CRYPTO

New records for the Bitcoin Lightning Network as adoption increases


The Bitcoin Lightning Network has now reached record heights. The need for a lightning network has increased with the recent bullfighting and year-round adoption. This has led to massive growth for the network. Liquidity in the Lightning Network has reached multiple all-time highs this year and this is another addition to that list.

Ease of fast, efficient and cheap transactions has been the driving force behind the success of the network. This year’s all-time highs show that adoption is on the rise and it represents an important lift-off point for the advancement of digital assets.

Bitcoin Lightning Network has set a new record

The recent all-time high of Bitcoin Lightning Network shows how much it has grown since its inception. It also shows that the network is becoming increasingly important due to the amount of liquidity it now has. With a record 3,225 BTC now on the network, this is evidence of more or less adoption in the last few months.

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One of the major drivers is the acceptance of Bitcoin as a legal tender in El Salvador. The country uses the Bitcoin Lightning Network to handle transactions made on BTC and this has added a lot of liquidity to the network. The chart shows how much the network has grown since Bitcoin was officially adopted in the country, and it is only one country.

Lightning network adoption surges after El Salvador adoption | Source: Arcane Research

The lightning network is expected to grow further next month. This is because the number of service providers using Lightning Network to settle transactions has increased. Although it looks like it may be at an inflation point on the chart, these newcomers will push it to new heights.

Factor driving adoption

There are several reasons behind the popularity of Bitcoin Lightning Network in recent times. The most notable of these is the adoption of digital assets as legal tender in El Salvador. However, others like Twitter and Bitcoin Switzerland are also focusing on the Buzz network.

Bitcoin price chart from TradingView.com

BTC price falls to $59K | Source: BTCUSD on TradingView.com

Twitter announced a long time ago that it was launching a tipping feature called “Tip Jar” that would allow followers to tip their favorite content creators directly with crypto in the app. This feature uses Lightning Networks to enable Bitcoin transactions to be faster and cheaper, and brings more attention to the network.

Related Reading | El Salvador’s president says more people use bitcoin wallets than bank accounts

In addition, Bitcoin Swiss, the largest Swiss Bitcoin broker, is taking Lightning Network Acceptance further with its recent announcement. Bitcoin Swiss says it will provide Lightning Network technology for use in its crypto payment system.

Bitfinex, one of the leading crypto exchanges, has also enabled lightning accumulation and withdrawal for its users.

Featured image from Securities.io, chart from TradingView.com



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