Funded my lightning wallet with $10 and sent 1000 satoshis to a friend for the cost of 1 satoshi using Breez. Wallet setup was all automatic and so easy to use.
I recall seeing a top voted comment critisizing LN over a year ago which I now see was complete BS. The comment I read was saying that LN can never catch on because in order to onboard you must perform an on-chain transaction and since bitcoin can only support around 7 transactions per second it would thus take decades to on-board the world population.
Now that I've used LN I see that comment is full of shit. Yes, I myself had to perform an on-chain transaction, but my friend that I sent sats to never had to do such a thing. This means that one entity can potentially onboard MILLIONS of users with a SINGLE on-chain transaction.
I think of the el salvador government and I assume they are doing exactly this. They will be sending every adult $30 worth of bitcoin. That's over 130 million dollars worth of bitcoin. They can send that entire amount of bitcoin to their personal government lightning network address. This will be one on-chain transaction. From this point on they can send $30 of bitcoin to over 4 million adults individually to their corresponding lightning network addresses for a total transaction fee cost of 0.1% which is actually pretty amazing if you compare that to the traditional banking system.
I encourage everyone here to play around with the lightning network. Maybe next time you have poker night with the boys get them all to install a lightning wallet and gamble away using sats. I can only see the lightning network getting better from here. Right now you have to scan a qr code but I'm sure in the near future we can use NFC and simply tap to pay with LN.
Submitted July 01, 2021 at 02:12AM by Expired_Lizard_Milk https://bit.ly/3dx43Ay
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