{"id":170756,"date":"2021-07-17T04:00:43","date_gmt":"2021-07-16T22:30:43","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=170756"},"modified":"2021-07-16T12:22:27","modified_gmt":"2021-07-16T06:52:27","slug":"what-you-should-know-about-this-smart-way-of-using-bitcoin","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/what-you-should-know-about-this-smart-way-of-using-bitcoin\/","title":{"rendered":"What you should know about ‘this smart way of using Bitcoin’"},"content":{"rendered":"

The Lightning Network, Bitcoin<\/a>\u2019s Layer 2 solution for fast and cheap transactions, has been a rather fascinating project, especially after its significant adoption in El Salvador for payments. Proposed in 2015 by Joseph Poon and Thaddeus Dryja, the network, despite some criticisms, has grown rapidly in a short span.\u00a0\u00a0<\/span><\/p>\n

The Lightning Network settles transactions “off-chain” through a growing network of user-hosted channels and nodes which tend to exponentially cut down the time and fees to send Bitcoin. In fact, the network was in news lately<\/a> after getting social media support from Elon Musk.\u00a0<\/span><\/p>\n

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Achieving truly decentralized finance \u2013 power to the people \u2013 is a noble & important goal. <\/p>\n

Layer count depends on projected bandwidth & compute, both rising rapidly, which means single layer network can carry all human transactions in future imo.<\/p>\n

For now, Lightning is needed.<\/p>\n

— Elon Musk (@elonmusk) May 21, 2021<\/a><\/p><\/blockquote>\n