The First 1 BTC Channel Goes Live On The Bitcoin Lightning Network ⚡️

I think guys welcome to another video here with bow at cryptocurrency Australia really appreciate you tuning in today's video we're gonna take a look at some news is coming out from these guys actually a bit refilled they've just opened the first I believe this is one of the world's first if not the world's first one Bitcoin Lightning Channel what that what does that mean well it means you can now send an entire Bitcoin over the Lightning Network with the bit refill Lightning channel so this really marks a milestone in the development of the Lightning Network as it continues to grow so it's really exciting stuff so guys we're gonna go into detail about what this actually means a little bit of detail around it some statistics of the Lightning Network to see how it's grown over time and we're gonna take a look at a couple of other things as well so guys stick around and let's get into the video [Applause] all right so guys here we are over on beat refills Twitter this is our B trip at refill and they've just announced here the first one Bitcoin lightning channel is live on may net we're happy to share that bit reef that bit refill in collaboration with a sync assic Co and they're equally implemented has opened the first one Bitcoin public channel on the Lightning Network hashtag reckless so what is bit refill bit refill is like a website that allows you to buy gift cards and other things with cryptocurrencies and these guys have been a supporter of the Lightning Network for quite some time now over here on their medium post that breaks down a little bit more in detail as to what this what this is actually going on so they've said here we're happy to share the bit refill in collaboration with a sink and their Eclair implementation has opened the first one Bitcoin public channel on the Lightning Network this is a customization of the current specification that removes the 0.167 bitcoin channel limit we have tested the channel and already transacted across it in the near future we will work to leverage this capability to lift the payment limits for people shopping at bit refill calm and bring increased liquidity to other aspects of the network and our four products so what does this actually mean what what really does it mean that we now have a one Bitcoin lightning channel wall I've found some good comments over here on reddit on this post it was someone that that posted a really good description here and what they've said is that um someone's actually asked so with this channel we can now do one Bitcoin lightning network transactions remembering that lightning network transactions are different to Bitcoin transaction so Bitcoin transactions occur on chain and lightning transactions occur on the lining network which is a layer 2 payments network that sits on top of Bitcoin and transactions happen via payment channels and smart contracts so this person here's responded and said yes but only if all the channels along the route have sufficient capacity to route you're one Bitcoin payment like many things enlightening we we need the still in development app upgrade to take full advantage of this also not all while it support one Bitcoin payments yet but if you have a wallet that supports beat channels and a direct channel with bit refill you can now send them a full bitcoin over lightning so I guess it's important to note that lightning Network is still in testing it's still in the testing phase I'm not sure if you would say it's beat up but it's still in a testing phase so companies that are using it are generally encouraged to keep low transaction limits on people using the Lightning Network so they might restrict it to $1,000 or $500 or whatever they're comfortable with while the Lightning network is still going through its testing phases but obviously there's enough confidence starting to grow in the Lightning Network given it's been live for quite a long time now I believe over a year that's are the guys a bit refill have been comfortable enough to increase the limit to one Bitcoin and remembering to that one Bitcoin is quite a lot of money now I mean it recently hit nearly $9,000 us in Australia it nearly hit thirteen thousand dollars Australian AUD so that's quite a bit of money now what I wanted to do is to look into a little bit of research into the Lightning Network because it's been a while since we've done an update to see how things are progressing in terms of its growth and over here on Ellen's @ln stats lightning Network statistics we can see that there are now eight thousand five hundred and sixty notes there are thirty-five thousand nine hundred and thirty channels and in those channels we have 1015 Bitcoin capacity locked in those channels which equates to around about eight point eight million dollars now I assume that that's in u.s. so the median node capacity is around one hundred and thirty one dollars and just in the past 24 hours this is what really blew my mind there was a hundred and twenty thousand dollars transacted over the Lightning Network now for a network that is still in testing that is generally still considered beta that is truly that's truly amazing so here we have you know huge amounts of money being spent over the line we've now got beat bit refill opening a one Bitcoin lightning channel so I was really showing signs of how much the Lightning network is growing and how confident people are starting to become in using it now when we go over to p2 Sh info this is graph honor this is like some really advanced statistical analysis this website provides and just looking at that the channel growth over the past year for the Lightning Network we can see that if we were to draw a trend line through this really really steep growth we'd probably have I think maybe a forty to forty five degree angle so for one year I mean the growth has just been absolutely massive I mean we're talking about here in in June just last year just on a year ago we had around some of the channels value was was you can see here about twenty three and then the number of open channels was about eight thousand three hundred and twenty and that's just jumped up here you know at the moment it's sitting around forty around for well yeah a huge amount so we can save a forty point seven nine K so around forty thousand channels in just a year so huge amounts and again just remembering that the Lightning Network is is is still in testing it's still in beta so super exciting stuff IVs a Lightning Network a bunch of times now and it's truly blows my mind of how incredibly advanced this technology is I have to recommend guys if you haven't used it if you want to test out the test out the Lightning Network and I actually recommend you do just with a small amount just a couple of dollars the what I've been using and this isn't sponsored this isn't promoted in any way this is just a fantastic wallet so I doesn't want to recommend something I use and I recommend the world of Satoshi a little Satoshi comm this is free it's just really sweet lightning while it's built here in Australia which is awesome very very cool well if that I recommend if you guys want to check that out I'll leave a link down in the description below so guys that's it for the video I hope you found it informative I hope you found it interesting if you liked it the likes it was really appreciated if you haven't subscribed consider doing so consider joining us here on the channel my name's Bo thanks so much for watching and I'll catch you guys in the next one Cheers

2 thoughts on “The First 1 BTC Channel Goes Live On The Bitcoin Lightning Network ⚡️”

  1. Interesting content (it was news to me that lightning had come to btc). However, why the headphones and the low bitrate audio!?!

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