Bitcoin Lightning Wallets Are Starting To Gain A Lot Of Momentum This Year

It is no secret that the Bitcoin Lightning Network has grown a lot this year. When compared to its post-launch state last year, the advancements that were made are pretty visible. For instance, several wallets are starting to gain traction now. This is happening because the network fees are reducing and using the LN is getting even cheaper now.

For instance, Bluewallet, a Spanish wallet, was downloaded 35,000 times this year. According to its creator Nuno Coelho, the company only had 5,000 users last year.

He recently affirmed that the wallet is focused on the Lightning Network and that it is also linked to services such as ZigZag, Lightning Roulette and others. According to him, over 100,000 transactions were done since the launch.

Coelho said that the team is focused on getting the wallet better to be prepared for the next Bitcoin bull run. As soon as people start to use the tokens during the bull run, the fees on the Bitcoin network will get higher and people will look at the LN in order to avoid them.

Now, Bluewallet is ready to raise more funds via venture capital. The people at the company know that they need to be prepared because there are other companies that are also trying to find their place in the market.

One of them is obviously the Lightning Labs wallet. This wallet was launched last month and got over 2,000 downloads within the first day of the launch. Samourai Wallet, which was launched by a French developer, has also made the headlines by starting a partnership with Nodl in order to offer these services to its clients.

Jack Mallers, the creator of the Zap wallet, affirmed that 500 people downloaded his wallet in the last month and that there are 25,000 desktop and 1,000 mobile users now. According to him, a lot of people are starting to use the program and that are many downloads.

Most of these companies are seeing many downloads from the United States, but they are also getting strong in Asian markets. Japan, the Phillippines and Indonesia are also downloading many apps.

Not In A Rush To Profit

There is something very special about open source technology. Coelho and Mallers have both affirmed that they are in no hurry to find ways to monetize their products. According to them, the main goal is to get users first and talk to them.

Only after that, they will see how to make some money with the apps. This happens because they are not so focused on the business model but in creating the technology so that people will really be able to use the Lightning Network.

Mallers, for instance, has affirmed that the point of a Lightning Wallet is not really as much to make money as it is to help people who are concerned with scaling Bitcoin. It’s all about helping the community, not being greedy.

Some bigger wallets, however, are already monetizing. Wallets such as Bread and Jaxx are already taking some percentage on top of the transactions made on their wallets and have created other revenue models.

Open source projects, on the other hand, are all about contributing to the community. They know that developing for Bitcoin is a long-term game and that they would be rushing if they were so eager to make more and more money.

Most of the wallets are very important for the growth of the network. Most of them are easy points of entry for users. For instance, they do not require their users to manage nodes and the complicated stuff, so even people who are not so tech-savvy can give the LN a try.

It is possible that we’ll see even bigger growth in 2020, especially if the bull run does happen. Until then, these developers will try their best to be prepared.

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Gabriel Machado
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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