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The bear market is for building capacity for the Layer 2 Lightning Network. Bitcoin’s Layer 2 payment solution, the Lightning Network (Bitcoin), and continues to thrive.
The Bitcoin Lightning Network has reached a milestone capacity of 5,000 BTC ($96 million). In fact, as Bitcoiners continue to support the network’s growth, more Bitcoins are being introduced into the Lightning Network’s payment channels around the world.
The Lightning Network allows users to send Bitcoin (Satoshi, the smallest Bitcoin denomination) to send or receive money faster and at lower fees. The higher the capacity of the network, the higher the liquidity on hand. As a result, users may experience faster payment speeds and higher transaction volumes.
First created in 2018, the Lighting Network recently came under attack. Bitcoin influencers such as Udi Wertheimer Discussed Network “failure”. Usage network.However, the network Reached 4,000 BTC capacity in June Over the past four years, it has become a reliable payment network and is popular in El Salvador, Isle of Man and Gibraltar.
Norrow Bitcoin Senegal Explains Why LN is very important. Senegal’s economy is 50 FCFA. That means working-class and proletarian Senegalese, who make up the majority of the population, buy 50 FCFA (0.07) for breakfast. Milk, sugar, coffee, water, etc. are many of the basic products of
Microtransactions are our economic reality. For Bitcoin to become the norm in the next few years, our economy needs the Lightning Network to have enough capacity to support these microtransactions. There must be
Galoy CEO Nicolas Burtey was one of the first to celebrate reaching 5,000 Bitcoins. Barty told Cointelegraph that the adoption of Bitcoin in El Salvador was a tipping point for the Lightning Network. This is where all the metrics really started to move,” he joked.
Nicholas Burty (@nicolasburtey) October 3, 2022
Burtey continued, while the 5,000 BTC metric is important, payout speeds per channel are growing at an even faster rate. You can do it, so you don’t get a lot of media attention.”
Once a space for hobbyist Bitcoin enthusiasts, the Lightning Network now appeals to large corporations.micro strategy We are currently looking for a Bitcoin Lightning Software Engineer. MicroStrategy is the largest holder of Bitcoin among publicly traded companies, 130,000 BTC on balance sheet.
Related: Raise a glass to Satoshi’s Place: The Challenges of Running a Bitcoin Business
Elsewhere, Strike, the Bitcoin Lightning company headed by Jack Mallers, Raised Invest $80 million to revolutionize payments for merchants. Mallers and Strike spearhead El Salvador Bitcoin adoption plan for 2021.
The 5,000 BTC milestone is monumental for Nourou, who will host Dakar Bitcoin Days, the first major Bitcoin conference in Senegal, in December. The number of Bitcoin transactions in the world.
