Bitcoin Lightning Network Reaches New Capacity Record After 1 Year Running and Counting
The scaling solution for Bitcoin (BTC), the Lightning Network (LN), is reaching new records. After a year that developers launched the beta mainnet, the capacity has reached new highs. The Bitcoin LN has now a capacity of more than 1,000 BTC.
Scaling the whole Bitcoin network is not an easy task. Developers are working for more than a year in order to deploy the Lightning Network and allow Bitcoin’s network to expand without congestions.
The Lightning Network will allow Bitcoin to process a larger number of transactions per second (TPS) and for almost no fee. During the bull run experienced by the market in 2017, the Bitcoin network became congested and it was very difficult to process fast and cheap transactions. Indeed, it could take up to several hours to send a transaction and its users had to pay very large fees (close to $50).
With the LN this is expected to change. The LN will not only allow the Bitcoin network to process more transactions but it will also enable micro-transactions with Bitcoin. Nowadays it is impossible to send micro-transactions on the Bitcoin mainnet. However, with the LN users can send less than a cent of a dollar using BTC.
Looking at the Latest BTC Lightning Network Stats
Merchants will be able to accept Bitcoin and users will be able to use it to pay for small items or purchases.
The Lightning Network hit a new all-time high of over 1,000 BTC in network capacity today.
Don’t listen to the noise. Bitcoin is going to scale just fine 🔥
— Pomp 🌪 (@APompliano) March 16, 2019
There is an application called Tippin.me that has been developed in order for users to test the Lightning Network by sending tips on Twitter.
According to 1ml.com, the Lightning Network has 7,381 nodes, 39,188 channels and a network capacity of 1,055 BTC.
It seems that Lightning Network supporters have been trying to reach 1,000 BTC network capacity after a year of being running. There are still many things that must be improved in order for it to be available for users, but in just a year the progress made has been notorious.
Also, be sure to check out today's top posts about the recent Bitcoin Price surge as it crosses the $4,000 USD mark for the first time in nearly a month.