What are the benefits of using the Lightning Network?

Question

What are the advantages of using the lightning network?

Answer 1

The Lightning Network is a layer-2 protocol built on top of the Bitcoin block chain. Some of the benefits of using the Lightning Network include:

• Without needing to wait for each transaction's confirmation on the Bitcoin block chain, users may send and receive money instantly.

• Since these transactions are conducted off-chain, the fees are significantly lower than on-chain Bitcoin transactions.

• It has the ability to process millions of transactions per second, making it an ideal solution to the scalability issue that many blockchain networks experience.

•  Due to transactions taking place off-chain, consumers' privacy is increased.

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