Bitcoin Lightning is now available on 1xBit
The Bitcoin Lightning Network is now a reality 1xBit, the crypto playbook. Just like its name, it promises to change how Bitcoin transactions work and offer an alternative path to gaming and crypto transactions.
Here’s everything you need to know about the Lightning Bitcoin Network.
Origins of the Bitcoin Lightning Network
Bitcoin may have been a miracle that came out of nowhere and survived a series of naysayers. Still, the crypto project was not without problems, especially in terms of scalability and fast transactions.
While Bitcoin was the first cryptocurrency, it took a lot of time and money to send Bitcoin from one person to another. This was why two researchers, Thaddeus Dryja and Joseph Poon, in 2015 proposed the idea of the Bitcoin Lightning Network with inspiration from Satoshi Nakamoto. Dryja and Poon were able to publish a whitepaper titled “The Bitcoin Lightning Network”, and in 2016 also founded Lightning Labs, the company that would later launch a beta version of the Lightning Network implementation in the Bitcoin mainnet in 2018.
The idea was to create more space in the Bitcoin blockchain infrastructure and enable more scalability in the long run.
How the Bitcoin Lightning Network Works
The creators of the Lightning Network intended to ensure that Bitcoin can function more like digital cash, like any other credit card, so that you don’t have to pay for goods and services and wait hours for your payment to be processed.
The Bitcoin Lightning Network processes transactions using an “off-chain” model, making it much faster and cheaper than Bitcoin’s core infrastructure. The scalability of this new network also makes Bitcoin transactions more energy efficient than they should be.
The Bitcoin Lightning network works by allowing two parties to create an off-chain (layer-2) channel where some Bitcoins are locked; once this is done, they can transfer Bitcoin faster and only for a fraction of a cent. This is possible because the transactions happen off-chain and without overloading the Bitcoin mainnet. The transactions will only be recorded on Bitcoin’s blockchain when both parties close the channels (as one transaction).
It’s more like making a gift card and giving it to your relative, and when they’re done with it, they can throw it away; This is easier than sending them money every time you want to give them a gift.
Use cases of the Bitcoin Lightning Network
The Bitcoin Lightning Network has gone mainstream, receiving warm receptions from major players such as Twitter, which now allows its millions of followers send and receive Bitcoin instantly and for free.
Even Paxful, the popular crypto exchange platform, has revealed plans to integrate the lightning network into the protocol.
With the Bitcoin Lightning network proposed to handle millions of transactions within seconds, crypto betting will go even faster, which is why 1xBit has bought into this idea. The crypto betting site has made the Bitcoin Lightning Network a reality for you and other players to use and be able to fund and withdraw from your wallet in seconds.
Try Bitcoin Lightning at 1xBit
1xBit is home to over 40 cryptocurrencies and now you can enjoy other additional services such as the Bitcoin Lightning Network. The platform adds new coins regularly to meet users’ demands.
1xBit already offers zero fees on every transaction, but with the Lightning network you can even pay less fees when funding your wallet and also enjoy instant payouts. Total anonymity already exists on 1xBit, but this latest feature ensures that your transactions are not recorded in a public ledger, but remain private.
Registration etcn 1xBit is just with an email address and you can get one welcome bonus of up to 7 BTC for the first four deposits.
Conclusion
The Bitcoin Lightning Network has made Bitcoin more acceptable and feasible; with this feature added at 1xBit, crypto games is becoming more interesting; try it on 1xBit.
