Understanding the Lightning Network with Adam Soltys & Cole Goodwin

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In this podcast episode, Scott chats with Adam Soltys & Cole Goodwin from Coinos, a Vancouver-based company. Adam and Cole discuss their mission to expand the use of Bitcoin and the Lightning Network to businesses globally. They share their individual journeys into Bitcoin and how they teamed up to help businesses accept Bitcoin payments. They discuss the benefits of Bitcoin, the functionality of the Lightning Network, and their strategy for convincing businesses to adopt Bitcoin.
Adam is a software engineer who believes that the adoption of sound money will drive global prosperity. He lives in North Vancouver with his wife, daughter and son.
Cole is a driven individual with a passion for freedom. He came across Bitcoin in 2016 and studied it in depth. Now he wants to introduce the Lightning Network to as many users as possible.
What We Discuss:
(00:00:27) Discussion about the Lightning Network, its benefits for businesses and its role in expanding Bitcoin adoption worldwide.
(00:01:06) Scott's personal experience witnessing a Lightning transaction and the impact it had on his understanding of Bitcoin's innovation and potential.
(00:02:20) Adam and Cole share their backgrounds, how they became involved with Coinos, and their goal of expanding the Lightning Network to businesses globally.
(00:11:14) How Bitcoin operates on the blockchain and why it is trackable.
(00:13:38) What is the Lightning Network? What is the Lightning Network's purpose in making Bitcoin faster and cheaper for transactions?
(00:18:02) Adam and Cole discuss their transition from an early interest in Bitcoin to becoming leaders in Lightning Network adoption.
(00:21:27) How they approach businesses, guaranteeing more sales by accepting bitcoin, and the steps involved in signing them up.
(00:22:56) The setup process for businesses, including providing a QR code, a small printer, and integrating with existing systems like tablets or Shopify.
(00:26:08) Common concerns from businesses, such as how to convert Bitcoin to fiat currency and the volatility of Bitcoin.
(00:31:57) How the Lightning Network can convert businesses to accept Bitcoin and the potential benefits of avoiding inflation and taxation.
(00:33:41) How a group in Brazil set up over 200 businesses with Bitcoin accounts and promoted the use of Bitcoin for everyday transactions.
(00:36:50) Highlighting the active Bitcoin community in Vancouver, including regular meetups, events and efforts to promote Bitcoin adoption among merchants and consumers.
(00:43:19) Resources for learning about the Lightning Network.
(00:45:36) The benefits and process of running a Lightning Node, including taking control of Bitcoin payments and avoiding reliance on third-party payment providers.
(00:49:04) The exponential growth of the Lightning Network, its ability to handle a high number of transactions per second and its potential to become as popular as Bitcoin itself.
(00:52:43) The need for slow and steady growth of Bitcoin to scale and handle the potential influx of users.
(00:53:37) The street videos that Cole is doing where he approaches strangers and asks them about Bitcoin. They discuss how the idea started and the entertaining nature of the videos.

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