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Scaling Bitcoin in 2018 with the Lighting Network

April 7, 2018 by Mr. Bitcoin Leave a Comment

The Lighting network will allow owners of Bitcoin to be able to make payments through a layer two of transaction allowing high volume and lower fees then current transactions.

The problems below are preventing Bitcoin to scale and the lighting network coming online in 2018 will resolve the issues below

Problem 1: Scalability : Limited amount of tranactions can process per sec

Problem 2: Time delay: Blocks are created every ten minutes to verify transactions

Problem 3: Fees : High fees for transferring Bitcoins

Abstracting Complexity for new users.

Filed Under: Interviews, Introduction to Bitcoin, Lightning Newtork

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