This month, Bitcoin developers have unleashed lightning network into the bitcoin blockchain community for testing. At last research we have less than 500 lightning nodes in the United States supporting it. This rollout has caused problems because customers are lining up to do a business seconds after the "Coming Soon" sign was staked into virgin soil. To make matters worse, critics have decided to attack bitcoin for its weaknesses by pointing at the new roots it has sprouted. Basically, this scene from History of the World describes it perfectly. The artist is the Lightning Network. the audience is bitcoin, and the critic is anyone who wasn't in on it from the beginning:
Seven quickies about Bitcoin Lightning Network:
- Lightning was opened up for development in Jan 2018.
- People are losing deposits right now because it says "You will/may lose some deposits right now while we patch holes".
- Lightning has its very own token system so you can test the node and the system without losing your BTC.
- Yes, there are still holes in Lightning, The sign says "Coming Soon". We're glad you are here, but help or get out of the way. We have a lot of building to do.
- To understand Lightning, think "segregated witness." Picture yourself at a very long bank line (this is bitcoin). You want to deposit money and the three guys behind you all want to withdraw. The four of you agree to save the teller fees and your transactions are bundled together. Now four people in line becomes 1 person. Shorter lines, smaller fees, faster blockchain. This is the Lighting Network.
- Lightning supports altcoins too! That's right. In the same analogy of the teller line, one of the guys could get yen, another could . Lightning supports other coins which empowers both bitcoin and altcoins simultaneously.
- Lightning needs your help! We have to enlighten the critics. Lightning could use your advocacy. When critics claim bitcoin will crash because the fees are too high, call them out on their negativity. These are people who are trying to convince you that the shear popularity of bitcoin proves how terrible it must be. These are dangerous people who are fuddy'ing the waters for nefarious purposes.
Crypto Mantra
If you own crypto, don't forget you are changing the world. Be an advocate and help empower others. Educate yourself about what's around the corner and don't worry if you don't understand every single piece. The key to community is the picture we all fill in together. We are doing this people! This is happening and we are all a part of it!