Despite the long bear market and the recent market crash, the capacity of the Bitcoin Lightning Network has gone beyond $2 million over the weekend so in our latest bitcoin news we find out more how the ‘’crypto winter’’ fits into the story.
The Bitcoin Lightning Network has shown massive growth this year (2018) and as of yesterday, December 23, the node channels that support the Lightning scaling protocol had successfully facilitated 496.9 BTC which is an amount worth of $2 million.
Also, the number of channels that are connecting nodes has also grown a lot over the past two months reaching up to 14,353 unique channels.
As you already know, scalability is one of the biggest and most difficult issues for the Bitcoin network. Many improvements were made over the past ten years but sometimes the ecosystem cannot manage with the massive growth in the number of users and transactions.
The Bitcoin Lightning Network which is a second layer payment protocol on top of the BTC blockchain can help solve the problems with scalability by the so-called payment channels. The payment channels are a quick way to conduct a transaction between multiple users without saving them on the blockchain unless the channel is closed.
In 2018 we can see many crypto-related businesses that are profitable despite the crypto winter. For example, there are still ATM machines being put up every day around the world and, mining companies that recorded a $13.5 million for Q3.
However, this year wasn’t the best business year for many other companies as well, especially companies that produced mining equipment which are now forced to shut down or sell their goods for a ridiculously low price.
Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation
“Similar to 2015, 2019 may be the year of accumulation.’’Another crypto researcher Willy Woo said that while a crash of bitcoin to $3,122 could lead to an increase in volume, it won’t show signs of starting of the accumulation period. He pointed out:
‘’Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.’’Until evidence for the accumulation of crypto assets shows up, there are still expectations of high volatility levels.
Scott Galloway Of UCLA Believes Crypto Will Get Worse In 2019
‘’VR and crypto go from bad to worse. AI fails to live up to the hype. 3D printing rises from the ashes. Smart cameras become a hot category.’’His assessment seems to be accurate but can the crypto market prove to be the odd one out? This can be so since many industries are really committed to the crypto sector. Companies such as Fidelity, ICE, and Nasdaq have funded at least five projects in the crypto space over the past year. Venture capitalist Jim Breyer even said:
“So many of the very best computer scientists and deep learning Ph.D. students and postdocs are working on blockchain because they have so much fundamental interest in what blockchain can mean. You don’t want to bet against the best and brightest in the world.’’
Pantera Capital CIO: “Bitcoin Will Not Succeed As Money”
"Bitcoin created the ability to send money around the globe cheaply and easily without having to trust a third party," Krug was confident.He also went on to discuss several revolutions in the past, from the information revolution triggered by printing press up to the telegram, telephone, radio, television and finally, the Internet. When asked about finance, Krug believes that the industry has made leaps of progress such as increases in execution speeds, online user interfaces, brokers etc. However, he stated that a financial revolution powered by the blockchain could advance us into a next era where money, value and finance will all be coordinated thanks to crypto.
"This infrastructure will be borderless, cheap, quick, and, most importantly, will let people trade on things they’ve never been able to exchange before, and if markets for those don’t exist yet, it’ll let them create it," Krug concluded.
Scottish Man Sentenced To Prison For Buying Firearms On The Dark Web With BTC
‘’You claim that you had no intention of causing harm to anyone but the fact remains that you went to considerable lengths to get hold of a potentially lethal weapon and ammunition. You must have appreciated that this was unlawful. For this conduct you must be punished.’’This case is only a number in the series of similar cases where bitcoin is used to carry out illegal activities on the dark web.
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