Cryptocurrency Q&A
What is the difference between Bitcoin & Lightning?
What is the difference between Bitcoin & Lightning?
Giulia
Mon Jul 08 2024
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5 answers
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Could you elaborate on the fundamental differences between Bitcoin and Lightning? I've heard they're related but operate differently. Specifically, how does Lightning enhance Bitcoin's functionality? Is it a separate currency or an add-on layer? How does it affect transaction speeds and costs? Is it secure and reliable? Lastly, what are the key factors to consider when deciding whether to use Bitcoin or Lightning for transactions?
5 answers
Elena
Wed Jul 10 2024
The Bitcoin blockchain, also known as layer 1, faces limitations in terms of scalability, typically accommodating less than 10 transactions per second.
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SumoHonor
Wed Jul 10 2024
Lightning transactions emerge as a more energy-efficient alternative to transactions conducted on the main blockchain.
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Elena
Tue Jul 09 2024
In contrast, the Lightning Network, a layer 2 solution, promises unprecedented scalability, theoretically capable of handling millions of transactions in a single second.
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SumoPowerful
Tue Jul 09 2024
This significant enhancement in transaction speed and capacity is achieved through the Lightning Network's off-chain payment channels, allowing for faster and cheaper transactions without congesting the main blockchain.
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ShintoBlessing
Tue Jul 09 2024
BTCC, a leading UK-based cryptocurrency exchange, offers a comprehensive range of services including spot trading, futures, and wallet management. These services provide users with access to a wide array of digital assets and trading opportunities.
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