The bitcoin lightning network is set to change up the way we use the world’s most popular cryptocurrency, enabling super fast fee free transactions and providing a hassle free way to use BTC on the daily. In a nutshell the lightning network is a second layer solution that frees up the block space without compromising the decentralization of the BTC blockchain or any security aspects, by allowing transactions to be made off chain, via lightning channels.
Bitcoin lightning network channels are peer to peer and allow each user to make infinite off chain transactions with the only transactions making their way to the bitcoin blockchain being the opening and closing, or settlement transactions, freeing up space and keeping the memory pool clear. This means that btc payments when using the lightning network do not sit around waiting to be confirmed and instead are quickly processed off chain between the sending and the receiving channels.
Due to the lightning network being a second layer of protocol it has allowed for consensus free adoption and many BTC users looking for fast, free and easy P2P transactions have made the step, creating channels that allow them to use bitcoin for smaller purchases or day to day expenses. The network is growing rapidly and is of course being embraced by the online gaming industry, with many great US online casinos now welcoming deposits, and providing payouts in this way, and that’s great news for the player.
Lightning Network for Players
When taking advantage of lightning network payments in an online casino it is in fact very similar to what you do in a land based casino. Think of your initial btc deposit as your visit to the casino cage during which you change your cash for casino chips. In an online casino you’d then visit the slots or the table games, much as you’d do in a bricks and mortar casino. Once you’ve finished your session, when land based you’d head back to the cage to cash in your chips for cash and online you’d close your session and request a payout, and it’s that payout (along with your earlier deposit) that are recorded on the bitcoin blockchain with all transactions between you and the dealer being kept off chain. Many good casinos will now allow you to make lightning deposits and withdrawals and you'll find a selection of the very best lightning casinos right here, and it’s a selection that will grow over time as more places to play adopt this outstanding solution.
