Despite the bearish momentum that has been witnessed in the cryptocurrency circles in the better part of the year, the BTC Lightning Network has been showing steady growth in 2018.
As reported by bitcoinvisuals.com, a Bitcoin statistics website, from Jan 19 to Dec 23, nodes facilitating the BTC Lightning network have facilitated almost 497 Bitcoin (BTC). The network was almost recording a historic landmark of 500 Bitcoins. The amount of BTC recorded on the BTC Lightning Network was, at the time, worth approximately 2 million U.S dollars.
Apart from the number of BTC facilitated through the nodes, the number of channels has also increased in the last 60 days which saw the addition of close to 14,500 channels.
The BTC Lightning network was introduced as a layer on top of the Bitcoin network to try and solve the scalability issues associated with the Bitcoin network. These issues had also eliminated Bitcoin from being the preferred method of payment because of a longer transaction confirmation time.
The BTC Lightning network (LN) helped and solved the scalability and now shows that more channels are open for Bitcoin transactions. LN functions by offering a faster and secure way to perform transactions. After the transactions are complete, the channels involved are closed and the transaction details transferred to the Bitcoin blockchain.
Despite the bears having an upper hand in the crypto circles, some crypto affiliated firms recorded noticeable profits while others deepened their involvement in crypto related activities.
For example, the number of Bitcoin and other cryptocurrency ATMs having seen an increase in the course of 2018.
Since the bears have started giving in due to the bullish pressure, do you think the BTC Lightning Network will continue to gain traction as the bulls take over the market?
Let us know your thoughts in the comments section below.