The bitcoin channel
Days after a massive security breach on Twitter, where hackers accessed several verified accounts , something similar happened on YouTube. The channel that was hacked is a second account where the YouTuber usually holds livestreams while gaming, and reviews gadgets. It has over 6 million subscribers. His main channel CarryMinati has more than 24 million subscribers. The hacker changed the description of the YouTube video and other details related to the accounts for donation and a message pops up asking for bitcoin instead.
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- Bitcoin Revolution
- Indian investors join the bitcoin party after Tesla CEO Musk's endorsement
- Crypto Telegram Channels List
- Despite crypto crackdown in China, traders still betting
- Understanding the Lightning Network, Part 1: Building a Bidirectional Bitcoin Payment Channel
- Your crypto destination is here
- The Satoshi Mystery
In this article, Toptal Freelance Blockchain Developer Amin Shah Gilani explores what the Bitcoin Lightning Network really is, how it can make the guarantees it provides, and its current state. It claims to solve the bleak scaling problem, make instant transactions, keep transaction fees minuscule, and take your transactions off the blockchain.
How can a system independent of core Bitcoin offer these improvements? How can it violate the coventional rules of Bitcoin by offering secure transactions with zero confirmations? What is the Bitcoin Lightning Network? Note: This article assumes familiarity with Bitcoin. Bitcoin has a scaling problem. Bitcoin is designed to store all transactions in a data structure called a block. A block contains information about the previous block, miscellaneous data about mining rewards, and most of the block is just transaction data.
Blocks are also fixed at a maximum of 1 MB in size. This last bit is where the trouble is. Because blocks are 1 MB in size, and a block is created every 10 minutes, assuming the transactions are not SegWit coming up later the network can process a maximum of between 3.
Visa, on the other hand, claims to be able to process 24, transactions per second. As the number of transactions starts to increase, your individual transaction competes with every other for inclusion inside a limited block space, and so, the likelihood of having yours included in the block starts to decrease.
Since miners can arbitrarily decide which transactions to include in a block, on these occasions, the only way to incentivize the miners to include your transaction is by increasing your transaction fee. There are three major schools of thoughts or—as I like to call them—battles of the Great Scaling Bitcoin Flamewars:.
This one is fairly simple to understand: If the block limit of 1 MB is the problem, make it bigger! The debate on this was fierce and still rages on. This keeps blocks mostly empty and fees very low. However, 8 MB blocks mean the total BCH blockchain size will likely increase at a much faster rate, making storage costs a significantly higher barrier to entry in the miner scene.
The argument is that this would reduce the total number of miners, which also secure the blockchain, reducing decentralization and the overall security of the Bitcoin network.
SegWit is now a part of Bitcoin, rejoice! SegWit takes signature data from transactions and stores them in a separate structure from the transaction block, thereby making individual transactions smaller and making better use of the limited space within each block.
This structure is then optional when syncing the blockchain, leading to a reduced size on disk omitted. This also results in a solution to the transaction malleability problem, and transactions that only spend SegWit outputs are no longer vulnerable. The Lightning Network is a second-layer network that transmits signed, but unbroadcast, transactions among peers and relies on the Bitcoin blockchain only for final settlement of funds.
Who developed the Bitcoin Lightning Network? It was first described in a white paper authored by Joseph Poon and Thaddeus Dryja but has since evolved into a community effort with third-party individuals and even companies contributing to specifications and implementations.
Which is the best, then? This assumption will be broken in the Lightning Wallet vs. Lightning Node section. Suppose you and your friend Bob have a relationship which involves a fair amount of financial transactions. You hang out together every now and then for lunch or watch a movie. Sometimes one of you is short on cash, and sometimes the other and you usually end up Venmo-ing each other afterward. This way, if your friendship goes through a rough patch, or either of you needs the money, you can unilaterally close the channel by broadcasting this transaction and everyone gets their rightful amounts.
Say you go out for lunch again one day and you end up owing Bob the equivalent of 8, satoshis 0. Only this time, Bob has 8, satoshis more, and you have less. You could broadcast the transaction and close the channel, however, closing the channel would incur transaction fees, and since neither of you needs the amount immediately, you can simply hold on to the channel and use it to settle future debts.
Your node calculates the optimal route between you and Alice—in this case, with Bob as the financial intermediary—and the middlemen can all pay money forward, with a small fee if they choose. The Lightning Network is designed so that nodes are always online, ensuring that the network operates close to maximum capacity. And, if no one is online to monitor a cheating attempt and it succeeds, the channel will close much like a regular unilateral close, leaving you without your funds.
A third party can be delegated by only giving the Breach Remedy transaction to this third party. They can be incentivized to watch the blockchain broadcast such a transaction in the event of counterparty maliciousness by giving these third parties some fee in the output. Since the third party is only able to take action when the counterparty is acting maliciously, this third party does not have any power to force close of the channel.
These third parties are often called watch towers and should remove the always-online burden from users. The Bitcoin Lightning Network as of March 27, :. However, as I said before, there are a number of criticisms of the Lightning Network, some of these are valid and present yet unsolved challenges Lightning faces:. I hope you finally understand what the Lightning Network really is. I recommend reading the original Bitcoin Lightning Network white paper.
Thanks Ben! As a Bitcoin developer , you owe it to yourself to read as much as possible about this new technology. The Lightning Network is a second-layer network that transmits signed but unbroadcast transactions among Lightning peers, and relies on the bitcoin blockchain only for final settlement of funds. Yes, the Bitcoin Lightning Network is decentralized just as Bitcoin is, with no trusted third parties.
Harding SegWit takes signature data from transactions and stores them in a separate structure from the transaction block, thereby making individual transactions smaller and making better use of the limited space within each block. The Bitcoin Lightning Network The Lightning Network is a second-layer network that transmits signed, but unbroadcast, transactions among peers and relies on the Bitcoin blockchain only for final settlement of funds.
More information later on. SegWit vs. Increased Blocksize vs. Bitcoin Lightning Network Which is the best, then? Leave a comment below! To carry out these functions, nodes need money.
Creating a Lightning Channel Suppose you and your friend Bob have a relationship which involves a fair amount of financial transactions. There is no time lock, and the money is ready to spend as soon as the approval is confirmed. Unilaterally: Any one of the parties in the channel can close a Bitcoin Lightning channel when one of the parties desires, even if the other party does not approve. After the time-lock expires, the funds are free to use.
Breach Remedy: Since lightning transactions are a timestamped list of signed transactions where the split of funds varies, it is possible for one party to attempt to cheat breach trust by unilaterally closing a channel with an old transaction where they hold more funds see scenario 2. Lightning Node vs. Eclair : A primarily Scala-based implementation. C-lightning : A primarily C-based implementation.
For more resources, see the conclusion of this article. True micro-transactions fractions of cents Lowest fees imaginable fractions of cents A degree of privacy no blockchain records However, as I said before, there are a number of criticisms of the Lightning Network, some of these are valid and present yet unsolved challenges Lightning faces: Routing and centralization: Since the Lightning Network is in constant flux with channel states changing, opening and closing every day, and there being centralized store of history to fall back to, payment routes need to be calculated afresh every single time.
This is great when the network is small, but when it gets large enough, your small node running on tiny hardware just might not have the processing power to calculate the route.
The solution to this problem may be a centralized supernode with advanced knowledge that you can query. This is described in greater detail here.
Too much lending: Best described in this post , which even got Vitalik Buterin, the co-founder of Ethereum, to chip in. At one point, moving large quantities become infeasible. Whether this holds true or not in the real world has yet to be determined, but this is a compelling argument nonetheless.
Indian investors join the bitcoin party after Tesla CEO Musk's endorsement
Bitcoin Stack Exchange is a question and answer site for Bitcoin crypto-currency enthusiasts. It only takes a minute to sign up. Connect and share knowledge within a single location that is structured and easy to search. One of the open research questions for Lightning Network is that it will take a massive amount of on-chain transactions to create enough payment channels for all the Lightning Network users. Burchert, C. Decker and R.
Crypto Telegram Channels List
Crypto Callz, a free-to-join chatroom on Telegram that artificially inflates the price of cryptocurrencies, is not shy about advertising what it is. Quick, polished animations offer a seemingly easy paint-by-numbers path to crypto riches: Open an account on a New Zealand—based cryptocurrency exchange! Follow our Telegram channel for what coin to buy and purchase it as soon as possible! Their goal: to conjure speculative buying frenzies around new digital currencies and cash in on them. Telegram's recent growth appears to have coincided with the recent digital currency mania. A confidential internal company document reported by TechCrunch suggests that Telegram has lately been gaining some 50, new users daily and expects to reach million users in the first quarter of Launched in by entrepreneurs Pavel Durov, the founder of Russian social media site VKontakte and his brother, Nikolai, Telegram began as a WhatsApp alternative before becoming a popular messaging app in its own right. By offering supposed end-to-end encryption, chatbots, and public discussion channels its user base has doubled since February , when it had million monthly active users. Telegram is particularly popular among cryptocurrency enthusiasts. But Telegram is an equally easy choice for cryptocurrency profiteers who use it to prey on less sophisticated investors, often via pump-and-dumps like those arranged by Crypto Callz.
Despite crypto crackdown in China, traders still betting
Hosted by CoinDesk's Christine Lee, Lawrence Lewitinn and Emily Parker, "First Mover" features daily dispatches from CoinDesk reporters and partners around the world and high-profile guests including top newsmakers, influencers, analysts, traders and trend watchers at crypto exchanges. With a personality-driven, fast-paced, entertaining format, the show is geared toward the mainstream, discovery audience with themes ranging from serious to fun. All bitcoin, all the time. Hosted by Christine Lee.
Understanding the Lightning Network, Part 1: Building a Bidirectional Bitcoin Payment Channel
Knee-jerk selling has given way to a steady recovery on over-the-counter platforms that Chinese crypto traders have used since domestic exchanges were banned in China escalated its crackdown after a frenzied surge in Bitcoin and other tokens over the past six months heightened longstanding Communist Party concerns about the potential for fraud, money laundering and trading losses by individual investors. Yet the hard-to-trace nature of transactions on local OTC platforms and peer-to-peer networks means it will be extremely difficult for authorities to enforce a wholesale ban. The exchange ban has made it impossible to gauge those figures today, but Chinese investors are still widely believed to have a major presence in the crypto world via domestic OTC platforms and offshore venues that they access using virtual private networks. Once both sides agree on a price, the buyer will use a separate payments platform — operated by their bank or a fintech company like Ant Group Co.
Your crypto destination is here
Banned by banks, many far-right actors are raising significant amounts of money in digital currencies. The Daily Stormer website advocates for the purity of the white race; posts hate-filled, conspiratorial screeds against Blacks, Jews and women; and has helped inspire at least three racially motivated murders. It has also made its founder, Andrew Anglin, a millionaire. Anglin is just one very public example of how radical-right provocateurs are raising significant amounts of money from around the world through cryptocurrencies. Banned by traditional financial institutions, they have taken refuge in digital currencies, which they are using in ever more secretive ways to avoid the oversight of banks, regulators and courts, finds an AP analysis of legal documents, Telegram channels and blockchain data from Chainalysis, a cryptocurrency analytics firm. His victims have tried — and failed — to find him, searching at one Ohio address after another.
The Satoshi Mystery
The Lightning Network is a decentralized system for instant, high-volume micropayments that removes the risk of delegating custody of funds to trusted third parties. As an example, Bitcoin, the world's most widely used and valuable digital currency, allows anyone to send value without a trusted intermediary or depository. Bitcoin contains an advanced scripting system allowing users to program instructions for funds. There are, however, some drawbacks to Bitcoin's decentralized design.
In October, Brian Jung, a year-old YouTube creator, posted his first video analyzing Shiba Inu, a canine-themed digital token, which was soaring in value. Jung, who would go on to make two more Shiba Inu videos within the week, is part of a new, prominent crop of hyper active video producers riding the roller-coaster of digital currencies into the mainstream while getting rich en route, or trying to. Day after day, they post recorded videos and livestreams about coins, digital wallets, meme stocks and blockchains. Many do so in a style of colorful, strongly caffeinated narration, reminiscent of video game influencers, talking rapidly and cracking jokes over cryptocurrency pricing charts instead of streams of Fortnite game play. Some are relatively sober analysts, offering cautionary advice on investments, but most are unapologetic hype-men — they are mostly men — who favor big, clickable predictions. On a phone call, Jung explained how it works.
Possible paths are now mentioned on the chart and we are bullish and expecting at least targets like: A. However, the more I look at the chart the more my confidence in selling at 40k decreases And I have 2 issues with selling the 40k scenario: 1. And as I have a " problem" with rising channels, Here we can get a better picture at our "local resistance", in this case we can see it clearly as EMA or the blue line on the chart. Every since the Jan.
Looking to help boost economic growth in the country, El Salvador decided to make bitcoin legal tender in September, Like a gambler looking to double down and recoup losses, El Salvador has been doggedly buying the dips in the leading cryptocurrency. The bitcoin purchases are just the tip of the iceberg for El Salvador. Long-term investors and short-term traders alike can also look to buy the dip if they sense a comeback in bitcoin prices ahead.