The Crypto Lightning Network Breakthrough
The Lightning Network Is Needed To Increase The Adaptability Of Bitcoin And Other Cryptocurrencies
Since block speed and block size cannot be changed without compromising speed, the only solution is to, and that’s to somehow process BTC transactions outside of the Bitcoin network
https://youtu.be/J3cQNpOR_a0
Bitcoin Lightning Network: This You NEED TO KNOW!! ⚡️
121,044 viewsAug 17, 2021
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📲 Insider Info in my Socials 👉 https://guy.coinbureau.com/socials/ 🛒 Get The Hottest Crypto Deals 👉 https://guy.coinbureau.com/deals/ 👕 “Super Bitcoin” Shirt 👉 https://store.coinbureau.com/product/… 🔥 TOP Crypto TIPS In My Newsletter 👉 https://guy.coinbureau.com/signup/ ~~~~~ 📺Essential Videos📺 Fastest Cryptocurrencies 👉 https://youtu.be/1jzpL27SOak Axie Infinity Explained 👉 https://youtu.be/zQPyDc88X8o Hedge Funds And Robinhood 👉 https://youtu.be/oCQou6xuXbk Monero Privacy 👉 https://youtu.be/O58STfvxZnY FATF Crypto Regulations 👉 https://youtu.be/cZyTDJPnp14 ~~~~~ – TIMESTAMPS – 0:00 Intro 2:14 Bitcoin Basics 5:18 Lightning Network History 7:49 How it Works Part 1: 11:37 How it Works Part 2: 14:28 Growth & Adoption 17:36 Lightning Network Issues 21:15 Lightning Network Privacy 24:24 Outro ~~~~~ ⛓️ 🔗 Useful Links 🔗 ⛓️ ► History Of The Lightning Network: https://bitcoinmagazine.com/technical… ► Lightning Network Whitepaper: https://lightning.network/lightning-n… ► Lightning Network Explorer: https://explorer.acinq.co/ ► Lightning Network TVL: https://defipulse.com/lightning-network ► Lightning Network Vulnerability: https://cointelegraph.com/news/lightn… ► IRS Wants To Crack Monero And Lightning: https://cointelegraph.com/news/the-ir… ~~~~~ 👨🏫Bitcoin Basics👨🏫 The Bitcoin network can only handle around 7 transactions per second or TPS for short. By contrast, Visa handles around 1700 TPS on any given day, and it can scale up to 65 thousand TPS if need be Since block speed and block size cannot be changed without compromising speed, the only solution is to, and that’s to somehow process BTC transactions outside of the Bitcoin network or ‘off-chain’ ⌛Lightning Network History⌛ The Lightning Network has its roots in Bitcoin creator Satoshi Nakamoto’s earliest writings, but its creation is credited to two brilliant developers: Thaddeus Dryja and Joseph Poon After more than two years of hard work and help from Bitcoin developers like Blockstream, the Lightning Network was completed in February 2018 👨💻How The Lightning Network Works Part 1👨💻 Unlike most layer 2 networks for cryptocurrency, the Lightning Network is not a blockchain. It consists of a series of interconnected payment channels created by two parties on the Bitcoin network Payment channels are created between two parties when each deposits BTC into a multi-sig wallet. This creates an off-chain protocol that allows them to exchange IOUs of the BTC in the wallet ⛓How The Lightning Network Works Part 2⛓ The Lightning Network can scale because it makes it possible to connect multiple payment channels together. Transactions are automatically routed between connected payment channels using hashed time locks which prevent intermediaries from intercepting the payment 👨👩👧👦Lightning Network Adoption👨👩👧👦 At the time of shooting, there are over 60 thousand Lightning Network payment channels around the world with over 100 million dollars in BTC locked in its multi-sigs While actual user adoption of the Lightning Network had a slow start, the pace picked up at the start of 2020 when Bitcoin Lightning wallet developer Zap released the now famous Strike app 🔎Lightning Network Issues🔎 Dozens of code vulnerabilities have been found since the Lightning Network launched in 2018, so much so that many still consider it to be in its testing stages even though it’s technically fully operational That said, the Lightning Network’s biggest problems are not technical, they’re structural. These relate to the opportunity cost of keeping a payment channel open, something which is slowly being resolved 🔏Lightning Network Privacy🔏 Government authorities in the US have been trying to crack the lightning network because its protocol is designed such that intermediaries cannot see where the transactions they are routing came from nor where they’re going. This theoretically gives the lightning network Monero-like privacy features. ~~~~~ 📜 Disclaimer 📜 The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome. #bitcoin #scaling #lightning #payments #blockchain
The Crypto Lightning Network Breakthrough
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FULL TRANSCRIPT
00:01when bitcoin creator satoshi nakamoto00:03introduced the bitcoin white paper in00:05the fall of 2008 he wrote quote i’ve00:09been working on a new electronic cash00:11system that’s fully peer-to-peer with no00:14trusted third party now the first reply00:17to satoshi’s message was quote we very00:20very much need such a system but the way00:22i understand your proposal it does not00:25seem to scale to the required size00:28ever since that reply developers around00:31the world satoshi included have been00:33working on ways to make the bitcoin00:35blockchain scalable enough to support00:37the world’s population00:39though there have been many attempts to00:41tackle bitcoin’s scalability issues only00:44one implementation has stood the test of00:46time00:48this scaling solution is called the00:50lightning network and over the last year00:53it’s seen a surge in adoption from00:55individuals businesses and even00:57governments for fast and fearless btc01:00payments01:01today i’m going to tell you everything01:03you need to know about the lightning01:05network where it came from what it is01:08how it works and why the lightning01:10network will lead to the mass adoption01:13of bitcoin01:18[Music]01:20before i can bring the thunder there’s a01:22disclaimer you need to ponder01:25i can’t give you any financial advice01:27because i’d end up in a cage i’m a free01:29man and i’d prefer to stay that way so01:32give your financial advisor a call if01:34you need help with that sort of stuff01:35okay01:37if this is your first time in this01:39corner of the tube my name is guy and01:41crypto is what i do the coin bureau is01:44home to the highest quality crypto01:45content in the world01:47coins tokens news reviews market moves01:50and more01:51if this is the sort of stuff that01:53interests you subscribing to the channel01:55and pinging that notification bell is01:57the right thing to do01:59i’ve left a few timestamps in the video02:01timeline to enhance your viewing02:02experience you can use them to skip02:04ahead or watch the whole way through if02:06you’re serious so now that you know what02:09i do let’s dive into bitcoin’s leading02:12layer 2.02:14to understand what the lightning network02:15is how it works and why it’s important02:18you need to be familiar with a few02:19bitcoin basics02:21bitcoin was designed to be a02:23peer-to-peer electronic cash system as02:25per the title of the bitcoin white paper02:28bitcoin is the payment system or network02:30whereas btc is the electronic cash02:33itself02:34as highlighted by the first reply to02:36bitcoin creator satoshi nakamoto the02:39bitcoin network is unable to scale02:41enough to make it possible for everyone02:43on the planet to use btc as a payment02:45method02:46now scaling is basically just a02:48technical term for speed02:50the bitcoin network can only handle02:52around seven transactions per second or02:54tps for short02:56by contrast visa handles around 1700 tps03:00on any given day and it can scale up to03:0265 000 tps if need be03:06visa’s upper tps limit has consequently03:08become the benchmark for optimal speed03:10in cryptocurrency and as i mentioned in03:13my video about the fastest03:14cryptocurrencies there’s only one that03:17has achieved this degree of scalability03:20bitcoin is obviously nowhere close to03:22this benchmark and this is because of03:24its block size and block time03:27allow me to explain03:28the bitcoin network is actually a03:30blockchain which is just a distributed03:32record of transactions that’s shared by03:35all computers connected to the network03:37these transactions are batched into03:39blocks hence the word blockchain03:42each bitcoin block is only one megabyte03:45large and because each btc transaction03:48has a digital size two only 2700 or so03:51can fit in each bitcoin block03:54this limited space is why there are03:56transaction fees to incentivize the03:58computer’s verifying btc transactions04:00called miners to include a btc04:03transaction in the next block04:05when you divide that number by bitcoin’s04:07block creation time of roughly 1004:09minutes you get about seven transactions04:12per second easy maths now given these04:15facts you might be thinking that the04:16simple solution to bitcoin’s scalability04:19problem is to increase the block size04:21increase the block time or both04:24this is actually what many bitcoin forks04:26have done or tried to do04:28the only problem there is that doing any04:31of those would compromise the security04:33of the bitcoin network now this is why04:35satoshi designed bitcoin the way he did04:38if the block size is too large04:39eventually only a handful of computers04:41will be able to store the full history04:43of btc transactions because it would be04:46too large for most of them to handle04:48if the block time is too fast it limits04:51the number of computers that can verify04:53transactions on time and if there are04:55too many you’d quickly end up with04:56conflicting btc transaction histories05:00this means there is only one solution05:02left and that’s to somehow process btc05:05transactions outside of the bitcoin05:07network or off chain at a faster speed05:10without compromising security or05:12increasing costs05:14this is where the lightning network05:16comes in05:18the lightning network has its roots in05:20satoshi nakamoto’s earliest writings but05:22its creation is credited to two05:25brilliant developers the deus dryer and05:27joseph poon05:29the deus is a long time bitcoin05:31developer and currently works at mit’s05:33digital currency initiative where he05:35focuses on cryptocurrency scaling and05:38interoperability05:40it’s possible that the deus is involved05:42in the development of the united states05:44upcoming digital dollar given that uncle05:46sam has partnered with mit to create it05:49joseph poon is also a long-time bitcoin05:52developer and shifted his focus to05:53ethereum in 2017 when he co-authored the05:56plasma white paper with ethereum founder05:59vitalik buterin06:01for those who don’t know plasma is a06:03popular ethereum scaling solution06:05leveraged by crypto projects such as06:06polygon which i’ve covered in detail on06:09this channel06:10the deus and joseph began brainstorming06:12ideas about how to scale bitcoin in 201406:15after seeing how inefficient some of the06:18other scaling solutions were06:20the pair first penned the lightning06:22network white paper in february 2015 and06:25subsequently presented their invention06:26at an annual bitcoin conference in san06:28francisco where they’d met the year06:30before06:32in january 2016 the duo founded a06:34company called lightning labs along with06:36two other bitcoin enthusiasts to develop06:39the lightning network06:41after more than two years of hard work06:43and help from bitcoin developers like06:45blockstream the lightning network was06:47completed in february 2018.06:50this occasion was marked by the purchase06:52of two pizzas using btc on lightning by06:56laszlo hagnex if this scenario sounds06:58familiar it’s because laszlo is the man07:00who made the first ever purchase with07:03bitcoins in may 2010 when he bought two07:06pizzas for 10 000 btc07:08461 million six hundred and fifty07:11thousand dollars at current prices to07:12save you the maths07:14in march 2018 lightning labs received07:18over 2.5 million dollars in funding from07:21prolific investors including twitter ceo07:23jack dorsey07:24a few days later the lightning network07:26was deemed ready for regular bitcoin07:29users the lightning network has seen07:32some serious adoption since then case in07:34point in less than a month’s time el07:36salvador will become the first country07:39to use the lightning network for btc07:41payments i’ll get back to that in a07:43moment but first i should probably07:45explain how the lightning network works07:49unlike most layer 2 networks for07:51cryptocurrency the lightning network is07:53not a blockchain07:55instead it consists of a series of07:57interconnected payment channels created08:00by two parties on the bitcoin network08:02now i know that’s a big definition to08:04take in so let’s break it down bit by08:06bit with a simple example08:08so08:09imagine there’s a restaurant you go to08:11every day because you’ve become such08:14good friends with the owner of the08:15restaurant he doesn’t always make you08:17pay at the end of every meal08:19better yet he gives you discounts or08:21even free food for helping out around08:23the restaurant or you know just being a08:25good and loyal customer08:28the restaurant owner keeps a record of08:30how much money you owe him for meals08:32minus the ones you got pro bono for08:33helping out and only asks you to pay up08:36at the end of each month when the08:37restaurant’s bills are due08:40this payment record you have with the08:42restaurant owner is not all that08:43different from the payment channels you08:45find on the lightning network08:48to understand how let’s imagine you and08:50the restaurant owner agree to settle08:52your monthly tab in btc and you’ve08:54decided to use the lightning network08:57this means you’ll have to create a08:59payment channel on the bitcoin09:00blockchain09:02this involves something called a09:03multi-signature wallet and as the name09:06suggests a multi-signature wallet is a09:08cryptocurrency wallet which will only09:10send out a transaction if the09:12signatories agree09:14in our example that’s you and the09:16restaurant owner09:17first you both deposit an amount of btc09:20into the multi-signature wallet09:22this amount must be worth the same or09:24more than what you expect to transact09:26next month for security reasons09:29you’ll see why in a second09:31this transaction on the bitcoin09:33blockchain creates a payment channel09:34which allows you to transact the btc you09:37deposited between each other instantly09:39as many times as you want for next to09:41nothing09:42this is because what you’re sending09:44between each other is not actually btc09:47but a digital iou of payments like the09:49physical iou record you are using for09:52regular money09:53put differently you’re just adjusting09:55how much of the btc in the09:57multi-signature wallet address each of09:59you will get when the payment channel is10:01closed10:03this record is updated every time a btc10:06transaction is made in your shared10:08payment channel and this record is kept10:10on both of your computers10:12it might help to think of it as a sort10:14of receipt10:16now whereas regular btc transactions10:18require at least one block to be10:20generated and can costs upwards of 5010:22dollars to push through10:24because you’re just passing around an10:26updated receipt between two computers10:28the only limiting factors are computer10:31hardware and internet speed10:33this makes transactions on the lightning10:35network lightning fast with tens of10:38thousands of transactions per second for10:40every connected computer10:42when the month is over the btc in the10:44multi-signature wallet is sent back to10:46each of your own btc wallet addresses10:48based on the balance of the final10:50digital iou receipts on both of your10:53computers10:55this creates a second transaction on the10:57bitcoin blockchain and closes the10:59payment channel11:01note that a payment channel can be kept11:03open indefinitely and can be closed at11:05any time by one or both parties11:08oh and it turns out that if you didn’t11:10pay what you owed the btc you put into11:12that multisig wallet will automatically11:14be sent to the restaurant owner11:16if he overcharges you the opposite11:19occurs11:20although this probably won’t happen11:21because you and the restaurant owner11:23trust each other this trust isn’t always11:25there when you’re transacting with11:27strangers which is why both parties11:29always have to pre-fund the multi-sig11:31wallet with some collateral to11:33incentivize good behavior11:36now this brings me to the11:37interconnectedness part of the payment11:39channels which make the lightning11:41network a global network and not just a11:43two-way street between two people11:46here’s how that works11:48suppose there’s another regular at the11:50restaurant let’s call him mad mike11:53now mad mike has a btc payment channel11:55open with the restaurant owner as well11:57he even has a btc payment channel open12:00with your barber12:02now when you see mad mike’s fresh cut12:04you realize you forgot to leave your12:06barber a tip the last time you were12:07there you’d like to pay this tip with12:10btc but you don’t have a payment channel12:12open with the barber12:15luckily the lightning network has got12:17you covered12:18instead of having to ring up your barber12:19and set up a payment channel with him12:21directly your btc tip can make it to his12:24wallet via the payment channels that12:26connect you together you and the12:28restaurant owner the restaurant owner12:30and mad mike and mad mike and the barber12:34if you happen to have a payment channel12:36open with mad mike the lightning network12:38will automatically route your btc tip12:40through him to minimize the distance it12:42needs to travel in the same way that12:44real lightning finds its way to the12:46ground based on the path of least12:48resistance in the atmosphere12:50you might be worried though that mad12:52mike might try and steal that btc tip in12:54transit since he’s a shady fellow but12:56the lightning network has got you12:58covered there too12:59btc payments made through intermediary13:01payment channels are secured by a13:03technology called hashed time locks13:06without getting too technical this13:08involves exchanging a secret code with13:10the end recipient first before any btc13:13is sent13:14once that secret is successfully13:16exchanged the corresponding amount of13:18btc is transferred if anything goes13:21wrong along the way such as one of the13:22connected computers going offline the13:24transaction is automatically cancelled13:27and the appropriate parties are punished13:29if it was a malicious act13:31the more payment channels there are the13:33faster and more far-reaching the13:35lightning network is13:36this connectivity means it’s possible13:38for the whole planet to use btc as13:41digital cache like satoshi envisioned13:44to further facilitate the growth of the13:46lightning network it was designed such13:48that it’s possible to create more than13:50one version13:51this means that anyone can create their13:53own custom version of the lightning13:55network and thanks to something called13:57the bolt protocol all versions of the14:00lightning network are interoperable14:03to top it all off the lightning network14:05can be used with any cryptocurrency14:07which supports multi-signature wallets14:09and hashed time locks which is almost14:11all of them14:13because the lightning network’s14:14interoperability features are not14:16limited to any one blockchain this means14:18you can instantly trade supported14:20cryptocurrencies between blockchains at14:23near zero costs without a cryptocurrency14:26exchange14:27with all these crazy features it should14:29come as no surprise that the lightning14:31network has grown exponentially over the14:33last year14:35at the time of shooting there are over14:3760 000 lightning network payment14:39channels around the world with over 10014:41million dollars in btc locked in its14:44multi-six14:45while actual user adoption of the14:47lightning network had a slow start the14:49pace picked up at the start of 2020 when14:52bitcoin lightning wallet developer zap14:54released the now famous strike app14:57zap is the company that helped the14:58government of el salvador make btc legal15:01tender15:02this was after the president took notice15:04of strike’s popularity in the country15:06thanks to its fearless remittance15:07payments powered by the lightning15:09network15:10when el salvador’s legal tender law goes15:13into effect at the beginning of15:14september we could see millions of15:16people transacting btc on the lightning15:18network15:19now less than one month after strike’s15:212020 launch lightning labs announced15:23that it had raised another 10 million15:25dollars from a handful of heavyweight15:27investors15:28shortly after that lightning labs15:30released an update to its lightning15:32implementation that increased the amount15:34of btc that could be sent through15:36payment channels15:38this paved the way for more adoption of15:40the lightning network by larger players15:42in the crypto space including15:43cryptocurrency exchanges15:46late last year kraken announced that it15:48would be adding support for the15:49lightning network in february this year15:51ok x added support for the lightning15:53network15:54a few days later peer-to-peer15:56cryptocurrency exchange packs full15:58announced they had done the same16:00in march a crypto startup called moon16:02made it possible to pay with btc using16:04lightning online with any merchant that16:07accepts visa16:09in may tesla ceo elon musk took a break16:12from bashing bitcoin to praise the16:13potential of the lightning network16:16in june twitter ceo jack dorsey said he16:18plans on adding the lightning network to16:20twitter and its decentralized16:22counterpart bluesky16:24in june a canadian company called liquid16:26fintech corp became the first publicly16:29traded company whose sole purpose is to16:31develop lightning network infrastructure16:34and more recently a las vegas strip club16:36announced it had begun accepting16:38lightning network btc payments how’s16:41that for a use case16:43and speaking of use cases bitcoin16:45evangelist andreas antonopoulos believes16:48that it’s only a matter of time before16:50the lightning network is used as a quote16:52stream of money16:54for example instead of getting paid16:56bi-weekly or monthly you could be paid16:58by the hour or even by the minute thanks17:01to the speed and low cost of the17:02lightning network17:04instead of paying monthly or yearly for17:06a netflix or spotify subscription you17:08could pay for each minute of content you17:10consume on their platforms instead17:13and it’s not just payments where the17:15lightning network can be used either17:17some crypto companies such as zebedee17:19have combined btc with video games17:22making it possible for gamers to earn17:24sats by playing17:25play to earn gaming is what another17:27crypto project called axi infinity is17:29doing and you can learn all about that17:31by clicking that link up there in the17:33top right17:36now if you’re thinking that the17:37lightning network sounds too good to be17:39true you are partially correct17:42the lightning network has had its fair17:44share of issues and not all of these17:46have been resolved17:48dozens of code vulnerabilities have been17:50found since the network launched in 201817:53so much so that many still consider it17:55to be in its testing stages even though17:58it’s technically fully operational18:00that said the lightning network’s18:02biggest problems are not technical18:04they’re structural18:06for starters depositing btc into a18:08multi-sig wallet to create a payment18:10channel makes that btc much harder to18:12sell since it often needs to be18:14transferred to the bitcoin blockchain18:16first before it can be exchanged for18:18fiat18:19this is becoming less of an issue over18:21time as more fiat payment pathways like18:23exchanges integrate the lightning18:25network but it’s still something that’s18:27not readily available to the average btc18:30holder18:31on that note if the price of btc were to18:34pump or dump too much you could see a18:36lot of payment channels close as18:38multi-sig participants sell their btc18:40because of profit or panic18:42this could shrink the size of the18:44lightning network and possibly even cut18:46off some btc holders on lightning from18:48off-ramps that accept btc via lightning18:51not only that but there are not many18:53incentives to keep a payment channel18:55open to begin with18:56fees on the lightning network rarely18:58exceed a handful of satoshi’s worth19:00fractions of a penny these are paid to19:03any intermediaries when btc moves19:05between payment channels now the average19:08user is unlikely to keep their btc19:10locked up on the lightning network for19:12pennies in profit19:13for the average user the value of the19:15lightning network comes from its utility19:19moreover when you send a btc transaction19:21across multiple payment channels on the19:23lightning network every single one of19:26the multi-sig wallets on the way must19:28have a btc balance that is larger than19:31or equal to the amount being sent19:34this makes larger transactions harder to19:36do19:37when you combine these pain points with19:39the cost of opening and closing payment19:41channels on the bitcoin blockchain you19:43end up with a lightning network that is19:45remarkably centralized with most traffic19:48taking place through custodial19:50intermediaries that are not that much19:52different from banks19:53this has historically been one of the19:56biggest criticisms of the lightning19:57network but this has also been improving20:00as time goes on20:02so this begs the question if operating a20:05payment channel on the lightning network20:06is not very profitable then where does20:08the incentive come from for the20:10individuals and institutions providing20:12this service20:14well as i mentioned in my video about20:16how hedge funds are making money off20:17robinhood traders when a product is for20:20free you are the product20:23in the case of the lightning network20:25it’s likely that most of the company’s20:27operating custodial lightning wallets20:28and services are closely tracking their20:31users transactions20:33it’s even possible that this tracking is20:35happening on the lightning network20:36itself through so-called watchtower20:39nodes which analyze payment channels for20:41any fraudulent transactions and notify20:43any affected users so they can close20:46their payment channel and claim their20:48btc20:49now though this sort of surveillance may20:51not be very profitable today it will20:53become more profitable as the adoption20:56of the lightning network continues20:58big business will want to see where all21:00the little people are spending their21:02money in real time and will gladly spend21:04some of their own to get this21:06information21:07interestingly enough this concern runs21:10contrary to the lightning network’s21:11supposedly superior privacy21:15some of you may remember the coin21:16telegraph headline from september last21:18year which read quote the irs offers a21:21625 000 bounty to anyone who can break21:25monero21:26what you may not remember is the end of21:28the headline which includes the21:30lightning network under the same bounty21:33this is a small but significant detail21:36because it implies that the lightning21:37network has a similar degree of privacy21:40to monero which offers the best privacy21:42of any cryptocurrency21:45the lightning network has been on the21:46radar of u.s regulators since last21:49summer when the irs published a document21:51that cited the rapid growth of the21:52network as cause for concern21:56although the document notes that21:57lightning labs has developed a tool to21:59track transactions on the lightning22:00network this tool can only be used by22:03someone operating a payment channel and22:05only for their own payment channel22:08in other words the only transactions22:10they can track are the ones they are22:12making with the other party in their22:14payment channel22:15they can’t track the transactions they22:17are rooting on behalf of someone else22:21now this has to do with the hashed22:22timelock technology i mentioned earlier22:25recall that this involves exchanging a22:28secret code between the sender and the22:30recipient before a transaction is made22:33when this transaction hops through all22:35the payment channels the participants in22:38between have no idea where that payment22:40came from where it’s going nor what22:43their position is in the transaction’s22:45path22:46so to use our restaurant example if i22:49send the btc tip to my barber through22:51the restaurant owner and mad mic neither22:54of the two knows which position they’re22:57in when that payment goes through nor do22:59they know who it came from or who it’s23:02going to23:03now this is of course easy to figure out23:05when you’re dealing with a small group23:07of people but as the lightning network23:09grows it gets harder and harder to trace23:12transactions23:14besides stuff like watchtowers the23:16biggest vulnerability of the lightning23:17network’s privacy has to do with the23:19transactions made on the bitcoin23:21blockchain when payment channels are23:23opened and closed with multi-sig wallets23:26these transactions look different than23:28regular transactions which makes them23:30that much easier for government-friendly23:32blockchain tracking firms such as23:33chainalysis to trace as it so happens23:37bitcoin’s upcoming taproot upgrade will23:39make multi-sig wallet transactions look23:42identical to regular transactions23:45after november there will be no telling23:47when someone is moving their btc on or23:49off the lightning network so what that23:52means is that bitcoin could offer monero23:55like privacy with visa level speed at23:57near zero fees thanks to the lightning24:00network24:02if the lightning network sees a similar24:04degree of adoption on other popular24:05cryptocurrency blockchains this could24:08usher in the cypherpunk future that24:10satoshi and so many others envisioned24:13it might just save cryptocurrency from24:15the incoming regulatory crackdown too24:17and you can learn more about that using24:20the link up there in the top right24:24now i could say so much more about the24:26lightning network but i’ll have to cut24:28it here folks so if you learned24:30something new today it would make my day24:32if you smash that like button better yet24:35subscribe to the channel and ping that24:37notification bell to make sure you get a24:39ring when the next flick hits the tube24:41if you’re craving more from the coin24:43bureau you can find me on twitter tiktok24:45and instagram24:46i provide in-depth crypto market updates24:48on the daily on my telegram too24:51my pride and joy though is my weekly24:54newsletter it’s jam-packed with all the24:56tips tools and tricks you need to make24:58your portfolio better and you can even25:01see how i’m adjusting my personal25:03cryptocurrency portfolio from week to25:05week and why25:07when you make some mad gains consider25:09supporting the channel by getting25:10yourself a hoodie or t-shirt from the25:12coin bureau merch store you can find it25:15down there in the video description25:16along with the links to all my official25:18socials25:20if you made it this far thank you so25:22much i look forward to seeing you again25:24and until then my friends25:26stay crypto25:31