CoinGecko Passes the #LNTrustChain Torch to an 88 Year Old via ‘Granny-Proof’ Lightning Network
By now, most of those who had held firm to the belief that Bitcoin was the heir apparent to the throne currently held by fiat are starting to see why the dream may take longer to be realized!
Bitcoin, without a doubt, is many people’s de facto cryptocurrency of choice. This coin, often dubbed the poster-child for the crypto industry, holds the first mover advantage given that over 16 million of the entire 21 million BTC tokens are already out there.
But as any Altcoin enthusiast would tell you, there’s nothing worth writing home about when it comes to Bitcoin. This coin’s rampant volatility, its scalability issues, slow speeds, and exorbitant transaction fees have continued to limit its growth potential.
In fact, if it’s to truly dethrone traditional currencies and be the global currency of choice, then it still has a lot to do. It has to not only resolve the aforementioned detriments that hamper its effectiveness, but also be accessible to all. Also, BTC will have to simplify or even eliminate the complex, military-style process of sending payments.
Right now, it is incredibly difficult for an average Joe to own a Satoshi, forget about a BTC. Sending a Bitcoin payment is tasking and involves scanning the QR code or inputting them manually, what many abhor, especially the elderly crypto users.
And this is making it hard for crypto enthusiasts to trust Bitcoin enough to put it at the center of their operations. For them, it’s not a really compelling alternative to fiat currency.
But all is not lost, though!
The road to redeeming the image of BTC has started in earnest, thanks to a recent trial by Lightning Network. In a bid to make Bitcoin transactions a little cheaper and faster than they currently are, Lightning Network is looking into a possibility of using a new scale layer called a granny-proof.
Essentially, this experiment aims to allow Bitcoin users to freely open and use ordinary payment channels to make their P2P payments. Part of the experiment involved the elderly giving the Lightning Network a test as well.
Tests have been a success
Without anyone’s assistance, an 88-year-old grandma of one BTC user, known as @Ibelite on Twitter, successfully launched a transaction. Through a series of tweets, the user showed images of the enthusiastic grandmother; going to as far as saying she will probably be the oldest individual to use the platform.
She was just a section of multiple Bitcoin users who also reported that their transactions were through, hitch-free.
The tests aside, however, it’s not debatable that Bitcoin has a lot to do if it still needs to become the main form of payment. The initiative by Lightning Network is just a step in the right direction and we can all hold our breath that eventually becomes a success. If successful, then they will have unveiled a more convenient alternative.