Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Nik explains how Lightning Network works using easy-to-understand analogies to the dollar and VISA. Learn why bitcoin’s speed and capacity limits are essential to preserve its neutrality. Explore the concept of layered money.
0:18 Cargoship analogy to describe bitcoin
1:17 Why we pay transaction fees to use bitcoin
2:04 Is bitcoin slow and limited?
2:40 Comparing bitcoin to the dollar and VISA
3:23 Bitcoin's most valuable characteristic is its decentralization
4:18 Bitcoin is neutral money
4:35 Lightning Network is the second layer of bitcoin
5:21 Lightning Network uses smart contracts, not credit
6:11 Understanding how Lightning Network works
7:10 Why Lightning Network is so important for bitcoin
8:53 Thank you to sponsors Zebedee and Voltage
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