Here’s Why Bitcoin is All Set to Become the Common Currency of the World with Lightning and Zap
When Bitcoin first came into the radars of a niche’ few tech enthusiasts nearly a decade ago, Satoshi Nakamoto— the psydenomous creator of the flagship cryptocoin— made it clear that the goal of this offering was to take back the power that governments and banks had claimed over the public’s money and return it back to its rightful owners.
Since 2010, Bitcoin seems to have turned into an unstoppable juggernaut that has defied all expectations. Historically speaking, the digital currency is probably the first alternative financial offering to not only enter the mainstream but also disrupt the traditional banking system that has been in place for centuries across the globe.
As a result of all this new-found attention, many experts, economists, entrepreneurs are now of the opinion that BTC can very well one day become a global currency. In this regard, Jack Mallers, one of the key developers associated with the Lightning Network recently spoke with a trusted media outlet about how the premier alt-token is poised to reach the masses on a massive scale very soon.
For those of our readers who may not know, Jack Mallers is a lead developer for Zap, a Lightning Network-based wallet solution that can be used on PC’s as well as smartphone devices.
In the past, he has spoken about many issues pertaining to the Bitcoin ecosystem— including the use of second player protocols (such as LN) and how they can be used to mitigate problems of scalability that exist within the crypto arena today.
More On The Matter
During a recent interview, Mallers was asked about his trip to China last month and how he thinks the future of Zap, BTC, and LN will play out.
1/ I've been in China the last week talking all things Bitcoin, Lightning, Zap, and what the future may look like. The reception has been amazing and made this experience something I will never forget.
— Jack Mallers (@JackMallers) March 4, 2019
In his opinion, even though the East and the West have a huge cultural divide, Bitcoin as a financial entity is easily able to break through any such barriers— since its fundamental framework is rooted in mathematical codes.
2/ Bitcoin is the worlds first global language. All of us don’t natively speak the same language, eat the same food, enjoy the same hobbies, but we all gravitate to projects like Bitcoin, Lightning, and Zap because they represent a better world.
— Jack Mallers (@JackMallers) March 4, 2019
Additionally, Mallers Also stated that since the premier alt-token is decentralized, it is quite immune to the negative influences that have been placed against it by various governments, corporate entities over the years. He asserted his claim by pointing out that despite Bitcoin being “unlawfully banned” in a number of countries, the asset had managed to come out stronger than ever from the other side of the tunnel.
Last but not least, the Zap lead-dev said that the use of a currency like Bitcoin is best exemplified within a nation such as Venezuela— where the digital token is allowing citizens to still transact and purchase goods which would otherwise have not been possible if all barter and exchange was limited to the country’s native fiat currency, the bolivar.
Other Key Points Put Forth By Mallers
- Owing to its encrypted and non-centralized framework, Bitcoin is not influenced by the whims of any government body or the constraints of geographical distances etc.
- The currency is designed in a way that can help in the easier facilitation of near-instant cross-border transactions.
- Bitcoin can also serve as a perfect safe-haven for people who do not trust governments or banking institutions with their hard-earned assets.
The Lightning Network And How It Can Help Spur Bitcoin’s Global Adoption
As many of you might recall, during the height of BTC’s 2017 bull-run, the currency experienced a massive swell in its TX volume— causing the network to often become congested. However, since the introduction of second-layer payment gateways such as the Lightning Network, BTC transactions have not only once again become fast but also substantially cheaper.
In this regard, long-time crypto bull Jack Dorsey is of the opinion that owing to the Lightning Network, Bitcoin could very well become the world’s singular currency in the coming few years. To elaborate further on the matter, we can see that the Twitter and Square CEO recently took control of the “Lightning Torch” — an ongoing tx experiment that has been gaining a lot of support from Bitcoin backers from all over the world.
In closing out this piece, it is worth mentioning that in addition to Dorsey, a large number of other high-profile players too have shown massive support for the Lightning Network as well as BTC over the past couple of years.
It now remains to be seen if more big-name companies come forth and show their support for Bitcoin.