Lightning Network: Everything You Need to Know in 2021! ⚡

The Lightning Network is the famous 2nd layer scaling solution for Bitcoin. We all know Bitcoin can be slow and expensive to use at times especially when the network is in high demand and everyone is trying to send transactions/payments. But we don’t want to increase the block size bc of decentralization and backwards compatibility concerns. The market has spoken in terms of rejecting BCH and BSV’s approaches. BUT we still need to use BTC for p2p payments too. And that’s where the Lightning Network comes in. To be honest it is a little hard to understand the intricacies of how it works with payment channels, multisig wallets, routing, and so forth. But in this video I hope to help you get a better understanding of this crucial piece of the Bitcoin ecosystem which is what El Salvador will use to make remittances possible! Also this is a much needed 2021 update video since a LOT of things have changed in the past year for this scaling solution.

Timestamps:
0:00 Intro
0:44 Why we need Lightning
2:36 How it works
5:28 Advantages
6:09 Use Cases besides Payments
6:41 Improvements Since 2020
9:11 Wallet Options (3 Types)
10:19 Biggest Concerns
12:26 Affect on Onchain analysis

#Bitcoin #Lightning #Network #Scaling #Payments #BTC #LN

[Coinsider]

Hope this helps you understand the Lightning Network better and why it's important! Let me know your questions / comments?

[rogerward]

Best video I've seen on the lightning network so far. That bead diagram really helps. Also the explanation of custodial non-custodial and own node lightning wallets really makes things clear. Thank you!

[drewsmith]

This is the best lightening explanation ever

[cryptocrazy]

I was looking to understand lightning network and found this ...very happy. Thanks for the content.

[sharont]

Thank you for the simplicity of your explanation 👏🏻

[MnMEminem]

Watched many explanations and this is the best so far!

[erickayson]

Thank you for making this video. Absolutely informative and helpful. It's still early and LN is still evolving. I'll give LN couple more years to fully launch.

[KjiehTV]

What is the relation and use case of the lighting network and the lighting network crypto it's not mentioned much and it's not on many exchanges

[adriaanbfb]

Just a small addition that perhaps was missed in the explainer and that is that the problem with running out of balance on your side of a channel can be solved by closing and opening channels, BUT the proper way of dealing with that is channel management where you try to make sure that routes through your node are made BOTH ways through individual channels. That way your side of your channels remain funded and don't require rebalancing by closing and opening channels on the blockchain.

[orjihvy]

Great analysis. More substantive and balanced.

[OtherKindsofMoney]

I’m really excited for the Lightning Network. Can’t wait to watch it scale.

[matthewking]

How to cash out BTCs Satoshi by next year

[mxtxtraveler]

love the editing in your videos recently

[kzkshtn]

a good video and whole perfect package in just less than a 15 minutes !
thanks bro !

[AskDadWhy]

Say you open a payment channel with say 500k sats Outbound. Suppose the peer is a "liquidity sink" meaning all the traffic is only outbound, and you end up transferring it all to the peer, and 0 goes inbound. When you close the payment channel, do you lose all the funds you put in originally?

[VenaMarissa]

Can't believe people still bother with LN, good video though.

[bitcoinnewbie]

Learn so much from watching your videos bro

[miguelsilva]

there is a coin for lightning network?

[randomguyontheinternet]

Ooohhh now I get how that works, I never knew that in a node you can't switch balances between channels. Indeed, nobody ever explains that properly.

[woobull]

Great video and much needed to educate beginners about LN