Lightning Shines For Its Practicality – Bitcoin Magazine


This is an opinion editorial by Koji Higashi, a host of the Diamond Hands community.

This is the second article based on the content of the “Understanding Lightning” report produced by the Diamond Hands community, the largest Lightning Network community in Japan. The report aims to provide an overview of Lightning’s technology and ecosystem for a nontechnical audience. The first article can be found here.

Micropayments With Lightning Applications

Applications that integrate Lightning payments can immediately reap the benefits of micropayment capacity, low fees and instant settlement. Since Lightning takes the majority of payments off the main Bitcoin blockchain, it can theoretically process millions of transactions per second while maintaining Bitcoin’s decentralized and permissionless nature — both essential to serve as the underlying technology for real-world practical applications.

Significant reduction in transaction costs and an increase in speed at a global scale with Lightning is no small feat. It can potentially serve billions of unbanked and/or underbanked people as well as cutting billions of dollars worth of costs in credit card fees alone.

Source link Bitcoin Magazine


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