Bitcoin Lightning Test a Success! Scalability Closer than ever!

CryptoGuru Level X³

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October 1, 2016, 12:36 pm

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Bitcoin Lightning Test a Success! Scalability Closer than ever!

The main problem with Bitcoin is that it cannot handle many transactions in a short period of time. Sometimes it can take up to an hour to receive coin and in this day an age its like sending up smoke signals. Companies all over have been scrambling to work on the block chain to fix this problem but only one has made very good progress The Lightning Network. This company just recently beta tested the software with SUCCESS! Thus proving that lightning can and will scal Bitcoin for thw masses to jump onboard. Valery Vavilov (CEO of lightning) said that the test was a huge accomplishment for bitcoin. He also said "This test of Flare, with small modifications made by the Acinq team, shows that our solution for payment routing on the Lightning Network is not only theoretically feasible, but successful." What does this mean for bitcoin? This basically means that more people will be able to use bitcoin and more vendors will be able to accept it because the lightning network will be able to handle the increase in transactions if the masses start using Bitcoin. yesterday i posted a discussion about the Bitcoin price and how bullish the market is and how its gearing up for a BIG Rally. Since i created that post Bitcoin has increased %5 overnight! I know i sound like a broken record but if you dont invest into Bitcoin this week you will be kicking yourself in the next few moths to come.

Dont forget to Follow me:

https://www.seoclerks.com/user/jkeyz2

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Cristian

Cristian

Isn't the speed of the transactions directly related to how many miners exists? Does that mean bitcoin needs more miners? Or did I greatly misunderstood how the whole bitcoin thing works?

0 8 years ago

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CryptoGuru

CryptoGuru

No you understand completely, miners do verify the transaction you are 100% correct sir. The amount of people using Bitcoin and doing transactions is increasing and its making the process take longer. So a "Code" if you will has been generated to work directly with the Blockchain to increase the amount of transactions it can handle without any drastic increase in miners. You have to remember the price of Bitcoin is going up and people see that big names like Apple, Google, Microsoft, Expedia, and more say great things about it and accept Crypto Currencies not only Bitcoin. This is why i am bringing the information here to seoclerks so people can learn and make smart investments.

0 8 years ago

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Lynne

Lynne

What does it cost you to mine Bitcoin Jkeyz2? I am still missing something important here... maybe one day we should have a Skype session where you can have a white board out and draw pretty pictures for me and explain it like I am a 4 year old... oh wait, maybe a 4 year old will understand easier than me!

0 8 years ago

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CryptoGuru

CryptoGuru

You know what they say kids are like a sponge! I Promise you i will write a detailed how to on Bitcoin mining and i will share how i got started. Im not very good with Skype or white boards, but maybe i can shoot a video on how to do one or a brief introduction and write something. Thanks for reading lynne i appreciate it.

0 8 years ago

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