Cryptocurrency Q&A
What is the difference between Bitcoin & Lightning Network?
What is the difference between Bitcoin & Lightning Network?
emma_carter_doctor
Tue Jul 16 2024
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6 answers
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Could you elaborate on the key differences between Bitcoin and the Lightning Network? I've heard about the Lightning Network as a scaling solution for Bitcoin, but I'm not entirely clear on how it differs from the original Bitcoin protocol. Specifically, I'm interested in understanding how transactions are processed, the speed and cost comparisons, as well as any security implications that might arise. Additionally, I'd like to know if there are any limitations or use cases where one might be preferred over the other. Could you provide a concise yet comprehensive breakdown of these differences?
6 answers
Giuseppe
Thu Jul 18 2024
On the Bitcoin Network, all transactions are publicly broadcast and recorded on the blockchain, making them transparent and traceable.
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DaeguDivaDanceQueenElegantStride
Thu Jul 18 2024
The Lightning Network operates predominantly outside the main blockchain, relying on it primarily for the initial establishment and subsequent closure of payment channels, as well as for dispute resolution.
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BonsaiVitality
Thu Jul 18 2024
This off-chain approach significantly enhances the scalability and efficiency of the network, enabling faster and cheaper transactions.
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QuasarPulse
Thu Jul 18 2024
In terms of privacy, the Lightning Network provides a layer of anonymity that is not present on the Bitcoin Network.
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Elena
Wed Jul 17 2024
However, the Lightning Network allows users to conduct transactions privately, obscuring the details from the public blockchain.
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