Lyn Alden, renowned economist and Bitcoin enthusiast, explains why the Bitcoin lightning network is fully charged and about to electrify the entire Bitcoin ecosystem.
The lightning network is a second layer scaling solution for Bitcoin. It allows for speedy Bitcoin transaction within seconds, so no more waiting for a 10 minute confirmations and fees as low as a fraction of a satoshi, which is less than a penny. It is highly secure also has increased privacy enhancements over regular Bitcoin transaction, as temporarily move transactions off-chain (only to be later settled on the Bitcoin blockchain).
Though it has taken some time for the lightning network to gain traction, its recent uptick in growth is startling. You can see in this chart that lightning has increased its nodes from 7.5 thousand to over 18 thousand over the past year.
With the lightning network, Bitcoin is better able to integrate into our everyday lives. Strike’s CEO Jack Mallers, recently discussed how to send Bitcoin payments over Twitter using the lightning network. And El Salvador’s willingness to adopt Bitcoin as a National currency was due in large part to the simplicity that the lightning network brings to Bitcoin.
For the majority of us, the best way to take advantage of these increases in speed, privacy enhancements, and fee reductions is by downloading a lightning wallet, like Blue wallet. As lightning wallets reach critical mass, their use cases will explode. These advancements are transforming Bitcoin into an easy-to-use payment system: Unless of course you never want to give up your Bitcoin, period (smiley face emoji, thought bubble… hmmm).
Check out this video with Lyn Alden, to understand why the Bitcoin lightning network is fully charged:
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