As Bitcoin Cash implodes, people are going back to the original.
The Lightning Network, a Bitcoin protocol which makes small transactions possible, has dramatically increased its load and capacity over the last ten days.
Bitcoin's lightning network now holds $2 million worth of BTC in payment channels.
It now has a capacity of around 400 bitcoins and more than 4,000 active nodes.
Lightning Strikes
Initially launched in beta in December 2017 and released on the Bitcoin Blockchain in March 2018, the Lightning Network is heralded as a way to make Bitcoin usable for everyday transactions.
It works by circumventing the Bitcoin blockchain, which takes ages to process transactions and charges a lot of money for it, making small transactions unfeasible. With Lightning, transactions are processed separately and added to the chain later. The official website explains: "This is similar to how one makes many legal contracts with others, but one does not go to court every time a contract is made."
Or as Charlie Lee, creator of Litecoin, put it: “Fiat is to gold as Lightning Network is to Bitcoin."
Cup of Coffee?
In order to use the network, users have to download the 'SegWit' upgrade, which re-organises data in such a way that blocks can hold many more transactions. Coinbase and Bitfinex both adopted this in February, and network-wide, around 43 percent of users have it (according to transactionfee.info).
The Lightning Network processed its first payment in January 2018, when a programmer used it to pay his phone bill. And in April, a developer successfully combined it with near-field communication (contactless) technology. Although nothing seems to have come of that in the end, the experiment presented an intriguing glimpse of a world where Bitcoin could be used to buy a cup of coffee instantly.
By March 2018 the network had accumulated more than a thousand nodes, which is when it was released in beta on the Bitcoin blockchain. In May, a Swiss company called Vaultoro, which exchanges Bitcoin for actual gold which it holds in a vault, integrated the network, and Stellar Lumens, one of the big ten blockchains, plans to implement it in December. The Stellar team has said that the Lightning Network is its best bet for scaling in the long term.
A Wasteful War
Its recent explosion could be partly the result of the recent wasteful hash war which is decimating the value of Bitcoin Cash, and the wider cryptocurrency market too. Users have been losing confidence in the Bitcoin spin-off, which was preferred by some because it was a faster and more usable version of Bitcoin. The recent infighting, which has clearly demonstrated that the cryptocurrency is actively managed, and by idiots no less, could be driving people back to the original.
The Lightning Network, a Bitcoin protocol which makes small transactions possible, has dramatically increased its load and capacity over the last ten days.
Bitcoin's lightning network now holds $2 million worth of BTC in payment channels.
It now has a capacity of around 400 bitcoins and more than 4,000 active nodes.
Lightning Strikes
Initially launched in beta in December 2017 and released on the Bitcoin Blockchain in March 2018, the Lightning Network is heralded as a way to make Bitcoin usable for everyday transactions.
It works by circumventing the Bitcoin blockchain, which takes ages to process transactions and charges a lot of money for it, making small transactions unfeasible. With Lightning, transactions are processed separately and added to the chain later. The official website explains: "This is similar to how one makes many legal contracts with others, but one does not go to court every time a contract is made."
Or as Charlie Lee, creator of Litecoin, put it: “Fiat is to gold as Lightning Network is to Bitcoin."
Cup of Coffee?
In order to use the network, users have to download the 'SegWit' upgrade, which re-organises data in such a way that blocks can hold many more transactions. Coinbase and Bitfinex both adopted this in February, and network-wide, around 43 percent of users have it (according to transactionfee.info).
The Lightning Network processed its first payment in January 2018, when a programmer used it to pay his phone bill. And in April, a developer successfully combined it with near-field communication (contactless) technology. Although nothing seems to have come of that in the end, the experiment presented an intriguing glimpse of a world where Bitcoin could be used to buy a cup of coffee instantly.
By March 2018 the network had accumulated more than a thousand nodes, which is when it was released in beta on the Bitcoin blockchain. In May, a Swiss company called Vaultoro, which exchanges Bitcoin for actual gold which it holds in a vault, integrated the network, and Stellar Lumens, one of the big ten blockchains, plans to implement it in December. The Stellar team has said that the Lightning Network is its best bet for scaling in the long term.
A Wasteful War
Its recent explosion could be partly the result of the recent wasteful hash war which is decimating the value of Bitcoin Cash, and the wider cryptocurrency market too. Users have been losing confidence in the Bitcoin spin-off, which was preferred by some because it was a faster and more usable version of Bitcoin. The recent infighting, which has clearly demonstrated that the cryptocurrency is actively managed, and by idiots no less, could be driving people back to the original.
US Prosecutors Recommend 3-Year Prison Sentence for Binance's Changpeng Zhao: Report
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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