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RE: Bitcoin Lightning Network LAUNCHED. Programmer explains.

in #bitcoin6 years ago

Do you need Bitcoin to get on the LN? When you transfer Bitcoin to your address, how much does it cost? $20. Yes, once on the LN you can trade without fees, but ultimately for anyone to cash out they have to go back to Bitcoin, and get zapped with another $20 charge as a fee to send to your address, as sending just means putting your transaction in the blockchain, and that is not free.

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You must be using an exchange or non segwit address. This is what I'm seeing with my hardware wallet using various confirmation speed settings...

Screen Shot 2018-01-28 at 1.22.22 PM.png

Screen Shot 2018-01-28 at 1.22.40 PM.png

I'm seeing fees between $3.84 and $0.12 depending upon how fast I want confirmation. BTW, it's exchanges like Coinbase that wanted SegWit2X which failed. They were accused of spamming the network with transactions to keep tx fees high.

It's Sunday afternoon so maybe the fees are lower than midweek...