Ride the lightning

Bitcoin {BTC} on steroids

All the Cryptos supporting Lightning Network {LN} will profit from it. Besides Bitcoin (the real one and only BTC) there is Litecoin {LTC}, Vertcoin {VTC} and probably a few others. Vertcoin even made a Lightning version that supports several Cryptos within one network. The Lightning Network {LN} was something that I let be where it was at first. Only recently I my interest moved back in after I read a Tweet, by fellow Steemian @cryptotem, about the BlueWallet and earning Satoshis online. Always looking for some new experiences, even if just for a short rush, I installed the Bitcoin {BTC} Lightning Network {LN} BlueWallet right away. It was a bit getting used to, because it works with asking for certain amount payments that are set upfront. And after some bad copy-paste experiences I was a bit more cautious, yet it turned out just fine. Thanks to a shared link by @cryptotem (Thanks! Follow this Steemian!) I was even able to earn some thousands of Satoshi. Although that well dried out fast, due to popularity, it was fun to join in. Solving photo puzzles for Satoshi, not a bad job.

Today it became clear to me again that I am a bad leverage trader. Already exchanged my USDc (Ethereum based, so you need some ETH too) yesterday for Litecoin, at a slight loss. Only to see this morning that I sold just a few hours too early... (Changelly send me the USDc I had send to the wrong address, great service, a small spot of light.) So, hurray for the BTC Lightning Network and doing jobs for Satoshi! And it is really extremely fast, like we are used to with Steem, Bitshares and EOS. Where transactions on the Mainchain of Bitcoin {BTC} do take their time, Lightning Network has it send in a jiffy. It can be compared to wireless payments with a banking card. This could really make Bitcoin a payment system, next to a storage of value. Where the Mainchain of the POW {Proof Of Work} Cryptos will be used for storing and moving large amounts of value, the Lightning Network would function like semi-anonymous Digital (cold hard) Cash payments. Where it all works with scannen a QR code and confirming the settlement.

One advantage is that all these small to medium amounts are not clogging up the main blockchain. Which has a resemblance with the way the current money system functions. But there the banking monetary governance system wants to get rid off the cold hard cash. While the competition now offers a replacement for it, thanks to the BiTCoin Lightning Network. And when the other Lightning Network supporting Cryptos, like Monacoin {MONA}, Vertcoin {VTC}, DigiByte {DGB} and Litecoin {LTC} add Atomic Swaps as a standard, it will become a totally substantive system. Meaning that at some point in time the people will not even bother to exchange their Cryptos for so called 'fiat money'. With some privacy added changes, implemented through a softfork, Cryptos like Bitcoin {BTC} and others will become even more interesting for the many to use. And after my positive experience with the Lightning Network I can state that all the blockchain split forking clones that go for huge blocks will lose the scaling competition. There will be a much higher level of decentralization on the Lightning Network highway.

With the MimbleWimble protocol on the horizon, ready to be added too, things might even move forward faster than I ever could have imagined. Never a dull moment in the Cryptos realm. And much more excitement to come.

Have a great one!

Riding the Lightning with Bluewallet

Android app screenshot cc-by-sa @oaldamster