What is the Bitcoin Lightning Network?
The lightning Network is easiest to understand as a “second layer” payment protocol, that will sit on top of Bitcoin. The Lightning Network will enable instant transactions between different nodes who agree to participate in the network. This will offer a solution to the current scaling issues of Bitcoin. Imagine it this way, if you want to stop at a coffee shop to buy a coffee with bitcoin, the Lightning Network will enable you to purchase the coffee instantly without the need for the bitcoin to be authenticated on the blockchain or having mining operators involved in order to purchase your coffee – this will be instant, just as fast as using a credit card.
How does this compare to Bitcoin Cash?
Bitcoin Cash is currently a better solution than Bitcoin for processing payments, especially for microtransactions, but it is still an expensive, and slower than ideal means of transacting funds. The Bitcoin Lightning Network is significantly faster and will eliminate the need for Bitcoin Cash, and will make it obsolete.
Is there a set date for Bitcoin Lightning going live?
There is currently no set date for this. We will report on any news associated with the Lightning Network on our home page.
Does this mean my transaction will not be on the blockchain?
This is accurate, only transactions that are required to be public will be on the blockchain. While the blockchain is a world changing technology, it is not always necessary to use it to secure transactions. For microtransactions, or transactions between trusted parties, it can be avoided.
Is Bitcoin Lightning a hard fork of Bitcoin?
Bitcoin Lightning is not a hard fork of bitcoin. There are some coins that call themselves Bitcoin Lightning but they are not part of the Bitcoin Lightning Network. These are coins that are attempting to cash-in on the Lightning name.
Is Bitcoin Lightning coin (BLTG) part of the lightning network?
No, it is not. This is simply someone who is attempting to capitalize on the lightning network name. There are no authentic bitcoin lightning coins to be purchased, as the real bitcoin lightning network is simply a “patch” to the real bitcoin which has the coin symbol BTC.
Is there a date set for a hard fork?
While it is possible that in the future there will be a Bitcoin hard fork, this has currently not been scheduled, or announced.