Lightning Network: a relief for the operations of micropayments in Bitcoin

SMALL TRANSACTIONS CAN BE MADE OUT OF THE CHAIN

By Alex Vallenilla / @alexvallenilla

In recent weeks Bitcoin transactions are suffering delays, because the rise in prices has attracted traders around the world and increased the amount of operations that is done with the cryptocurrency, which, due to the size of the block of 1 megabyte, has limits on the number of operations that the network can verify through the miners.

In Yalls.org users publish their experiences using the network that allows operations outside the block chain.

As the demand for transactions is on the rise, the miners give priority to the operations that make a higher payment of the commissions that must be paid for each transfer that is made. The costs have reached about $ 20, when about two months ago a commission was at just $ 0.70.

But the block chain technology has the possibility that micro payments continue to be used with Bitcoin and that payment transactions between $ 5 and $ 10 continue to be made without this meaning that operations have high costs. The delay in operations is due to those who stipulate commissions, the network delays those who pay less, taking up to 24 hours to verify a transaction.

Then there is the Lightning Network, which is in the test phase with tBTC, which are chips that are not real. It is a matter of opening a portfolio or wallet in one of the sites that already works with the development and that will soon be available for use in real transactions. https://htlc.me is one of the sites that develops micro-payments operations using bitcoin without paying high commission rates.

The chain of blocks, a technology that is transforming the world, allows for "off chain" exchange operations, or rather outside the "blockchain", once it accumulates a certain number of operations, they are registered and validated in blocks that become part of the chain. On several occasions the failure of Bitcoin has been announced, a situation like that of the commissions becomes a weakness of the cryptocurrency, which would make many migrate to the alternatives of lower cost, however, there are already those who work for the solution . There are applications in BETA version, already in operation. 01/23/2018