Recently, the CEO of Bitcoin.com, Roger Ver and Charlie Lee, the creator of Litecoin [LTC] debated on various aspects of Bitcoin [BTC].
Roger Ver started the discussion by saying that Bitcoin [BTC] it no longer possessed the characteristic of a peer-peer electronic payment system. He said:
"In fact, many of BTC's supporters are hostile to the idea of using it as money … they say that buying coffee with Bitcoin is stupid."
Charlie Lee responded by stating:
"They say that buying coffee with Bitcoin on a chain is stupid … People are working on a Lightning network to help Bitcoin climb the second level solutions, so it's still Bitcoin, right, so they're not hostile."
Lee said the lightning strike network is a peer-to-peer electronic payment system. The Founder claimed that it was more peer-to-peer than Bitcoin chain payment transactions. He also said that with the lightning network, people were connecting to a network, and transactions moved from peer-to-peer to the inside of the network. He also added:
"Bitcoin transactions are not peer-to-peer right now, so Bitcoin transactions are a type of broadcast transaction."
Furthermore, Lee stated that payments on Bitcoin [BTC] blockchain was the sender's sender, which was more like a direct payment.
The Lightning network is Bitcoin's second-level scaling solution and is designed to increase Bitcoin transaction throughput. The network achieves this by opening payment channels from the chain. After the payment channels are closed, all transactions are updated on the Bitcoin blockchain for immutability. This method is said to accelerate Bitcoin transactions to hundreds of thousands of transactions per second.
Questioned on the fact that the payments of the Lightning network were direct payments, Lee nodded in agreement stating that it is direct if confirmed.
Roger Ver said:
"If it's confirmed … so you've seen that there's a picture on Twitter that goes around someone who pointed someone called their thunderbolt Roger Ver and none of the other lighting nodes we're connecting to … and they were all laughing and joking about it ".
He accused the lightning network of having the ability to exclude people from being able to use it. He argued that this will not be the case on a chain Bitcoin network.
Responding, Lee said:
"You can not exclude anyone from using a network of lightning … So you're telling me that everyone in this Bitcoin world is stuck to make a connection with you … it's ridiculous to say that all miners have censored your transaction because you know it's you. "
Subsequently, the duo continued to talk about the pressure that regulatory bodies were putting on portfolios and exchanges such as Coinbase and the cryptocurrency space in general. They discussed whether there was a possibility that regulators would shut down the lightning-node operators.
"They will not be able to." Just as they will not shut down Bitcoin because they can not do it … Lightning's network is private, if I run a node and open connections to a few people no one knows who I am. "
During the discussion, they also talked about the speed of the lightning network. Lee said the lightning network "is very fast".
Lee went on to say that Bitcoin became popular too quickly. He added that the price of Bitcoin has also increased too quickly. He also stated:
"What happens when it happens is congestion, it's a bit like … if you open a catering business, then it becomes popular too fast, so you have congestion."
The solution for "congestion" is expanding, he said. Furthermore, he said that expansion can be done in two ways. The first way he said, referring to the example of his restaurant, was to add twice the "tables" no. According to him, this was more a "bad experience" for people because it was crowded.
The second way he suggested was to expand into the "next-door shop". According to him, the network of lightning serves as that store next door.
They also talked about payments through the lightning network. He talked about a case where he bought stickers by paying through the network. Furthermore, he stated that the payment was successful in the first attempt.
In disagreement with Lee, Ver said he had recently made a video with a guy from Hong Kong who tried to pay through the lightning network, and the payment proved unsuccessful.
The Founder responded by admitting that the network was a work in progress. Charlie Lee concluded by saying that the lightning strike was coming to an end and will be ready in the next 18 months or less.