Bitcoin (BTC) Layer 2 Developments Will Push The Top Cryptocurrency Towards Global Adoption
Bitcoin (BTC) Layer 2 Developments To Push The Cryptocurrency Towards Global Adoption
Dan Held wrote a tweet on Saturday outlining the key functions of Bitcoin that will push the cryptocurrency towards greatness in the near future. The cryptocurrency enthusiast and Bitcoin maximalist, named a couple of benefits the blockchain is currently experiencing from Lightning Network, Taproot & Graftroot, and other side chains. While some followers agreed with Dan’s view on Bitcoin, others disagreed on Layer 2 developments being part of Bitcoin and whether they added value on the blockchain.
Bitcoin’s development in the past decade has been extensive as the top blockchain grows in value by the day. Bitcoin is however mainly used as a store of value and also as a speculative asset as the world continues to adopt to the possibilities the technology offers.
Dan Held tweet on the additional uses of Bitcoin network (Twitter)
Dan Held tweet starts by acknowledging the use of bitcoin as a store of value and continued by listing the other features including;
- Micropayments (LN)
- Private transactions (LN)
- Tokenized securities (Sidechains)
- High volume payment network (LN)
- Advanced smart contracts (Taproot/graftroot)
Is Layer 2 development the key to Bitcoin’s success? Some think not…
The tweet received different reactions as maximalists and altcoin followers traded their thoughts on the tweet. One tweep, Wooko, replied to the tweet saying,
“LN [Lightning Network] is not Bitcoin. I think that’s a common misconception.”
Comments against Layer 2 developments on Bitcoin also came from other replies. Michael M replied to the tweet blaming the on-chain scalability problems of Bitcoin and high transaction fees as the root problem of the network. He continued saying,
“Hence the lightning network? Bitcoin is becoming a remnant of bitcoin… a shell of itself when competition is advancing forward.”
Will Bitcoin survive on the Layer 2 developments such as Lightning Network, taproots, and graftroots to solve its scalability and transaction fee problem? Share with us your thoughts on the matter below.