An upcoming conference dedicated to cryptocurrencies and blockchain technology has stopped accepting ticket payments in bitcoin, suggesting that the method was slow, costly and labor-intensive. The North American Bitcoin Conference, held in Miami next week, said on its website that network …
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I have attempted to set out some practical examples of how Lightning wallets could be used as I think this is an area which could benefit from better explanations, particularly for newcomers to Bitcoin.
In particular this graphic attempts to show how Lightning wallets will not 'lock up' funds in any practical sense, and will in fact operate very much like 'hot' spending wallets which we are already familiar with.
This post doesn't attempt to introduce all aspects of Lightning and does assume a basic understanding of the creation of channels, why it's trustless and how payments will be routed.
I hope this is helpful for some people and really happy to hear any comments and suggestions as to how it can be improved.
Graphic here: https://i.imgur.com/kJ94x5u.png
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