The mainstream adoption of Bitcoin (BTC) may soon be a reality following the Lightning Networks nodes doubling.
Bitcoins Scalability Issues
Data from Bitcoin Visuals suggests that the number of Lightning Network nodes grew from 4,000 – 5,000 between April 2019 and April 2020 before skyrocketing to over 10,000 this month. The growth stems from the networks onboarding of major crypto exchanges and payment apps.
Bitcoin, a product of Satoshi Nakamotos 2008 whitepaper, was envisioned as the currency for a P2P electronic cash system.
Despite the novelty of its invention, BTC has been dogged by scalability issues. Constraints within its native blockchain have caused inefficiencies in the networks processing of transactions. To alleviate this challenge, BTC adopted an additional layer, The Lightning Network.
BTCs scalability issue means that increased usage constrains the network further, with transactions taking longer and becoming increasingly costly. As such, you would incur much more buying, say, a cup of coffee than it would take to produce it.
Ensuring BTCs Viability In Payments
In mitigation, BTC enthusiasts have suggested several interventions. One of them is the forking of bitcoins blockchain to create new crypto akin to bitcoin cash. As bitcoins mainstream recognition is unparalleled, some hold that the Lightning Networks adoption will enhance the cryptos viability in payments.
The network routes transactions through a separate P2P system atop Bitcoins blockchain. This way, it alleviates the constraints on the leading network. Again, it enables sub-second transaction times while eliminating fees at the same time.
Among the Lightning Networks early adopters is
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