How does the Bitcoin network handle transaction confirmations compared to the Lightning network?

2 answers

• nguyenthanhhop12Feb 02, 2023 · 2 years ago
  The Bitcoin network handles transaction confirmations by relying on the consensus of miners. When a transaction is made, it is included in a block, which is then added to the blockchain. The more confirmations a transaction has, the more secure and irreversible it becomes. This process can take some time, especially during periods of high network congestion. On the other hand, the Lightning network is a layer 2 solution built on top of the Bitcoin network. It allows users to open payment channels with each other, enabling faster and cheaper transactions. These off-chain transactions do not require confirmations on the Bitcoin network and can be settled instantly. The Lightning network provides a scalable solution for microtransactions and can significantly reduce transaction fees compared to the Bitcoin network.
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• nguyenthanhhop12Aug 30, 2023 · 2 years ago
  The Bitcoin network handles transaction confirmations by relying on the consensus of miners. When a transaction is made, it is included in a block, which is then added to the blockchain. The more confirmations a transaction has, the more secure and irreversible it becomes. This process can take some time, especially during periods of high network congestion. On the other hand, the Lightning network is a layer 2 solution built on top of the Bitcoin network. It allows users to open payment channels with each other, enabling faster and cheaper transactions. These off-chain transactions do not require confirmations on the Bitcoin network and can be settled instantly. The Lightning network provides a scalable solution for microtransactions and can significantly reduce transaction fees compared to the Bitcoin network.
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