Bear Markets aims to build capabilities on the Layer 2 Lightning Network. Despite macroeconomic headwinds and slow price action, the Lightning Network, Layer 2 payments solution on Bitcoin (BTC) continues to thrive.
The Bitcoin Lightning Network has reached a capacity of 5,000 BTC ($96 million). In fact, more and more Bitcoin is being introduced to the payment channels of the Lightning Network around the world, as Bitcoiners continue to support the growth of the network.
The Lightning Network allows users to send Bitcoin (or satoshis, the smallest amount of Bitcoin) to send or receive money faster and with lower fees. The higher the network capacity, the higher the liquidity available. As a result, users can experience faster payment speeds and larger transaction sizes.
The lighting network was first created in 2018, and recently came under fire. Bitcoin Influencers Like Udi Wertheimer Have discuss Network “failed”, claiming that there is no one Uses the network. However, the network capacity reached 4,000 bitcoins in June and over the past four years it has become a reliable and popular payment network in El Salvador, Isle of Man and Gibraltar:
Bitcoin Senegal’s Noro explains why LN is so important. He told Cointelegraph, “In Senegal, we have an economy of 50 CFA francs. This means that the working-class and proletarian Senegalese, who are the majority of the population, buy 50 CFA francs (0.07 euros) for breakfast. It’s milk, sugar, coffee, water and many other basic products” .
“Micro transactions are our economic reality. For Bitcoin to become the standard in the coming years, and in our economies, the Lightning Network must have sufficient capacity to support these microtransactions.”
Nicholas Berti, CEO of Galoy, was one of the first to celebrate the achievement of 5,000 bitcoins. Bertie told Cointelegraph that the adoption of Bitcoin in El Salvador was the turning point for the Lightning Network. This is where all the scales start to show. He joked, “The bill should have been called the Lightning Act! ”
– Nicholas Berti
(@nicolasburtey) October 3, 2022
Bertie continued, explaining that while the 5,000 BTC metric is important, “the rate of payment per channel is growing at a faster rate. It’s a much more meaningful metric, but only contract operators can see it, so it’s not very prominent in the media.”
The Lightning Network, once a home for Bitcoin enthusiasts, is now attracting large corporations. Microstrategy is now hiring for a Bitcoin Lightning Software Engineer. Microstrategy is the largest holder of Bitcoin among publicly traded companies with 130,000 BTC on its balance sheet.
Related: Raise a Glass to Satoshi’s Place: The Challenge of Running a Bitcoin Business
Elsewhere, Strike, the Bitcoin Lightning company headed by Jack Mallers, has raised $80 million to “revolutionize payments” for merchants. Mallers and Strike led plans to adopt Bitcoin in El Salvador in 2021.
For Noro, which is hosting the Dakar Bitcoin Days in December, the first major Bitcoin conference in Senegal, the 5,000 BTC blocked in the network is an increase in the number of BTC banned in the network and the number of channels open in parallel another step towards the democratization of Bitcoin transactions in the world “.
from San Jose News Bulletin https://sjnewsbulletin.com/the-capacity-of-the-bitcoin-lightning-network-is-5000-btc/
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