Eight exciting facts about the Lightning Network

Welcome to “Lightning Speed”, where NewsBTC will explore the possibility of opening the Bitcoin Lightning Network. In the first edition, we will focus on Peter St Onge’s “The Lightning Network is about to change the world“Article. According to His creature, Scholars “hold a PhD. Bachelor of Economics from George Mason University, Bachelor of Economics and Political Science from McGill University.” Do what you want.

St Onge had his epiphany at the Porcfest of the Free State Project in New Hampshire. “The Lightning Network is now exponentially pushing Bitcoin closer to becoming a truly universal medium of exchange, controlled by the people rather than the government.” This is correct. Bitcoin has won the store of value race, but with the help of the Lightning Network, it has become the top medium for transactions. What does this mean to the world?

Lightning on Porcfest

Before we are surprised, let us quickly explore the Porcfest of the Free State Project. St Onge sets the stage:

“When we were enjoying the mild New Hampshire summer, people were wandering around, buying 2 dollars of soda with Bitcoin, paying immediately and having zero transaction fees. I saw patient Bitcoin users in Lightning Network novices, and within 5 minutes Nei took them from scratch to a lightning wallet full of fresh hot seats. This is the iconic “buy coffee with bitcoin” on steroids.”

This is before everyone and their grandmother go to Bitcoin Beach to test the Lightning Network for themselves. Looking at the speed and comfort of the transaction, St Onge knows. This is “confirmation that the Bitcoin developer ecosystem has now established the Holy Grail: Bitcoin as a true medium of exchange. An application that is instantly transferred, basically free, and as easy to use as the simplest application on a mobile phone.”

St Onge’s Four Insights on LN as a Medium of Exchange

  • Tuition fees are really so cheap. St Onge recalled, “Our seat party replicated what is happening all over the world now. Just last week at the famous Bitcoin beach in El Salvador, 20,000 almost instant The total cost of the transaction is $4.98. One fortieth of a cent per transaction. ”
  • The traditional banking industry cannot compete. “From a perspective, this is about 500 times cheaper than a $5 cappuccino credit card fee, and at least 4,000 times cheaper than a cappuccino. Average credit card Handling fee. “
  • It got better. The fee has nothing to do with the total amount of the transaction. “Please note that 1/40 of a penny can basically cover any amount-you can spend 1/40 of a penny to buy a house with Lightning Network.”
  • The Lightning Network does not sleep. “It can be transmitted instantly, 24/7 including holidays, and it can cross borders and supervise gatekeepers with zero effort.”
BTC price chart for 12/04/2021 on Tradestation | Source: BTC/USD on TradingView.com

St Onge’s four insights on the growth and potential of the Lightning Network

  • The network is growing exponentially. “Lightning Network statistics have exploded since May, and now the network capacity has expanded Annualized 635%As these new Lightning applications are used by millions of people, they then pass on and train newbies through word of mouth, creating exponential growth that can quickly change from insignificant to dominant. ”
  • The project has been brewing for many years. “The original Lightning Network white paper came out in 2015. After strong growth in 2019, the network has basically been dying for the past 2 years.”
  • Most altcoins are no longer needed. “First, it defeated competitive “Medium of Exchange” (MOE) coins such as Dogecoin, Bcash, Ripple, Litecoin or many of their counterfeit products.”
  • This is just the beginning. “Just like the Internet needs a user-friendly interface (web browser) before it can really change the world, Bitcoin needs a user-friendly interface to go beyond money and become the basic layer-the “track”-used to build on Bitcoin. Decentralized service alone.”

The Lightning Network is already changing the world. Because of this fact, NewsBTC created “Lightning Speed”, which is a feature that opens up the possibility of the Bitcoin Lightning Network.

Featured Image: jplenio on Pixabay | Charts by TradingView

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