Over the year, the Lightning Network (LN) has seen massive growth and continued adoption by the Bitcoin community. Yesterday, the Lightning Network saw a capacity increase of over 1500 BTC.
This increase shows that users have confidence in the ability to securely conduct out-of-chain transactions through the LN. This year alone, the Lightning Network saw a massive 42% growth in the number of BTC available. In addition, there are now over 12,000 nodes that take care of 45,000 payments channels.
Since its inception, Bitcoin had problems with blockchain overloads and the associated higher fees with an influx of transactions. The LN aims to reduce this congestion while lowering transaction fees.
As the second tier payment protocol, the Lightning Network is important to microtransaction users. Without the ability to conduct these transactions, BTC is not exactly attractive as a payment method for the common man due to higher fees and slower transactions times.
Giving users the ability to carry out these smaller transactions is important for acceptance of acceptance Cryptocurrencies for everyday payments. The scalability that the Lightning Network offers for the Blockchain is decisive for this technology no longer as a traditional investment, but as a kind of Fiat currency.
In the past few weeks since El Salvador announced Bitcoin as legal tender, Bitrefill announced that it has processed over 10,000 transactions several times a day. This high number of transactions on the LN saved almost 2 whole blocks on the blockchain. This proves that the Lightning Network is applicable to everyday transactions and helps with scaling Bitcoin.
Twitter CEO Jack Dorsey answered a few questions last Thursday, pointing out that it was only a matter of time before the LN was incorporated into Twitter. As blockchain technology continues to advance, the Lightning Network will be an important integration for everyday app users who transact with Bitcoin. Although there hasn’t been any integration yet, Jack Dorsey’s answer to the question is illuminating.
It is very likely that apps will soon be equipped with blockchain technology, making transactions over the Lightning Network ever easier, faster, and more to back up.
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