Bitcoin Lightning Network officially surpassed 1,000 BTC network capacity just on the day of its one year anniversary. The event marks the huge progression that the two-layer scaling solution in a short span of only 12 months and in the latest Bitcoin news we read more about it.
Exactly one year ago, Lightning Labs CEO Elizabeth Stark, announced the first beta implementation of the Lightning Network. The official beta solution received a lot of support from Twitter’s CEO Jack Dorsey, SpaceX investor Bill Lee, Tesla and most importantly support from major computing giants such as Microsoft and other popular names in the crypto community.
One year later, the Lightning Network (LN) has come a long way. According to 1ML, an LN monitoring website, the capacity of the network is currently at 1,056.83 BTC or about $4.2 million which is a 54 percent increase only in the past 30 days.
The number of channels seems to be increasing also by nearly 50 percent in the last month alone, and currently standing at 39,222. The node number reached 7,381 which is an 18 percent increase over the same period.
What is also really important, the actual adoption rate of the LN is making serious steps up. Jack Dorsey praised this scaling solution stating that it is only a matter of time when Twitter will use it:
‘’It’s not an ‘if;’ it’s more of a ‘when’ – how do we make sure that we’re getting the speed that we need and the efficiency?’’
LN gained a lot of attention earlier because of the initiative named Lightning Torch which aims to raise awareness of the LN benefits. The ‘’Lightning Torch’’ is a wave of multiple transactions between the users of the network and each user will receive the transaction with added nominal amount of 10,000 satoshis and will later pass it to someone they trust. There are currently 3 million satoshis in the torch.
Meanwhile, the charts show that Bitcoin (BTC) that is currently trading at $4,020 officially broke the $4,000 price point. Tom Lee, the Head analyst at Fundstrat Global Advisors said that the number one cryptocurrency should be able to manage to maintain stability hovering at these current levels and that in the next couple of months, Bitcoin could start behaving ‘’technically like it’s back in a bull market.’’
Most Altcoins Report Moderate Gains, Bitcoin Reaches $8,000
Teen Bitcoin Millionaire: BTC Will Die If 4 Major Issues Are Not Solved
‘’It’s facing four big problems. One, its high transaction fees. Two, it takes a long time you know to kind of send anything. And then three, the people that are trying to solve those problems… it’s fragmented, it’s cultish, it’s really kind of a lot of group in-fighting. And I think the fourth one is it’s really hard to get into bitcoin. It’s really not easy.’’Even before the interview, the teen bitcoin millionaire outlined the problems of the currency on social media. He first purchased bitcoin at the age of 12 after his grandmother gave him $1,000. Over the years, he was trading cryptocurrencies and now has about 457 bitcoins which is nearly $3.6 million. Finman also pointed out that the future for bitcoin as a leading cryptocurrency is not guaranteed. Bitcoin is ‘’facing a lot of stiff competition and I think it really has to respond to that.’’ Erik also revisited his statement which was deemed as extremely controversial in 2018 when he pointed out that the ‘’long-term bitcoin is dead.’’ He defended the statement saying that the cryptocurrency needs to have one or two more bull runs in order to be set for the better future. As reported in the altcoin news last week during the MarketWatch, Finman raised his concerns about Bitcoin. He even stated that Litecoin was also afflicted since the altcoin decreased over 95 percent since its record high. Despite his pessimistic view, Finman is bullish on blockchain technology as well. He added that anyone who failed to become a billionaire by investing in crypto or in blockchain, in ten years from now they would have themselves to blame. Among the top cryptocurrencies that Finman believes have the best chances of success include ZCash and Ethereum. He praised Bitcoin Cash’s technology but he says the altcoin is poorly marketed.
Crypto Startups Should Go All-In On Blockchain: Expert Opinon
“So why should you as an entrepreneur or investor care more about blockchain than Bitcoin? Bitcoin is still a speculation on a future crypto currency that the world may not yet adopt. Maybe in the future, maybe not. But blockchain is a serious technology that can provide a variety of solutions. Imagine you are an automotive manufacturer and you have a product quality problem. Rather than recall thousands or millions of cars, you can simply recall the cars whose part is potentially defective based on blockchain identification and tracking.”The areas that the crypto startups should follow include digital rights management, tokenizing other assets, customer rewards programs and digitizing real estate. Of course, there are more uses cases for blockchain technology but he believes those are the most important areas. Schroeder focuses mostly on those because he believes they have the most potential. Following the reports in the best cryptocurrency news sites, a huge number of companies are tackling digital rights management via blockchain. For example, BitTorrent’s cryptocurrency is one example of how to handle that. The holders of the coin will be able to use it to purchase content directly from its creator. Schroeder makes a valid point that people are too close to cryptocurrencies and usually get burned. This is why he stated:
“In the 1800’s it was not always the gold miners who thrived. But the people who sold picks and shovels did. In the early days of the internet, it was not the multitude of startups that were rewarded. Most failed. But the builders of web infrastructure and internet technology thrived. Don’t confuse the adoption of Bitcoin as a digital currency with the enormous potential for blockchain technology.”
Bitcoin In Myanmar No More: CBM Sees It As Liability
“Before making crypto illegal, its impact on the local currency and compatibility with existing policies should first be analyzed and discussed.’’
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