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Lightning Network Expands Bitcoin Capacity With Potential to Boost Its Growth More Than Twitter

Lightning Network Expands Bitcoin Capacity With Potential to Boost Its Growth More Than Twitter

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Answer Lightning Network Expands Bitcoin Capacity With Potential to Boost Its Growth More Than Twitter

While Bitcoin has remained volatile for most of September 2021, developments on the Bitcoin Lightning Network are going strong.

As is well known, the “Lightning Network” for Bitcoin is a transaction protocol based on the second layer of Bitcoin, which has a faster transaction speed.

Recently, according to a reportglassThere is a huge growth in the capacity of the Bitcoin “Lightning Network”, which has now exceeded the capacity of 2,900 Bitcoin.

2021 in particular was a very strong year for the growth of the Lightning Network.

Since the beginning of 2021, the capacity of the Lightning Network has increased by 160%, while the number of active nodes and the number of channels has grown by almost 100%.

Read:Ripple joins a group of financial institutions to compete with “Swift”

At the time of publication, the number of active nodes on the Lightning Network is 15,697 while the number of active channels has exceeded 73,000.

On the other hand, some big companies like Twitter are looking to take advantage of these developments.

Twitter promotes the use of the “Lightning Network”:

Last week, Twitter announced the Bitcoin Payment and Support feature, which makes it one of the largest tech companies to support and adopt Bitcoin.

Interestingly, Twitter will make use of the “Lightning Network” to facilitate bitcoin payments and gratuities.

To facilitate tip payments in Bitcoin, Twitter has partnered with payments app Strike built on top of the Lightning Network.

People in eligible markets will have to sign up for a “Strike” account and add their “Strike” username to receive bitcoin tips over the Lightning Network.

Any “Lightning” Bitcoin wallet can be used to send tips to someone’s “Strike” account.

As Bitcoin adoption continues to increase, the Lightning Network will play an important role in increasing the usefulness of Bitcoin.

The participation of these big players will further enhance the adoption curve.

Read:SEC Delays Deadline for Approval of Ark Invest’s Bitcoin ETF

For more information about the Lightning Network, see the following article:

A simplified explanation of what is the lightning network

Read also:

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