What is the Lightning Network? (Explained Simply)

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While Bitcoin offers a solution to many of the problems presented by our current money system, it still has some drawbacks. One of its biggest limitations concerns the speed and price of transactions, especially during busy times. These limitations prevent it from becoming a true medium of exchange for day to day microtransactions, such as cash or credit card.

The lightning network was designed to solve just that. Built as a second layer over the bitcoin network, it enables people to transfer Bitcoin between one another instantly and without any fees. This is made possible by creating payment channels between two users. Payments can also be made between users that are connected indirectly, via network channels.

That's the lightning network in a nutshell. For a detailed explanation watch the complete video, here's what I'll cover:

0:40 - Bitcoin's scalability issue
1:48 - What is the lightning network?
2:20 - How does the lightning network work?
3:04 - Lightning network example
5:06 - Payment hubs
5:55 - Lightning network implications
6:10 - Conclusion

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