Bitcoin’s Lightning Network, Simply Explained!

Bitcoin has a 7 transaction/second limit, so how can we overcome this? The Lightning Network is one of the proposals and in this video I’ll explain how it works.

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30 gedachten over “Bitcoin’s Lightning Network, Simply Explained!”

  1. Thanks for the video. I have one clarifying question: where is the balance sheet stored? How are they able to change the balance sheet without accessing the main blockchain?

  2. …so still not that great for single small payment? Opening channel still a hustle.

  3. I guess the only downside of this design is that you don't get to store each individual transactions on the blockchain. While the total balance between two parties on the blockchain are valid, I don't get to see how much each coffee costs every time I bought one.

  4. What software was used to create this animation?

  5. Cool explanation I even want to add more ethereum in my portfolio now and buy it with tether

  6. Bob realizes they messed up his coffee order. he's still waiting for his Bitcoin refund

  7. I'm new to Bitcoin and would like to invest. But I've got no idea on how to make real profits. Can someone please tell me how to go about it.

  8. I watched videos like this, but with this I understood a lot. thank you for this short and simple video.

  9. anybody having difficulty finding the upload date for this video?

  10. How does Hydranet combine Lightning Network with Connext and allows cross-chain swaps on layer 3?

  11. I am confused how the latest balance sheet can be the valid one. Let's say that Bob opens a channel for 1BTC and then buys coffees until the balance sheet returns .05BTC to him and .95BTC to the coffee shop. Then Bob closes the channel but instead of submitting the latest balance sheet he submits an early one he created after a couple coffees, so it returns .90BTC to him and .10 BTC to the shop. The coffee shop can't instantaneously know he has done this, right? What if he spends his .9BTC before the coffee shop uploads the latest balance sheet?

  12. This will never work at scale. Why don't they just remove the block size limit?

  13. So in the bitcoin lightning network, people's accounts are routers. Interesting concept but I am skeptical on it's practical application.

  14. So this means the coffee shop doesn't get paid until they close the channel?

  15. Hello sir,🙏
    It would be good if you can share,

    after lightning network create funding for the both sender and receiver parties then this funding transection or settlement transection how to push in any miner pool because without any miner pool how to miner would get this funding and settlement transection and mine this two block in blockchain network..?
    so how to connect lightning network with miner pool …?
    so please suggest related any document….

  16. So do you have to close the channel in order to get your bitcoin ? Why would bob keep his channel open for other people to use, does that not mean he hasnt cashed in on what he is owed or owes ?

  17. Something makes me skeptical about the LN, but I don't yet what it is….

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