What is the Lightning Network and how does it work?
How do bitcoin transactions work? Currently, the Bitcoin transaction limit is only 7 transactions per second. This is very small compared to other off-blockchain solutions like Visa, which are capable of processing around 24 transactions per second. In addition, to protect the recipients of bitcoins, all transactions must be verified before the transaction is completed. This is called double-spending protection and works with the help of miners who confirm that the transaction actually took place. It usually takes 000 or 3 confirmations before the recipient can see the bitcoins in their wallet. 6 confirmation corresponds to the time it takes to find one block, which for Bitcoin is about 1 minutes. Commissions are another obstacle. Bitcoin transaction fees at the beginning of 2020 ranged from 0,5 to 2 euros. On December 23, the transaction fee was 50 euros! If every time you send 100 or 1000 euros, you pay a small transaction fee - that's fine. But if you pay € 2 for a cup of coffe...