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The Basics of Understanding and Using Lightning – Epi-4

The Bitcoin Breakout Posted on by

Podcast: Play in new window | Download (Duration: 1:50:44 — 25.3MB)

Today we are going to talk about the Lightning Network which is a “Layer 2” solution for bitcoin transactions.  If that sounds complicated, don’t worry I will help you make sense of it all today.  There is a lot of Fud about Lightning, generally this comes from shitcoiners in general but mostly from Bitcoin Cash holdouts who chant nonsense such as, “Bitcoin Cash is the Real Bitcoin”.

The reality is Lightning is exactly the type of solution bitcoin’s creator, Satoshi Nakamoto envisioned for bitcoin and its perceived shortcomings.

Nakamoto wrote the following in 2010…

“The nature of #Bitcoin is such that once version 0.1 was released, the core design was set in stone for the rest of its lifetime.”

Today we will talk about how Lightning actually works, why making BTC transactions fast and cheap is only part of its utility, how the reality of modern currencies come in and lastly even how we can use emerging technology that leverages lightning for true “local and community economies”.

This will be Episode 4 of “The Bitcoin Breakout”, the first four episodes can be found here until we get the new stand alone site and feed for breakout editions up and running.

Join Me Today to Discuss…

  • What exactly is the Lightning Network
  • The basics of how the Lightning Network works
  • The pros and cons of running your own lightning node
  • Bitcoin is a “bearer instrument” and what that means
  • Why the entire concept of “layered solutions” protects bitcoin by keeping it “conservative”
  • Why the ability to settle dollars on Lightning is actually the biggest news right now
  • How to get your BTC into Lightning Form
    • Use Exodus
    • Cash App now has withdraw over Lighting
    • Take lightning payments for what you sell
  • My favorite lightning wallets to start out with
  • What Lightning is Really Coming After
    • Payment Networks
    • Fund Raising
    • Content Monetization
    • The Gig Economy
    • Advertising – Like the Fountain App
    • MiniMints and How they May Create “Local Currencies” – link to learn more
    • What else can you think of?
  • You can fight this, but it won’t matter

 

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* The Bitcoin Breakout is a production of The Survival Podcast

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