Bitcoin’s Lightning Network a Trump Card Over Blockchains Like Cardano?

Written by: Qadir AK

September 23, 2021

The Bitcoin lightning network is growing at a rapid pace. The capacity of the network at press time has reached 2,738 BTC, which is commendable. Reportedly, the network has seen the two largest upticks in capacity over the last week. The stupendous growth is of utmost importance for BTC to make the transition from being a store of value to a medium of exchange.

Bitcoin’s lightning network is currently at an ATH capacity which is equivalent to $116.3 million in value. Moreover, Glassnode has launched the lightning network metrics to its studio. With this users will now have access to real-time statistics. Which include total capacity, mean/median channel size, lightning network node, and channel counts. 

How Bitcoin Lightning Network Can Assist Bitcoin In Competitive World

    Well, lightning network is a “layer-2” payments protocol that is on top of the blockchain-based currency Bitcoin. The aim of the network is to enable faster transactions yet at lower costs. However, netizens believe that the network can handle millions of transactions. And the network is performing exceptionally well ever since its inception in 2018.

The fundamentals of the lightning network are of vital importance. As these tend to solve most of the shortcomings of the Bitcoin network, the major one being scalability. Bitcoin’s lightning network is playing a pivotal role in the mass adoption of digital currency. And its growing acceptance.

Bitcoin’s growing acceptance in El-Salvador is possible because of the layer-2 network and its capabilities. As it is widely known that Bitcoin can process only about 7 transactions per second. Which makes it inadequate to work as a payments platform for a nation with growing BTC adoption.

Coinpedia reported earlier the possibility of a Bitcoin wallet address being added on Twitter. Along with Ethereum’s wallet address, for enabling users to send or receive tips. The transactions here are possible by the lightning network. As we are well aware of the user base of the social media platform.

Summing up, Bitcoin’s lightning network can incentivize retail adoption. Provided the existing loopholes such as routine fees, opening and closing charges will be rectified in future upgrades. Talking about upgrades, the Taproot upgrade could go live by end of the year. Which is ought to bring in better privacy, and transparency. And smart contracts will be an added benefit for the star crypto along with the lightning network.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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