The Bitcoin Lightning Network is now a reality 1xBit, a crypto sportsbook. As its name suggests, it promises to change how Bitcoin transactions work and offer an alternative to betting and crypto transactions.
Here’s everything you need to know about the Lightning Bitcoin Network.
Origins of the Bitcoin Lightning Network
Bitcoin can be a miracle that comes out of nowhere and leaves many naysayers behind. Still, the crypto project was not without problems, especially in terms of scalability and fast transactions.
Although Bitcoin was the first cryptocurrency, sending Bitcoin from one person to another took a lot of time and money. Therefore, in 2015, two researchers Thaddeus Dryja and Joseph Poon, inspired by Satoshi Nakamoto, came up with the idea of Bitcoin Lightning Network. Dryja and Poon were able to publish a paper called “The Bitcoin Lightning Network” and in 2016 they also founded Lightning Labs, which would later introduce a beta version of the Lightning Network application to the Bitcoin network in 2018.
The idea was to create more space in the Bitcoin blockchain infrastructure and provide greater scalability in the long run.
How the Bitcoin Lightning Network Works
The creators of the Lightning Network intend to ensure that Bitcoin can work like any credit card as digital cash, so that you do not have to pay for goods and services and wait hours for your payment to be processed.
The Bitcoin Lightning Network processes transactions using an “off-chain” model, which makes it faster and cheaper than Bitcoin’s underlying infrastructure. The scalability this new network brings makes Bitcoin transactions more energy efficient than they should be.
The Bitcoin Lightning network works by allowing two parties to create an off-chain (layer-2) channel where some bitcoins are locked; once this is done, they can transfer Bitcoin faster and for only a fraction of a cent. This is possible because transactions take place off-chain and without depressing Bitcoin’s main network. Transactions will only be recorded on Bitcoin’s blockchain when both parties close the channels (as a transaction).
It’s more like creating a gift card and giving it to a relative, and once they’ve done that, they can turn it down; it’s easier than sending money every time you want to give them a gift.
Bitcoin Lightning Network Use Cases
The Bitcoin Lightning Network has gone mainstream with millions of followers receiving warm reception from big players like Twitter send and receive Bitcoin instantly and for free.
There is even Paxful, a popular cryptocurrency exchange platform announced plans to integrate the lightning network into its protocol.
With the Bitcoin Lightning network offering to handle millions of transactions in seconds, cryptocurrency betting will be even faster, and so 1xBit has embraced the idea. The cryptocurrency betting site has made the Bitcoin Lightning Network a reality for you and other players to use and withdraw money from your wallets in seconds.
Try Bitcoin Lightning on 1xBit
1xBit hosts more than 40 cryptocurrencies and now you can use additional services such as the Bitcoin Lightning Network. The platform regularly adds new coins to meet the demands of users.
1xBit already offers zero commission per transaction, but with the Lightning network, you pay lower commissions and also enjoy instant payouts even when funding your wallet. Total anonymity is already available on 1xBit, but this newest feature ensures that your transactions are not recorded on the public ledger, but remain private.
Registration on 1xBit with just one email address and you can get welcome bonus up to 7 BTC for the first four deposits.
The Bitcoin Lightning Network has made Bitcoin more acceptable and possible; With this feature added to 1xBit, crypto bet it’s about to get more interesting; Try it at 1xBit.
Disclaimer: The views and opinions expressed by the author should not be taken as financial advice. We do not provide advice on financial products.