Benefits of the Lightning Network

The lightning Network offers many Benefits and there's just too many to List in this video so let's just list Some of the biggest ones Scales Bitcoin lightning is the ultimate Scaling solution for Bitcoin because There is no blockchain involved but Peer-to-peer payment Channels with Lightning millions of tiny micropayments Can be aggregated off chain per day to Avoid bloating the main chain and then Eventually broadcast it across the Bitcoin main chain for final settlement Leveraging Bitcoin security while also Improving transaction throughput and Helping Bitcoin to scale globally Cheap instant micro payments the Lightning Network enables payments of Less than one Satoshi while one Satoshi Is the smallest denomination of Bitcoin On the main chain the lightning Network's smallest unit is one Mila Satoshi with one thousand millicentoshis Equaling one Satoshi also since the Lightning network doesn't rely on miners Fees are minimal or even non-existent When sending a transaction fees depend On the transaction's route if you're Directly connected to a peer and want to Send them some sets you can set the fee To zero assuming Mutual trust however When sending to an unconnected Individual the lightning network will Find the fastest route for the

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Transaction if nodes along the way Charge fees your overall fee might Increase Enhance privacy as mentioned earlier the Absence of a blockchain means Transactions aren't stored on a publicly Auditable Ledger if you have a private Channel open with a peer and the channel Is limited to the two users involved in The transaction only you two will be Aware of the transaction no one else on The network will know it occurred However using a routing payment can Start to de-anonymize your transaction It's best to assume your transaction Could be tracked and potentially traced Back to you we'll discuss steps to Enhance privacy while using the Lightning Network in a later video Thank you

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