Lightning Network not ‘lightning’ enough in 2019

Lightning Network Might Have Not Witnessed Any ‘Lightning’ This Year

A new debate on the issue of adoption of the Lightning Network of Bitcoin (BTC) recently started on the social networking platform Twitter. The debate revolved around the reason, as, to why there wasn’t a broader adoption of the BTC’s Lightning Network.

According to the statistics, most of the year 2019 witnessed a plateaued growth; however; everyone cannot possibly agree on the ‘Why’ aspect or even the possibility of this happening. 

What is Lightning Network?

The Lightning Network is the ‘Layer 2’ payment protocol operates on top of Bitcoin blockchain. In order to enable faster and economic transactions. Occasionally, it has been criticised for its present shortcomings, which are most of the time met with patience from the crypto community. 

This recent debate over the adoption was initiated when Spencer Noon @spencernoon tweeted some charts that represented the detailed statistics of the Lightning Network and asked for the opinions of users about the reasons that why the adoption stalled. 

 

The users responded to the query with varied opinions; the most common response was related to the user’s experience, along with the fact that most folks intend to hoard BTC and not spend it. Though it is true to some extent that using the Lightning Network does involve some risks and technical process, and that is exactly what has kept many from a lot of people from getting on board.

However, not all of them shared the same narrative, their voices of the believers also echoed in the discussion, and they rightly pointed out that a lot of work has been done to make the Lightning Network more accessible.

Almost all of the participants admitted the fact that although the service isn’t there as of yet, however; they stood by the conviction that in the future, the network is going to play a significant role in the success of Bitcoin. 

Featured Image by Pixnio.

Ahmad Asghar

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

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