Bitcoin Lightning Network Sees A Rush Of Activity | by Titus | The capital | June 2021


Over the year, the Lightning Network (LN) has seen massive growth and continued adoption by the Bitcoin community. Yesterday, the Lightning Network saw its capacity increase to over 1500 BTC.

This increase shows that users have confidence in the ability to securely conduct off-chain transactions through the LN. This year alone, the Lightning Network has seen a massive 42% growth in the number of BTC available. In addition, there are now over 12,000 nodes supporting 45,000 payments chains.

Since its creation, Bitcoin had issues with blockchain congestion and the higher fees associated with an influx of transactions. The LN aims to reduce this congestion while reducing transaction costs.

As a second-level payment protocol, the Lightning Network is important to users of microtransactions. Without the ability to perform these transactions, BTC is not really attractive as a payment method for the common man due to the higher fees and slower transaction. time.

Giving users the ability to perform these small transactions is important for the acceptance of crypto-currencies for current payments. The scalability that the Lightning Network brings to blockchain is crucial to the fact that this technology is no longer used as a traditional investment but as a kind of fiat motto.

In the past few weeks, since El Salvador announced that Bitcoin is legal tender, Bitrefill has announced that it has processed more than 10,000 daily transactions on multiple occasions. This high number of transactions on the LN saved nearly 2 whole blocks on the blockchain. It proves that the Lightning Network is applicable for everyday transactions and helps to scale. Bitcoin.

Twitter CEO Jack Dorsey answered a few questions last Thursday and said it was only a matter of time before the LN was integrated into Twitter. With the advanced introduction of blockchain technology, the Lightning Network will be an important integration for everyday app users who transact with Bitcoin. While there has been no integration yet, Jack Dorsey’s answer to the question is illuminating.

It is very likely that the applications will soon be equipped with blockchain technology and will make transactions through the Lightning network always easier, faster and more. secured.

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Disclaimer: These lines are not a substitute for investment advice, investments in the crypto market are made at your own risk. Only invest what you are prepared to lose. I receive commissions for purchases made through the links in this article.



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