Cryptocurrency Q&A
What is bitcoin & the Lightning Network?
What is bitcoin & the Lightning Network?
Andrea
Wed Jul 10 2024
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7 answers
1911
Could you please elaborate on the concept of Bitcoin and the Lightning Network in simple terms? Bitcoin, as I understand, is a decentralized digital currency that operates independently of a central bank or administrator. It's based on blockchain technology and enables peer-to-peer transactions. However, I've heard of the Lightning Network being associated with Bitcoin. Could you explain what the Lightning Network is and how it works in tandem with Bitcoin? Does it enhance the speed or scalability of Bitcoin transactions? I'm curious to know how these two technologies complement each other in the world of cryptocurrencies.
7 answers
Federico
Fri Jul 12 2024
These side streets effectively alleviate congestion on the main highway, specifically for smaller transactions.
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Elena
Fri Jul 12 2024
Consider Bitcoin's primary blockchain analogous to a bustling highway, where the Lightning Network functions as a network of adjacent side streets.
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Chiara
Thu Jul 11 2024
Once the wallet is established, the parties can conduct numerous microtransactions without congesting the main blockchain.
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MountFujiMystic
Thu Jul 11 2024
BTCC, a UK-based cryptocurrency exchange, offers a wide range of services that cater to the needs of its users.
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HanRiverVision
Thu Jul 11 2024
The Lightning Network enables two parties intending to conduct a transaction to establish a multi-signature wallet.
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