Why Bitcoin’s Lightning Network is Incredible

How Sending Money Using Banks Works

Your bank holds your money. They also hold the money of lots of other people. When you send money to one of those people the bank takes it out of your account and gives it to the other person’s.

Bitcoin Is About Taking Back the Power and the Money.

In Bitcoin we remove institutions that hold power over us. We take back both the power and the money.

Lighting Bestows a New Ability on Bitcoin — Connections

With Lightning, I can connect some of my bitcoin to you, and then I can send portions of it to you and you can send portions of that back to me like we could if we both held accounts in the same bank. Except, we don’t need the bank anymore. We’re the ones making the changes to the balances between us. We also don’t need to make any more traditional Bitcoin transactions to do this.

Getting On The Lightning Network

Like the banking system, people who want to use the Lightning Network need to get on it. The best way to get on Lightning is to run the software (a bitcoin node, lightning node and lightning graphical interface). This is not hard. A small, inexpensive piece of plug and play hardware that’s easy to set up is all you need. Once it’s up and running you can put some bitcoin into the Lightning Node and open up one or more connections. Then you can send bitcoin instantly and cheaply.

Incredible Possibilities

Lightning goes beyond giving us back control over our money. Since transactions are instant, nearly free, can be incredibly small and can be automated, Lightning Network opens up a world of incredible new possibilities. Ideas like streaming money, instant international remittances and more are all being rolled out. What we’ll end up seeing is going to be limited only by the imagination of Bitcoin’s brilliant, creative and growing community.

Additional Notes:

Lightning is not precisely like the banking system. For one, there’s no banks. There’s also much more privacy.

Want more? This entire series (plus a 26th bonus article) is available as a pdf or kindle ebook at https://swanbitcoin.com/whybitcoin.

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