Lightning Network Primer - Pt1 - Free Video
"The Lightning Network" is a solution to enable a global payment system that works instantaneously and for little or no cost.
With this new technology and infrastructure, we finally have a working method of dealing with micropayments, which are payments of a fraction of a cent that can be sent anywhere around the globe using just the internet and a mobile device.
For the first time, we can even stream money in real-time to pay for services as we use them.
In the first of this two-part series, Don takes you through the background of this new technology and gives you two examples of the Lightning Network in action.
0:00 Start
0:47 First Principles
5:41 Bitcoin Network Limitations
7:05 What Can I Do With Sats?
9:10 Earn Sats by Consuming Content
15:27 Value 4 Value
17:27 Fountain on iPad
27:17 Transferring Sats
30:36 Streaming Sats
This full ScreenCastsOnline video tutorial is usually only available to ScreenCastsOnline members. Head over to https://screencastsonline.com to see more of these videos as part of a 14-day free trial membership.
If you've been following the news lately, you've probably heard a lot of buzz about Bitcoin and the Lightning Network. Bitcoin is a digital currency that allows for decentralized, peer-to-peer transactions without the need for a central authority like a bank. The Lightning Network is a second-layer protocol built on top of Bitcoin that aims to improve the speed and efficiency of these transactions. But what does all of this mean, and why should you care?
If you're sceptical of Bitcoin, you're not alone. Many people hesitate to invest in digital currencies because they don't understand them or are worried about the potential risks. But Bitcoin and the Lightning Network offer several benefits worth considering, even if you're not a technical expert.
Here are a few reasons why you might want to give Bitcoin and the Lightning Network a second look:
Decentralization: Unlike traditional currencies controlled by central authorities like banks and governments, Bitcoin is decentralized. This means that no one entity has control over the currency, and transactions are processed by a network of users around the world. Decentralization makes Bitcoin resistant to censorship, manipulation, and inflation, which can be a significant advantage in today's volatile economic climate.
Security: Bitcoin uses advanced cryptographic algorithms to secure transactions, which makes it virtually impossible to hack or counterfeit. In fact, Bitcoin is often considered more secure than traditional currencies because it's not subject to the same vulnerabilities as centralized systems.
Speed and Efficiency: The Lightning Network is designed to improve the speed and efficiency of Bitcoin transactions. Transactions on the Lightning Network can be completed almost instantly and at a much lower cost than traditional transactions. The Lightning Network enables users to make microtransactions off-chain, reducing the Bitcoin blockchain's load and freeing up resources for other transactions.
Privacy: Bitcoin transactions are pseudonymous, which means that they're not linked to your personal identity. This can be a significant advantage if you're concerned about privacy and don't want your financial transactions to be tracked or monitored.
Potential for Growth: While Bitcoin and the Lightning Network are still relatively new technologies, they have the potential to disrupt traditional financial systems and offer new opportunities for growth and innovation. As more businesses and individuals adopt Bitcoin, its value is likely to increase, which can be a significant advantage for early adopters.
In conclusion, Bitcoin and the Lightning Network offer several benefits, even if you're not a technical expert. From decentralization and security to speed and efficiency, Bitcoin has the potential to disrupt traditional financial systems and offer new opportunities for growth and innovation. If you're curious about Bitcoin, consider doing more research and talking to other users to learn more about this exciting new technology.
