The Bitcoin Lightning Network Has Doubled Up!

According to public data, the Bitcoin Lightning network has almost doubled year over year. In fact, you now have 10K active nodes and $ 69 million in locked value.

Specifically, the Lightning Network had about 5,335 public nodes as of April 2020. Currently, that number stands at 10,348, an increase of approximately 94%.

However, this figure only includes nodes with public connections, and the actual number is likely to be higher when factoring nodes with private connections.

By the way, as Bitcoin’s on-chain fees grow along with the price of BTC, scaling technologies like Lightning offer users a cheaper and faster way to transact.

As a fun fact, Bitcoiners even use the network to buy goods and services.

What is the Lightning Network?

Based on Bitcoin Blockchain technology, the Lightning Network is designed to aid scalability and allow you to process millions of transactions per second.

In short, Lightning allows you to complete exchanges at a lower cost and with greater speed.

Network integration

Although it was introduced in 2017, the last two years have been critical to the growth of Lightning. Thus, at the end of 2020, the Kraken exchange announced that it would support the network.

“In 2021, we are committed to hiring a team that specifically focuses on the Lightning Network. As part of our ongoing effort to provide the best possible experience for traders and investors.

By the way, since the Kraken announcement, CoinCorner and OKCoin followed suit with the integration towards Lightning.

Likewise, Strike launches the Bitcoin Lightning payment application in El Salvador. Accordingly, Strike will now play an integral role in facilitating the remittance process for these communities and their families abroad.

In this sense, the Startup for the purchase of gift cards and telephone recharges with cryptocurrencies, Bitrefill, offered a balance on how its operations are progressing with the Bitcoin Lightning network.

“Our Lightning Network volume this quarter is on track to more than double our previous all-time high set during the last quarter of 2020.”

Basically, with the Bitcoin Lightning network experiencing more activity than ever, the total number of payment channels on the network now exceeds 45,000. The Lightning Network currently holds 1,185 BTC, worth about $ 69 million.

Finally, the Bitcoin Lightning network is one of the biggest developments out there today. The improvements seek to enhance the scalability and adoption of Bitcoin as a payment method around the world. What do you think about this network? Let me know in the comment box.

I retire with this phrase from Peter Drucker: “Where there is a successful company, someone once made a brave decision.”

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