What Is A Point Time Lock Contract?
After the scaling debate for bitcoin has settled on the idea of side chains and parallel protocols, we’ve seen the emergence of alternative networks where bitcoin can operate without the constraints of the base chain; of these new environments, none more popular than the Lightning network. Known as a bitcoin “second layer” because most of […]
What Is The Lightning Developer Kit?
Building out a payments infrastructure that doesn’t rely on the centralised banking system, can be used anywhere in the world, added to any internet-connected device is a hard problem to fix. No single company has been able to succeed, and it doesn’t look like it ever will. Instead, we would need a reliable network that […]
Bitcoin App: Lightning Loop
The Lightning Network has been a welcomed addition to the bitcoin stack as a method of moving transactions off-chain without having double spend issues and helps scale the network. Lightning provides fast and cheap transactions by moving bitcoin between parties through its protocol rules. Think of the bitcoin base-chain as a train; all transactions get […]
What Is A Bitcoin Mining Capitulation?
Bitcoin mining is not some passive investment opportunity where you can print money using fancy computer equipment; it’s a cutthroat industry where individuals and companies compete to secure the next block. Bitcoin mining has elements you can control, such as the type of machine you’re using, your expenditure cost basis and the software you’re running, […]
How To Open A Bitcoin Lightning Channel?
The Lightning Network is a second-layer protocol designed to enable off-chain Bitcoin transactions, which are not recorded on the blockchain. By skipping the need to confirm every transaction and settling between channel partners, you remove the restrictions of the base chain, which gives the Lightning Network the ability to route payments faster and cheaper. The Lightning Network […]
How To Close A Lightning Channel?
The Lightning Network is a second-layer solution that lives on top of the bitcoin network, designed to facilitate faster transactions by removing the need to confirm all transfers of funds through proof of work on the base chain. The way funds are moved through the Lightning network is by locking up bitcoin in a hashed […]
Bitcoin And Creative Destruction
In life, we’re all taught through our experiences; if we do something constructive, we receive a positive outcome, a reward. Something that reinforces the behaviour and encourages us to repeat it and secure that carrot. On the opposite side is the stick. If we do something destructive, we receive a negative outcome. We get burned. […]
What Is Chaumian eCash in Bitcoin?
The bitcoin network suffers from limitations in its design and needs to remain decentralised and free from political pressure. The trade off’s made to ensure bitcoin remains secure means the base layer cannot scale to billions of people. The bitcoin network can only process six transactions a second, and that is never going to be […]
What Is A PayJoin?
Bitcoin runs on an open public ledger that anyone with the know-how can gain access to; the average person can track any bitcoin public address or transaction ID using a hosted block explorer or via their bitcoin full node. Those who want more in-depth monitoring can, in theory, pull this data into a database and […]
What Are Zero Confirmation Transactions?
When you broadcast a transaction to the bitcoin blockchain, it goes through several stages before it becomes a confirmed transaction. This can be a nerve-wracking process for anyone who has moved their first UTXO on chain, and you’re checking the wallet or the block explorer and wondering where your money has gone. What makes this […]