How will the Lightening Network affect online gambling?

Discussion in 'General Bitcoin Gambling Discussion' started by Humble Servant, Jul 29, 2016.

  1. Humble Servant

    Humble Servant Active Member Staff Member

    It might feel like bitcoin development moves as a snails pace compared to other cryptos like Ethereum and Dash but behind the scenes there is a huge amount of development taking place. The project that is attracting the most attention is the lightning network that promises to increase the current protocols 7 transactions a second limit to many thousand a second. It will also slash the cost of each transaction from a few cents to a tiny fraction of a cent. Companies like Blockstream, and BitFury are each developing their own versions of the lightning network.

    What hasn't been discussed is how the Lightning Network will affect the gambling industry. Will it change how we gamble at a bitcoin casinos, play online poker or place sports bets? What are your thoughts?
    Last edited: Aug 21, 2017
  2. EthHead

    EthHead Member

    I'm super excited about Lightening Network because I think instant deposits will increase the appeal of bitcoin amongst gamblers. Even if you use a bitcoin wallet with a dynamic fee calculator, quiet often your transaction does not get included in the next couple of blocks. An online gambler with an itch to play slots or blackjack does not want to wait 40 minutes. I'm sure it must be a major headache for customer support at these sites also. They must get inundated by newbies asking "Where is my bitcoin?".
  3. Kaboom

    Kaboom Member

    when will the lightening network be ready to start using? i hope things move faster than they did with segregated witness.
  4. Dara

    Dara Member

    i read an interview with a lightening developer recently who said that the first lightening supported wallets should appear by the end of 2017. bitfury announced this week that they've successfully made a lightening network transaction using their algorithm.

  5. Kaboom

    Kaboom Member

    so when will lightening network transactions be available from my mycelium wallet?
  6. SuckIt

    SuckIt Member

    The Lightening Network will enable high frequency trading which is a form of gambling I guess.
  7. Humble Servant

    Humble Servant Active Member Staff Member

    Blockstream just announced that they've made a successful Lightening Network transaction on their testnet. This is a huge milestone on the road to instant, unlimited and low fee bitcoin transactions.
  8. 4TheWin

    4TheWin Member

    Now it looks like a mining pool in China called ViaBTC is going to block SegWit which may delay the rollout of LN.
  9. Humble Servant

    Humble Servant Active Member Staff Member

    This is an interesting point from bitcoin journalist Kyle Torpey. Basically instant and almost free Lightening transactions will bring bitcoin to the masses. Once LN transactions are available from your average iOS/Android wallet, we will see a huge surge in the cryptos popularity. This is sure in turn to make bitcoin gambling sites far more popular.

  10. Wonka

    Wonka Member

    Rusty Russell is now saying that after the LN meeting in Milan that they've agreed on common standards and that the first Lightening Network clients will be released within the next 4 months. This is hugely exciting and way ahead of schedule.
  11. Freddy

    Freddy Member

    so let me get this straight? when lightening transactions are added to my bitcoin wallet, when I make a deposit at an online casino, the bitcoin will immediately appear in my account and i won't have to wait 5 hours for my transactions to get included in a block?
  12. Humble Servant

    Humble Servant Active Member Staff Member

    I'm not an expert in LN by any means but yes I think once you've opened a couple of LN payment channels, then all transactions will be settled immediately.
  13. Humble Servant

    Humble Servant Active Member Staff Member

    The Alpha release of the Lightening Network is now available for release.

  14. 2damoon

    2damoon Member

    when will there be a beta lightening network client with a gui?
  15. Header

    Header Member

    I've seen a couple of YouTube videos of Lightening Network clients but they are still in beta. It's a shame it will come to Litecoin before Bitcoin though.
  16. Freddy

    Freddy Member

    It looks like bitcoin will activate SegWit before August 2017, which should pave the way for the Lightening Network. Does anyone know when the first LN enabled wallets will be available to use?
  17. Humble Servant

    Humble Servant Active Member Staff Member

    Apparently there will be wallets as soon as SegWit activates this week. Here is a quick demo of the Lightning Network Zap app that will be available soon.

  18. Wonka

    Wonka Member

    Personally I can't wait for the first Lightning Network wallets. I really hope that gambling operators will lead the way and quickly introduce Lightning transactions. Then we will see huge adoption of bitcoin across the gambling sector.
  19. Humble Servant

    Humble Servant Active Member Staff Member

    I'm sure gambling sites will drive adoption like they have been doing for the past couple of years. There will, however, be a steep learning curve to being with until somebody figures out how to develop a really easy to use lightning network wallet.
  20. Humble Servant

    Humble Servant Active Member Staff Member

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