Transaction speed: Lightning Network payment channels reduce the confirmation time required, enabling near-instant payments.
Lower fees: By acting in parallel with the Bitcoin Blockchain, the Lightning network can operate with much lower fees, which makes the use of Bitcoin for micropayments more viable.
Scalability: The Lightning Network can reduce the Bitcoin Blockchain congestion, which in theory is only 7 transactions per second and already in the Lightning Network there is an increased capacity to process millions of transactions per second.
Not suitable for large payments: Operations made through the Lightning Network depend on the existing balance in the multi-signature wallets involved in the transaction route. However, wallets do not always have the necessary amount to act as intermediaries for a high-value payment.
Recipient needs to be online: Since both parties involved in the transaction need to be online and use their private keys to sign, coins are more vulnerable to attack if the computer storing the private keys is compromised.