Bitcoin’s Lightning Network often gets criticized for its lack of broader adoption. While there is work to be done over the coming years, several aspects are looking up. It is essential to always keep the much bigger picture in mind before making any baseless comments.
Lightning Tipping On Twitch
One of the more versatile projects to keep an eye on is developed by Fittiboy. As a tool to begin integrating Bitcoin donations – including Lightning Network transactions – into one’s Twitch channel, it has tremendous potential. Many streamers flock to cryptocurrency for donations as an alternative to PayPal or Twitch’s native monetary options. Any solution capable of empowering users in the financial sense is an essential upgrade, regardless of whether Twitch is a hobby or a full-time job.
Lightning Traffic Picks Up
As more people begin providing Bitcoin’s Lightning Network liquidity, the overall ecosystem will continue to thrive and evolve. For LNBig, one of the many connection points to Bitcoin’s LN, the volume has been picked up recently.
— ⚡️LNBIG⚡️ (@lnbig_com) June 22, 2021
A higher number of transactions and a more than decent combined overall volume confirm an increasing interest in this payment layer. Even though the Lightning Network is still somewhat of a “niche” solution, the growth has become more outspoken over the past year and a half.
Overall LN Capacity Rises
To make the Lightning Network more appealing, the transactional capacity needs to keep increasing. Without capacity, it is impossible to send too many transactions. As things stand, there is nearly 1,600 BTC on the LN today, with well over 50,000 payment channels to choose from. All of these statistics are promising, as it confirms people see merit in this solution.
What is equally intriguing is how over half of the Lightning Network capacity is accessible via Tor. Although the Tor network is not necessarily an anonymity-oriented solution, it can provide a layer for privacy to its users. Many people seem to prefer this approach, which explains why 64.4% of the total capacity can be routed over Tor.
More Payment Channels
As mentioned earlier, the LN must acquire more payment channels. The more channels exist, the easier it becomes to route payments and source liquidity. Today, there are over 51,200 Lightning Network payment channels, representing an 11% increase over the past week. An impressive growth figure, but there are other statistics to look at.
The number of nodes with active lN channels notes a 7.48% increase. The overall new channels went up by 31.01% in the past 24 hours, which is impressive. Keeping up this rate of growth will not be easy, but it may not be impossible either. Getting more people excited about this technology remains a top priority.
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