@ -58,7 +58,7 @@ The Lightning Network is a network that operates as "second layer" protocol on t
As an electronic cash system, Bitcoin preserves the three most important properties of money (medium of exchange, store of value, and unit of account). Other relevant properties of digital payment systems include the ability of third parties to them as a method of control and/or a tool of surveillance.
The invention of money (and in particular Bitcoin) was primarily made to facilitate trade and enable the exchange of value between people. However, without the Lightning Network (or another second-layer or scaling solution), it would be infeasible for millions of people to concurrently use Bitcoin as a medium of exchange because the network itself would become overloaded, slow, and costly.
To date, Bitcoin is the longest running, most secure cryptocurrency or electronic cash system and many people believe it represents the most stable store of value of all of the current cryptocurrencies. LN allows people to transact in bitcoin, without the overhead associated with on-chain transactions. This might seem confusing at first. You might be wondering how can LN actually work? While we could explain the network in computer science terms, it will be much easier to understand if we examine it from the perspective of people using it. In our examples, some of the people will have already used Bitcoin and others will be completely new to the Bitcoin network. Each of the people and their stories, as listed here, illustrates one or more specific use cases. We'll be seeing them throughout this book:
To date, Bitcoin is the longest running, most secure cryptocurrency or electronic cash system and many people believe it represents the most stable store of value of all of the current cryptocurrencies. LN allows people to transact bitcoin, without the overhead associated with on-chain transactions. This might seem confusing at first. You might be wondering how can LN actually work? While we could explain the network in computer science terms, it will be much easier to understand if we examine it from the perspective of people using it. In our examples, some of the people will have already used Bitcoin and others will be completely new to the Bitcoin network. Each of the people and their stories, as listed here, illustrates one or more specific use cases. We'll be seeing them throughout this book:
consumer::
Alice is a bitcoin user who wants to make fast, secure, cheap, and private payments for small retail purchases. She buys coffee with bitcoin, using the Lightning Network.
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5 years ago