Start Using Bitcoin Now – BTC Transactions Reach Unusual Cheap Levels
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This article was originally posted on Bitcoinist - one of the leading sources for information about Bitcoin, digital currency and blockchain technology.
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For more follow the link below. Although Bitcoin has managed to gain credibility and legitimacy in the financial world, skyrocketing transaction fees and long transaction times are becoming an increasingly severe handicap.
The good news is that developers are making progress towards the Bitcoin Lightning Network LN implementation. You can test a Bitcoin LN transaction right now. Bitcoin users are unhappy about the high costs of transaction fees. BitInfoCharts provide this chart. Moreover, the Bitcoin network traffic has become clogged due to the rising demand for transactions per block. As a result, confirming Bitcoin transactions is taking an average bitcoin transaction time december 2017 long time.
Block sizes are limited, so this means that transactions which exceed the capacity for a block get stuck in a queue for confirmation by bitcoin miners.
This queue of unconfirmed transactions is called the bitcoin mempool. Now, Bitcoin enthusiasts and cryptocurrency experts are centering their hopes on the LN approach to reduce transactions fees and long time-delays. The Bitcoin Lightning Network is essentially a decentralized system where users can set up trustless micropayment channels to conduct one or multiple payment transactions off-blockchain.
These channels reside outside the Bitcoin blockchain. However, once the payment channel average bitcoin transaction time december 2017 closed, the transactions that occurred between the channels are then broadcast, as a single transaction, to the main blockchain network.
Thus, no matter the number of micro-transactions conducted, the blockchain is accessed only twice, when the channel is opened and when the channel is closed.
Obviously, this approach would significantly average bitcoin transaction time december 2017 the load on the blockchain. Presently, three teams are independently working on the LN implementation: In early Decemberthey announced that their respective systems had completed payment tests average bitcoin transaction time december 2017 the main Bitcoin network. Moreover, these tests achieved interoperability across all three implantations. Right now, to educate potential LN users, the website https: Reddit user Nabugu provides the details of the test here.
As demand for Bitcoin continues to grow, transaction costs and time delays are bound to get worse. However, many Bitcoin enthusiasts and experts are excited about LN. What do you think would be the impact on the cryptocurrency ecosystem when Bitcoin Lightning Network starts allowing users to make cheap micropayments at near-instant speed? Let us know in the comments below. Test a Transaction Now appeared first on Bitcoinist. Leave a Reply Cancel reply Your email address will not be published.
