BItcoin Lightening: a brief explainer.

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(Edited)

A Shortsegments explainer post.

Bitcoin Lightening A second level or sidechain tool called Bitcoin Lightening

  • If you. are familiar with the Hive Blockchain, and it's side chain called Hive-Engine, which is a sidechain of Hive, so it is connected to the Hive blockchain, but it allows functionality not possible on the Hive Blockchain.
  • LBitcoin Lightening or more precisely it's actual name Lightening Network is very similar to Hive-Engine in that it is a side chain of the Bitcoin blockchain, which has functionality that Bitcoin doesn't have.
  • The main functionalities that Lightening brings to the Bitcoin ecosystem is (1) Speed and (2) lower transaction speeds.

Instant Payments or Fast Transaction Speed

  • Lightening is stated by multiple sources to be faster then the fastest transaction processing network in the world run by Visa Credit Card Services, a multi-billion dollar global corporation.
  • The Visa Credit Card Network is reported to have a top speed of one million transactions per second or 1 million TPS
  • The Lightening Network or Bitcoin Lightening as it is commonly known reportedly has a speed of one million transactions per second, but has the potential to run at speeds of 47 million transactions per second.
  • Both of these Networkds are faster then the Bitcoin blockchain, whose fastest speed is 7 transactions per second.
  • In defense of Bitcoin, I should mention that when Bitcoin was invented, it was compared to human transaction speed, as there were no cryptocurrency blockchains to compare it to. And the fastest human transaction speed was one transaction per 15 minutes. So Bitcoins speed of 420 per minute or over 6000 transactions in 15 minutes was considered very, very fast.
    source 1
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    source 4

Microtransactions

  • The Lightening Network or BItcoin Lightening allows you to make trnsactions in Satoshis!
  • A Satoshi is 0.00000001 Bitcoin
  • A remarkably small unit of a Bitcoin, which makes small payments for items like food, groceries, and other forms of goods and services purchasable and transactable cheaply on Lightening.

Last Words

The Lightening Network is like Hive's own side chain Hive-Engine, in that it can do things the main chain cannot do.
Lightening allows fast instant payments in tiny amounts cheaply, so that actual goods and services can be paid for in Bitcoin. This is the vision or dream of Satoshi Nakamoto, that Bitcoin would be a sound money for the people, free from the cons of Fiat currency, and free from the control of governments.

@shortsegments

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My Blockchain Core Concept Explainer Series:

  1. What is a Blockchain
  2. Transparency-
  3. Immutability

Other Good Articles Explaining Blockchain Technology

  1. Blockchain Journalist: Understanding Blockchain Technology
  2. The Rise of Bitcoin: Unveiling the Revolutionary Power of Cryptocurrency
  3. Bitcoin Lightening: a brief explainer.
bitcoin-lightening bitcoin instant-payments microtransactions satoshi leofinance gems
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Sam Bankman-Fried: Second Interview

Tiffany Fong
21.7K subscribers
32,767 views Nov 29, 2022

SBF Talks FTX user funds on Alameda, $8 billion hole illiquidity, CZ, the run on the bank. Sam Bankman-Fried shows remorseSam Bankman Freid Interview:

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SBF’s First Interview After FTX’s Collapse
Tiffany Fong
115,015 views Nov 29, 2022
In this phone call interview, Sam Bankman-Fried or SBF, former CEO and founder of FTX, chats with me about filing for Chapter 11 bankruptcy, the alleged backdoor, the use of FTT as collateral, ties to the Democratic Party, laundering Ukraine money, the solvency / insolvency of FTX US, lawyers, and the jurisdictional battle ahead as well as his next steps forward.

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I visited SBF on house arrest
Tiffany Fong
26,000 views Jan 2, 2023
I went to Sam Bankman-Fried's parents' Palo Alto home while he's on house arrest. Sam told me he did not plan to plead guilty at his court hearing on January 3. We also discussed his time at Fox Hill prison in the Bahamas prior to his extradition to the US.

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BAD NEWS: FTX Customers Getting NOTHING Back & SBF Asks to Dismiss Criminal Charges

  • Big FTX and SBF news - it looks like FTX unsecured creditors might be getting $0 or NOTHING back in recovery because the IRS has claimed insane $44B taxes from FTX and Alameda and related entities.
  • Also, Sam Bankman-Fried or SBF has asked for 10 out of the 13 criminal charges against him to be dismissed.

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I visited SBF on house arrest

  • 26,000 views Jan 2, 2023

I went to Sam Bankman-Fried's parents' Palo Alto home while he's on house arrest. Sam told me he did not plan to plead guilty at his court hearing on January 3. We also discussed his time at Fox Hill prison in the Bahamas prior to his extradition to the US.

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Awesome to see Bitcoin content on IceBreak

This is what started it all

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Thank you.
Yes Bitcoin is the definitive OG of crypto and its first in class dominance is clear. In addition it seems to be aging like a fine wine.

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(Edited)

My Blockchain Core Concept Explainer Series:

  1. What is a Blockchain
  2. Transparency-
  3. Immutability

Other Good Articles Explaining Blockchain Technology

  1. Blockchain Journalist: Understanding Blockchain Technology
  2. The Rise of Bitcoin: Unveiling the Revolutionary Power of Cryptocurrency
  3. Bitcoin Lightening: a brief explainer.

Glossary

  1. Blockchain Technology:

At the heart of cryptocurrencies lies blockchain technology. A blockchain is a distributed ledger that records all transactions across a network of computers, ensuring transparency, security, and immutability. Each transaction is stored in a “block,” and these blocks are linked together chronologically, forming a chain.
source
footnote

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