Bitcoin will continue to exist despite widespread panic and skepticism in the media. The lightning network (LN) is a critical development and a reason for Bitcoin’s adoption.
According to data from BanklessTimes.com, Bitcoin held in public wallets has increased 96% within the last 12 months. Companies like Cash App, BitPay, Kraken, and Robinhood are leading the adoption by relying on LN.
Speaking on the report, Jonathan Merry, CEO of BanklessTimes, said, “Bitcoin’s original intent was as a peer-to-peer payment network.
“The Lightning Network (LN), a second-layer protocol designed to ease micropayment channels at scale, restores this intent. LN takes transactions off-chain, where they can be processed in a matter of seconds at a fraction of the cost.
“Thus, most payment platforms find it reliable and cost-effective.”
More people are using Bitcoin for regular transactions
Bitcoin has experienced explosive development and widespread acceptance. For instance, El Salvador and the Central African Republic have adopted it as legal tender. Brick-and-mortar businesses in these nations can now take Bitcoin via mobile devices. Clients can pay with BTC to buy their Big Macs at the local McDonald’s or Starbucks.
Chivo Wallet, a payment software in El Salvador, provides instant, low-cost transactions. Also, Cash App integrated the Lightning Network, allowing its users to send and receive Bitcoin with no transaction fees.
The payment volume on the Lightning Network increased by 410% in the past year. There is an increase in its popularity and widespread implementation.
As more Bitcoin exchanges adopt LN technology, more users will access fast and cheap transactions. Recently, two U.S. senators presented a bill to exempt minor crypto transactions from taxation. Thus, it shows that even crypto-skeptic superpowers are paying notice.
Still, LN is freedom
Without free expression, communication, and privacy, decentralization and financial freedom are impossible. Some firms are using LN technology for secure video conferencing or direct contact. This allows them privacy and freedom to go by their duties.
With more use of the LN, Bitcoin’s price viability and scalability could get an answer. As Bitcoin builders innovate and find new technology methods, the LN could defend financial and speech freedoms.
With crypto on track to reach 1 billion users by the end of 2022, more cities and firms are using the LN to process data quickly at little cost to the client.