Bitcoin transactions have time and again faced a number of challenges; delay in transactions and high fees been the Achilles’ Heel! Enter Lightning Network which not only provides low fees but is true to its name ‘lightning’ fast! Especially the smaller value transactions also known as micro-payments which are very often used in gambling can benefit from it!
Read on below to know about the advantages and benefits of Lighting Network:
What is Lightning Network?
It is a layer 2 or second layer technology used for Bitcoin transactions that uses micro-payment channels outside the Bitcoin Blockchain network, thus taking major load off the blockchain and reducing the transaction fees in the process! It is instant and takes away the need of an intermediary in between.
•Instant super fast transaction: Means no more waiting for blockchain confirmations.
•Low transaction fees: as the transaction takes place off blockchain, Lightning Network has exceptionally low fees for instant micro-payments
•Scalability: it can take care of a large number of transactions in milliseconds to seconds across the network.
How is this useful for Gambling?
Imagine this: you are playing your favorite game.. and enjoying a good time! You feel that winning streak coming soon and decide to recharge your coins …and you do a transaction. But the transaction does not get processed for a very long time and you lose your winning luck waiting for those blockchain confirmations! Sometimes the fees is so high for a small value transaction that it leaves a sour taste in your mouth!
This is where Lightning Network is the hero we all needed! It provides super fast transactions(come on ‘Lightning’ is in the name :p) that are super cheap! With a very low transactional fees as the withdrawals and deposits take off the blockchain on separate channels. No more hassles of transferring money from your crypto wallet to game wallet! You can instantly transfer your coins to a Lightning channel. A cheap and instant transaction even for a small amount of coins is what every player wants!
Lightning Network is great if we consider privacy and security too as the lightning network transactions are not recorded on blockchain(only the initial and final balance is recorded)! I say that is what we needed!
In easier words all transactions happen on Lightning channels thus decongesting the Blockchain network. Lightning channel partners can send/receive an infinite number of transactions at a low cost. All of this happens without making any contact with the main Bitcoin blockchain! Only the opening & closing transactions of the channel are recorded by the blockchain. For example think of it as a real live casino. You buy chips at the beginning as you enter the casino; when you start playing, you lose/win these chips a number of times!
However the only transactions that matter to the casino are the buying of the chips in the beginning and the final number at cashout and not the winnings/losses in between!
BC.Game is amongst the very few online gambling casinos that have integrated Lightning Network (SATS) on their platform for an ultra fast gaming experience.
With zero fees and instant transactions SATS is slowly gaining popularity in the gambling community. Have you tried it yet?