Going Beyond Bitcoin Lightning Network: Altcoins Fully Supported by Lightning Network

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Bittime - In the cryptocurrency ecosystem, the development of infrastructure that can improve the scalability and efficiency of transactions has become a major focus. One of the most prominent solutions is the Bitcoin Lightning Network. 

However, not only Bitcoin, several altcoins have also joined this network. 

Read the following article for an in-depth look at the Bitcoin Lightning Network concept and how several altcoins have adopted it to enhance their functionality and transaction capabilities.

What is the Bitcoin Lightning Network?

Basic Definition

Bitcoin Lightning Network is a second-level protocol built on the Bitcoin blockchain network. 

The goal is to increase transaction scalability and efficiency by allowing fast and cheap off-chain transactions (outside the main blockchain ), while maintaining high security over the main blockchain network.

Ways of working

In the Bitcoin Lightning Network, users open payment channels with other parties on the network. 

Once a channel is opened, they can conduct peer-to-peer transactions directly and privately within the channel, without having to wait for blockchain confirmation. 

Once a certain number of transactions are completed, the channel is closed and the balance is finally synchronized to the main blockchain.

Also Read: What is Altcoin Season: Recognize the Signs and Influence on the Crypto Market

Advantages of the Lightning Network

Better Scalability

Compared to direct transactions on the Bitcoin blockchain, the Lightning Network allows the network to handle a larger volume of transactions without experiencing significant congestion or delays. 

This fixes the scalability issues often faced by blockchain networks.

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Low Transaction Fees

By allowing fast and cheap off-chain transactions, the Lightning Network reduces the transaction fees required to use Bitcoin . 

This makes Bitcoin more viable for everyday payments and microtransactions.

Altcoins That Support Lightning Network

Litecoin (LTC)

Litecoin was one of the first altcoins to actively join the Lightning Network. 

By using this technology, Litecoin can offer users faster and cheaper transactions, making it an attractive alternative to Bitcoin.

Ethereum (ETH)

Ethereum, one of the largest blockchains in the world, has also seen developments in Lightning Network integration. 

This allows Ethereum to increase the scalability and efficiency of transactions on its network, opening the door to a wider range of decentralized applications.

Bitcoin Cash (BCH)

Bitcoin Cash is another altcoin that has adopted the Lightning Network. 

By leveraging this technology, Bitcoin Cash can fix the scalability issues often associated with Bitcoin, while maintaining Bitcoin's original vision as peer-to-peer electronic money.

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Conclusion

The Bitcoin Lightning Network has brought a revolution in Bitcoin's transaction capabilities, significantly improving scalability and efficiency. 

However, it is not only Bitcoin that enjoys this benefit. Several altcoins have also joined the network, opening the door for further innovation and growth in the cryptocurrency ecosystem. 

With the continued development of this technology and the further adoption of altcoins, the future of payments and transactions in the crypto world looks increasingly bright.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via  Bittime .  Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on  Bittime ,  make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into  your wallet . For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn  Complete Guide How to Buy Crypto on Bittime .

Monitor price chart movements  for Bitcoin (BTC) ,  Ethereum (ETH ) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.