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Despite the fact that Bitcoin has had a tumultuous market in the last month, its potential has long been acknowledged. The Bitcoin conference in Miami focused on the Bitcoin network and the Lightning Network, which was developed on top of it to handle speedier payments. Jack Dorsey’s name may now be added to the list of its many fans and users.
Almost everywhere throughout the conference, attendees could pay using LN, which Nic Carter, founding partner at Castle Island Ventures, described as a “success story.”
“That’s a real success story. It’s taken four or five years for Lightning to be built on top of bitcoin, but it’s working now.”
Dorsey brought the experience of lightning-fast payments with him, noting in a recent tweet that it is just a “matter of time” until social media sites like BlueSky or Twitter adopt it. The CEO of Twitter made this remark in response to another post on the Sphinx messaging service, which allows users to interact over Lightning nodes. Following his support for the app, Dorsey revealed,
— jack (@jack) June 11, 2021
While Dorsey’s excitement has always managed to instil hope in the Bitcoin community, there are still doubts regarding LN adoption and Bitcoin among the community.
Indeed, several users have noted the sluggish rate of LN adoption, despite the fact that it has been there for a long.
However, once the application is linked into social media sites, adoption may accelerate significantly. Furthermore, statistics appeared to indicate that the number of nodes on the Lightning Network had more than doubled in a year.
According to data compiled by Bitcoin Visuals,
According to reports, the number of nodes in June 2020 would be approximately 5,915. At the time of publication, this figure had increased by double to 11,842. The linked figure also shows that the number of nodes accepting payments increased significantly in August 2020, with the number continuing to rise since then.
With governments like El Salvador seeing Bitcoin’s genuine potential, a payment solution may emerge. This would not only aid in the adoption of the Lightning Network, but would also demonstrate its use in a country whose economy will be dependent on cryptocurrencies in addition to the US currency.