Bitcoin is the largest crypto, both by market capitalization and market longevity. But as investors increasingly bet on it, it could soon move beyond being a simple digital asset to becoming a medium of exchange thanks to Bitcoin Lightning.
Bitcoin Lightning Far Surpasses Its Previous Performance, Another Milestone for Crypto?
Bitcoin (BTC) is an essential asset in the crypto ecosystem. And since the launch of the Bitcoin Lightning Network, many exchanges have tended to join the network. Among others, Binance or Coinbase. These integrations play a major role in its development, since Lightning usage is up 1,212% in August 2023 compared to its performance in August 2021.
Indeed, the bitcoin layer Lightning network is experiencing astronomical growth with around 6.6 million transactions compared to 503,000 transactions in August 2021 according to a report by Sam Wolters. On October 10, River’s research analyst explained that the jump in routed transactions came despite the 44% drop in BTC price and lack of interest from online research.
According to his statements, Lightning currently processes at least 47% of Bitcoin’s on-chain transactions. This indicates that crypto is gradually becoming a means of exchange as humanitarian crises continue.
BTC, the ultimate weapon against the traditional banking system?
Bitcoin is the subject of much controversy, especially from governments. But the more time passes, the more its impact is felt. Currently, many countries are beginning to see its potential and how to use it to boost the local economy.
Moreover, the main crypto is often used in countries at war to meet the needs of the populations. Particularly in Russia where it is now local to use it for international trade. But also in the Israel-Hamas conflict.
Thanks to Bitcoin Lightning, BTC could gain notoriety and become much more essential than previously thought. According to Woulters, the success rate for Lightning payments as of August 2023 is 99.7% on River. Note that the nodes in the River dataset represent 10% of the payment channels and 29% of the entire network capacity.
Bitcoin Lightning usage rate could give new perspective to the biggest crypto of all time. Moreover, the asset is gaining more and more ground, and is gradually becoming the spearhead of the economy in the midst of wars.
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