One Teen Bitcoin Millionaire Believes Use of Lightning Network Is the Demise of BTC
One of the most notable scaling solutions to come to Bitcoin has been the Lightning Network. The solution originally came as a second-layer protocol payment system that was meant to cover Bitcoin complications in fees and transaction speed.
Still, regardless of the success that the Lightning Network has already shown, one 20-year old Bitcoin millionaire continued to be a pessimist.
Erik Finman recently took to Twitter for a major rant on the Lightning Network and its functionality, starting by claiming that it is not decentralized like Bitcoin’s original philosophy. By not being decentralized, it essentially defeats the purpose of Bitcoin and all crypto assets in the first place.
Right now, Finman believes that the Lightning Network is responsible for making Bitcoin into the same thing as what Visa and Mastercard are – a centralized payment network, at best. Explaining his stance, he says, “Bitcoin is dead,” and directly states that the implemented Lightning Network is the reason.
Furthermore, by using Bitcoin on the Lightning Network, Finman says that all the benefits are to people in Silicon Valley, leading miners and node operators in the dust.
Even though the Lightning Network does not have the same centralization that the Federal Reserve institution has, it has changed the crypto industry by being more centralized than the industry should be at all. The Lightning Network has managed to defeat the troubles with Bitcoin scalability, but the doubt cast on its actual decentralization is the bigger issue.
CEO Jack Dorsey of Twitter has been one of the biggest supporters of the scalability solution and Bitcoin as a whole. Recently, Dorsey stated that he would be adding this technology to Square, his mobile payments app, in an effort to help with the merchant adoption of Bitcoin.