Bitcoin Lightning Gained More Capacity
This is good news to the Bitcoin community and the crypto space entirely. With the Lightning Network’s new hallmark of 4,000 BTC, Bitcoin now has about $120M to fund P2P transactions.
In August 2020, the Layer 2 technology broke through the 1,000 BTC resistance line. The next breakthrough was in July last year when it surpassed the 2000 BTC resistance line. In just 18 months, its capacity has doubled.
In an interview, the CEO at CoinCorner, Daniel Scott, revealed that the Lightning Network experienced slow but steady growth all along. However, he continued that its development process was hastened from January this year.
Furthermore, the CEO of Fast Bitcoin exchange, Danny Brewster, also commented on the achievement of the Layer 2 network. He said it might have passed the 4,000 mark long before its private channel data was revealed.
Brewster continued that the network had done remarkably well with the rapid development rate. He furthered that with constant support from developers and other stakeholders, the network will reach greater heights.
While concluding his speech, Brewster said the network is still in its early stage. Furthermore, he commented that even though it had an awesome beginning, it still has a long way to go.
Lightning Will Develop More Use Cases
The Lightning Network is a Layer2 technology that is built on the Bitcoin platform. It is also a payment project that allows almost instant execution of transactions.
James Check, a top analyst at Glassnode, revealed to a news source that the Lightning project is now beyond its reckless stage. He continued that its significant capacity increment has transitioned it to a proper experimental stage.
He added that with newly improved wallet features and customers’ experience, the network would complete its development in no time. He furthered that as the Network continues to grow, it depicts it is growing in confidence and utility.
Scott seemed to agree with Brewster that the positive trend would possibly continue as more firms and organizations adopted the project. He believed this would lead to more productivity and utility cases of the Layer 2 technology.
He also mentioned that El Salvador’s decision to adopt Bitcoin positively influenced the growth of Lightning’s capacity. He also opined that the action bolstered the utilization and confidence level of the network.
Statistics from a reliable source showed that sending Satoshis on the Lightning network cost about $0.01. This depicts that the network is a viable payment technology.