everyone is trying to send transactions/payments. But we don’t want to increase the block size bc of decentralization and backwards compatibility concerns. The market has spoken in terms of rejecting BCH and BSV’s approaches. BUT we still need to use BTC for p2p payments too. And that’s where the Lightning Network comes in. To be honest it is a little hard to understand the intricacies of how it works with payment channels, multisig wallets, routing, and so forth. But in this video I hope to help you get a better understanding of this crucial piece of the Bitcoin ecosystem which is what El Salvador will use to make remittances possible! Also this is a much needed 2021 update video since a LOT of things have changed in the past year for this scaling solution.

Watch my On-chain analysis video: https://www.youtube.com/watch?v=tBKuWxyF4Zo

Watch my El Salvador Legal Tender video: https://www.youtube.com/watch?v=ptL7rbLLoOU

Timestamps:
0:00 Intro
0:44 Why we need Lightning
2:36 How it works
5:28 Advantages
6:09 Use Cases besides Payments
6:41 Improvements Since 2020
9:11 Wallet Options (3 Types)
10:19 Biggest Concerns
12:26 Affect on Onchain analysis

#Bitcoin #Lightning #Network #Scaling #Payments #BTC #LN

Видео Lightning Network: Everything You Need to Know in 2021! ⚡ канала Coinsider