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Bitcoin Lightning Network capacity hits 4000 BTC
- The capacity of the Bitcoin Lightning Network has reached 4000 BTC
- The levels follow the increased use of the network by institutions
- The Lightning Network offers scalability that promotes BTC’s use as a payment method
The Bitcoin community has commended the network for seeking scalability when this has been one of the most sought-after features in the space. The Bitcoin Lightning Network recently reached the capacity of 4000 Bitcoin.
Bitcoin Lightning Network capacity hits 4000 BTC
The Lightning Network reached a public capacity milestone of 4000 BTC, showing that $120 million will now be available for peer-to-peer payments. This is significant growth for the Bitcoin Lightning Network, which seeks to speed up transactions on the oldest blockchain.
The Lightning Network reached the 1000 BTC barrier in August 2020 and later hit 2000 in July 2021. Within 18 months, the capacity of this network has doubled. The growth has been strong since January this year.
According to Danny Brewster, the CEO of Fast Bitcoin, a UK-based exchange, the capacity of the Lightning Network “likely passed 4K a long time ago with private channel metrics not being publicly available.”
“With that being said, the constant growth has been a great start for the Lightning Network and I foresee it continuing into the future, as long as all stakeholders, from developers to entrepreneurs building businesses continue to push forward,” Brewster added.
Growth of the Lightning Network
One of the features that blockchain users seek is scalability, and the Bitcoin Lightning Network has been committed to offering this. Lightning is a layer-2 payments protocol on the Bitcoin network, allowing near-instant transaction processing.
James Check, the lead on-chain analyst at Glassnode, told a crypto news site that the growth of the Lightning network was moving towards a proper experimentation phase that would attract the early adopters of crypto assets.
“As wallet designs and user experience improve, more kinks can be worked out, and the network will mature. The persistent growth of public Lightning capacity and channel count is a reflection of this vote of growing confidence and growing utilization,” Check added.
The growth of the Lightning Network could be attributed to its adoption by companies and institutions. As the network continues to receive adoption, there could be a notable rise in the network’s capacity.
El Salvador’s adoption of Bitcoin as legal tender is one of the key factors that have aided the growth of the Lightning network. Lightning supports using Bitcoin as a payment currency by charging low transaction costs. The average transaction fee for sending Satoshis is estimated to be below $0.01.
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