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Lightning Network: what is it? why should I care? what can I do with it? Enjoy bitcoin like its 2013

Let’s start with the discount code, to save you the hassle of scrolling. If you’re a patron, get your 90% off coupon at https://patreon.com/aantonop. If you’re not a patron, use coupon code 50percentLN to get 50% off of the Blockchain Commons Smart Custody Book at the aantonop shop. Learn more about the book at https://aantonop.com/shop/

In this video Andreas explains a bit about the Lightning Network, how it works with bitcoin, how it provides cheap and speedy payments while improving privacy. He talks about why someone would want to use the lightning network and how using it feels a lot like using bitcoin in 2013. He also discusses using BTCPay Server and why it’s a great choice for people wanting to accept micropayments for products and services.

This video is an excerpt from the much longer March 2024 Patreon Q&A session dedicated to all things related to the Lightning Network.

00:00 Let’s start the video
00:30 Lightning is a Layer 2 Technology and uses bitcoin
01:23 Terminology payment v transaction
01:29 Lightning is fast
02:44 The Lightning Beer Tap
04:21 Lightning is cheap
07:31 Msats are smaller than satoshis
08:10 Payment channels, peers and nodes
09:35 Example of how a payment works, including routing
12:04 Why privacy is better on the lightning network
13:34 Bar tab example
16:55 Lightning Network History
17:35 Lighting is an ongoing experiment
18:58 My annoying experience my lighting node this past week
20:15 Who is the lighting network for? Policies at the aantonop shop
23:05 Test out a lighting transaction and get the blockchain commons smart custody v1 book
24:39 Using BTCPay Server on the aantonop shop

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LEARN from Andreas in one of his popular Workshops which will teach you practical crypto skills. There’s even a FREE Intro to Bitcoin & Open Blockchains to get you started. https://aantonop.com/workshops-page/ Content is available in English and Spanish (subtitles and written material)

You can also learn from one of aantonop’s many books. Andreas has written three technical books for developers about blockchain technology, Mastering Bitcoin, Mastering Ethereum, and Mastering the Lightning Network published by O’Reilly Media. He’s also written The Internet of Money Series books, which explain why bitcoin, ethereum, and open blockchains matter.

About aantonop: Andreas isn’t promoting a company or an organization; he’s paid by the community (people who support this work on Patreon and YouTube) and provides an unbiased look at open blockchain technologies, what they can do for our societies, and how to get involved. Learn more at https://aantonop.com

From Andreas: You may already know that my mission is to educate as many people as possible about #Bitcoin and open blockchain technologies. Watching these videos and sharing them with others is a big part of that. Thank you for being part of this mission.

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