Cryptocurrency is the most trending platform in today’s time, and it is being used by lots of users and is even legalized by various countries. Bitcoin is the father of all cryptocurrencies. Satoshi Nakamoto is the father of all bitcoin, and he launched bitcoin in 2009.
- Lightning networks can help to scale the bitcoins and reach billions of users.
- The most effective part of the lightning network is that the users can use it as a currency for daily uses.
A few days ago, there was the news that the country of El Salvador is going to legalize the cryptocurrency and will be given in the form of salaries to the laborers so that it will be socialized. The legislative assembly had the maximum votes in the right to pass the bill of bitcoin legalization. But the bitcoin had made one of the most critical events in the history of bitcoin.
Advancement in Nation
El Salvador is a country with a population spending money 70 percent in the form of cash. There are very few people in this country who are using the digital platform. This initiation would be the best decision for the country as more of the users get to engage with the cryptocurrencies more of them will get linked to the digital world, which will automatically lead to the advancement of the country.
Sending Small transactions made very easy and economical
There is the bitcoin system website. This application had made it very easy for the users to send the crypto from one user to other in a minimal amount and very economically. This application runs upon the lightning network, which is also known as the layer two protocols.
The lighting system is one of the most critical parts of the blockchain. The system of the lightning layer was carry forwarded by the CEO and the co-founder of Elizabeth Stark. Unfortunately, even after doing such great work, she had created herself a low profile, and she had kept herself away from the media attention.
Lightning network is now a very new topic after such a bored and repeated news, ie. China, Elon musk, etc., lightning is a new concept which had attracted the interest of the people towards it; this is a very fabulous step of a lightning network of the bitcoin.
The primary motive of Satoshi Nakamoto was to make it very popular and to be used by the billions of users and can be used very commonly for the basic needs of the people. But, on the other hand, Bitcoin is very programmable money, and lightning can definitely provide itself a different shape.
Working of the Lightening
Lightening is a very significant process, and this can give a different shape to bitcoin.
The vice president of the lightning process has mentioned that it is swift, speedy, and rapid. It can undergo a maximum of 25 million transactions per second.
As the network of the lightning reaction increases or expands, then the rate of the time of the transaction will automatically be decreased as compared to the old-time blockchain reactions, which mostly take 10 to 60 minutes to complete a transaction. Lightning will now go to increase the craze among the people. Because of its speed, maximum numbers of the users will get engaged to it as transaction time will reduce, and the transaction would be verified immediately.
Lightening is a new concept that will definitely give a new shape to the bitcoin as it will decrease the time of the transaction. Most of the users avoided this platform just because it takes a long time for a transaction to complete, and now most of the users will get engaged with bitcoin. Even a sudden decrease in the price of the bitcoin can lead upwards as this will lead to an increase of the users, and automatically as the demand of the cryptocurrency increases, the price of the bitcoin will also be increased. Not only bitcoin but the prices of the other cryptocurrencies will also be increased.
Even in the countries where it is going to be legalized can lead to an increase in users as it will give them instant transaction clearance. This had created a revolution in the history of cryptocurrency as this is the best step taken towards the future of cryptocurrencies.