Bitcoin Lightning Network Many Problems -Solutions Bitcoin Myk

Hey you, welcome back to the channel. And guys, today we want to talk about the Bitcoin Lightning Network, or why I think it doesn't work and it's going to have many, many issues, and what the solution might be, which I believe is Bitcoin MYK. So let's get started on that. Hope you guys are having a great weekend. We have finished it, we have made it to the weekend, and I hope it'll be a great one for you all. But Uh, let's talk about Bitcoin Lightning Network. So right off, some people are probably saying, what is this? I don't quite understand it. How does it work? So let's try to simplify it. Let's first take the, the, the word that pops out the most to us, lightning. When we think of lightning, we think of very fast, very quickly, right? And so that's what it's aiming to do. It's aiming to solve many of the issues with Bitcoin's processing. To, you know, to process a Bitcoin transaction, you could be looking at an hour to 2 hours, even days. Depending on the congestion of the network. So these are problems to speed it up. Now, one direction they're going in is many of these very small transactions— we're talking about the, the average Bitcoin account probably has $1 to $4 in it, right? And it's only like the, the huge whale accounts that really hold all the money. So many of these transactions that will probably take place over the blockchain are going to be very, very small ones. It's a problem. They congest the network. The fees are too high. So it's not practical. It doesn't work. So how they propose to solve this is by kind of doing what they might term an off-chain approach. And what we mean by off-chain, it's not taking place on the Bitcoin network exactly, not on the blockchain. What it does is it opens up the initial uh, signature that the transaction will take place. But then it moves on to this off-chain technology they're calling Bitcoin Lightning Network. And what it does is it allows for a network of people who want to send Bitcoin to do these transactions amongst themselves. They can do as many as they want but only really pay one fee that's been opened up on the Bitcoin blockchain. And so what this does, this allows them to send it instantly to one another through their network, um, what they call payment channels. And we're going to get into that next, but we want to keep it very simple so you can digest this. So it's like a, like a big net, like almost like a social network. Think of it like Facebook and the connection of friends from one friend to another. If you know this person by your connection to them you now know all their friends and their friends and friends' friends, right? So that's kind of the idea about it. This makes it very fast. It stops the issues of, uh, all these mini small amounts of cash sent with these high fees congesting the network. And so it just seems to work very well. It seems to be a good solution. Uh, it is, but then it is limited by technology, and we're going to talk about that now. And that has to do with the payment channels. Now, to explain the payment channels, how you skirt around the fees here, uh, and, and how you're able to transact this business instantly is in order for Zan here to get the money to Yelena, they both have to basically have to deposit money that kind of ahead of time right, that lets you know that they have the money to cover these transactions. So it could be instantly, they don't have to worry about if they're going to get paid or not, right? And it's done in a smart contract. That way, if Yelena didn't deliver on her goods, say one of them tries to close the payment channel early, then it's high penalties on that. You would get all of the deposit from the person who tried to, let's say, cheat you out of your money. So the penalties are so high, it's meant to discourage you from trying to cheat the next person. That's called the payment channel. Now here's where it gets inefficient and tricky and the parts I think many people don't like. These payment channels are only condensed into the network of people you can connect with. So that would mean between here, Zan and Elena, Yelena, is that Yelena, she would have to have a large network of people already for Xan to be able to take advantage of that, and vice versa. So the problem, or the idea, is what might happen is people will seek out people with the most networks, obviously, and that will create a type of centralization and a type of hub that many now are concerned could be regulated by the government because now you got this one source of people. You centralize this, you're gonna flop to the one guy who has the most connections because you, you don't want to have to open up payment channels with everybody. You just, you know, it becomes inefficient. You want to have one payment channel you can connect from Zan to Yelena to Zeke, right? Right? And so you, it's just like Facebook. Think about how you connect from friend to friend to friend. But if you connect to a friend who has very limited friends or hardly any friends, you can't take advantage of knowing these other people, right? You can't see them. You don't even know they're out there. So these are some of the issues with it and the problems that it could be centralized in that way. The next problem is, there's a limit to the, to the network of people you can connect to, right? Meaning the nodes cut off at a limit, which means that you can't theoretically do this with everybody who would exist in this network, right? And so that becomes very problematic. Finally, it leads to just another layer of complicated use of the blockchain for people who want to mass adopt it, like our grandmothers, our grandfathers, the person who never heard of Bitcoin but understands PayPal. They just want to send some money across the internet. This is just a, a lot of more education that some— somebody has to deliver to the public that gets bottlenecked. And that's the problem with Lightning Network, you know. How are you gonna deal with that? Not to mention it's bugs in it. It's bugs in the algorithms to, to, to move from place to place. So it's a, it's, it could be a solution, but it's probably at this point off a very far solution. So what solutions do I have? Because what I like to do in my videos, I don't just like to bring news about what the problems are, or anytime I do do videos about what the problems are, I try to have a solution if possible. And this possible solution, a project I've worked on called BitcoinNYK. I think it solves the problem. So how do you solve this problem with Bitcoin and moving across the network? Well, the way we go after solving it is first BitcoinNYK is a fork of Bitcoin. It follows the Bitcoin ledger, right? The problem with most forks is once you fork, once there's a snapshot taken, you know, basically meaning at the, at the point where the block is forked, all of the data and information that a person has on that Bitcoin ledger is, is what the fork tokens you receive, right? Namely BitcoinMYK. So what's different with BitcoinMYK, we can verify your bit, the balance of your Bitcoin every step of the way. And what that means is your Bitcoin balance and holdings increase, so does your BitcoinMYK. Now BitcoinNYK operates on the Waves blockchain. Waves is super fast. It sends almost instantly in nanoseconds, right? So it's super fast, one of the fastest blockchains that does the most transactions. It's in the top 10. So we use that, but we use the Bitcoin Ledger. So now you can just simply move your money across Waves. Not only that, a Waves transaction fee is like 0.001 of a Waves token, which is only about, not even quite $2. So you're talking fractions and fractions of a penny to send any amount of money anywhere in the world at a high speed. So that solves that issue. Um, but even if you are concerned about the very small transaction fees, BitcoinMYK, through registering, uh, with our site, provides you tokens each month which pretty much renders these fees feeless. So now you have a feeless, fast Bitcoin solution. And I just don't know how you could beat that. Now, it's some problems perhaps in the idea of how BitcoinNYK works. Some people might try to say it's similar to Bitcoin Cash as it may suggest a certain form of centralization, but we disagree with that as it follows the Bitcoin ledger all the way. So this would be very minimal to assign that to Bitcoin MYK. And so, you know, in that regard, we don't think that centralization, you know, it would be the best term for us. At the very least, this is still, I would think, a much better efficient product than what the Bitcoin Lightning Network is going to be. The other thing is that you keep your Bitcoin over at Bitcoin and it kind of works since it kind of now represents the value value of your Bitcoin as a transactional money. That works a lot different than what we're going to get with the Atomic Swap, where you actually have to trade your Bitcoin out. You actually have to lose your Bitcoin, trade your Bitcoin out for, uh, a Litecoin. Uh, and, um, you know, as they say, the Bitcoin Lightning Network will mainly address, uh, uh, And keep in mind that most of Bitcoin holders are small transactions. What you see with these thousands of dollars of wallets, that belongs to a very, uh, small population of Bitcoin users. That's, you know, that the average Bitcoin user just has a few bucks, 3 or 4 bucks in his wallet. Uh, so many of these transactions are going to be limited, right? So BitcoinMYK handles that As you have these tokens represent your value of Bitcoin without actually taking control of your Bitcoin. So I think this is all very, very much solution, more so than Bitcoin Lightning Network. You all can tell me what you think. Give it a try, see if you like it, see if it's much more effective than Bitcoin Lightning Network, and let us know your concerns about it and its shortcomings. But I think you will like it. A great deal better than Bitcoin Lightning Network. We'll leave a link in the description. That's all we want to say today, guys. Guys, if you like content like this, don't forget to like, subscribe, and until next time, take care.