Will Lightning Network Help Bitcoin Compete with Fast and Inexpensive Altcoins?

In early December, the development teams of Lightning Labs, Blockstream, and ACINQ have implemented the Lightning Network protocol, updated to version 1.0. This step should ensure a reduction in the commission for the Bitcoin network and increase the speed of transactions. In the frameworks of the tests using the new protocol, there was a transaction made for a microscopic amount of 0.000015 BTC to the address of the ACINQ Starblocks online coffee shop. Another payment was made to unlock the post in the blog, built on the Yalls platform. Both payments were made with minimal commissions.

Currently, it is not known when the new protocol will be launched in the main Bitcoin network. However, the developers of the Lightning Network are confident that this event will certainly become one of the most significant for the future of “digital gold”. The problem of the high price of commissions in the network and the increase in the time of confirmation of transactions can negatively affect the attitude towards Bitcoin, both potential investors and active supporters of blockchain technology. Today, the approximate commission for transactions in different networks amounts to more than $15 for the Bitcoin network, about
$0.30 for the Ethereum network, $0.04 for Bitcoin Cash, $0.5 for Litecoin, only 0,0084 $ for Dogecoin.

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