Friday, 26 January 2018


Quick page in note form


Backgrounder (this site author);



Meet the Bitcoin Lightning Network ..... 

The solution to so many problems, is now here!

A quick summary of some first thoughts about the ECONOMICS in simple terms.

Rough cost I saw someone quoting for running e.g. what I assume was a VPS instance (on something like digital ocean) ... Say USD 17.00 a month  @ today's rate = 11.99 GBP for our British readers of Rabbit!  This would be the MONTHLY cost of YOU running YOUR OWN node on the LIGHTNING NETWORK ... How many REGULAR transactions do you make and to how many parties?

Off the top of my head this goes something like as follows for your average Joe:

  1. Rent/Mortgage 1 x per month 
  2. Gas 1 x per month or or quarter
  3. Electricity  1 x per month or or quarter
  4. Water  1 x per month or or quarter
  5. Local Taxes  1 x per month e.g. Council Tax
  6. Local stores
  • Supermarket 2-3 x per month
  • Corner shop 2-3 x per week = 16 times a month
  • Petrol station 2-3 times a month

You REGULARLY pay around 8 parties in around 27 transactions max.

If you're like around 40%+ of for instance the USA/UK, who have less than GBP 1000 saved, you're likely paying MONTHLY BANK CHARGES, I see in the USA for instance (Bank of America was it?) is going to charge all customers with small / low balances USD 12.00 per month, I think it was.

144 USD =101.56 GBP in basic banking fees, BEFORE any transaction fees even apply.

The cost of opening a channel on the Lightning Network = the cost of doing one BTC transaction AFAICT

The median cost right now of one bitcoin transaction = USD 5.14

Cost of thus opening up Lightening Network payment channels to your 8 parties:  5.14 x 8 = 41.12 USD

Of course, once open, assuming no house move, no need to close them down :)

Can you see where this is going?

"Study: Average checking account fees cost $1,000 over a decade" source

  • For the more than 109 million U.S. households that have checking accounts, the total average annual cost of the accounts is $10.7 billion. This is just from the three types of fees: overdraft-related, ATM and account use, and monthly maintenance.

Who needs a bank account ... and thus, who NEEDS a bank, or a BANKER, or a CENTRAL bank?

Just USD 17 dollars a month = 204 USD per year + opening up channels to make your regular payments USD 41.12 and you're UP and running with the Lightning Network ....

Lightning nodes EARN BITCOIN when they act as an intermediary node in OTHER PEOPLES PAYMENTS for the privilege of traversing your node:  BECOME THE BANK!

How much your node EARNS is somewhat dependent on how many times a month it gets used as an intermediary node ... which is dependent on your connectivity ... the more channels a node has open, the more people will want to connect to it ....

Which is why the NUMBER of OPEN CHANNELS is EXPLODING, just like the total number of nodes!

It's a GOLD-RUSH!  ... 

But for DIGITAL GOLD: Bitcoin!

Do your DUTY patriot: get YOUR country winning the RACE TO RUN THE WORLDS NEXT FINANCIAL SYSTEM!


Time to ...

Get Rich with Crypto-Currencies!

Get Rich with Crypto-Currencies!

And that's .... 


PS.  Check out the further links, below, to related stories on and off-site!


Further Information - onsite

Further Information - offsite

Latest Breaking Top Stories -->>

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