Pompliano on Bitcoin’s Lightning Network: BTC LN is a Fast and Growing Network for Scalability
Anthony Pompliano, the founder and partner of Morgan Creek Digital Asset, spoke about 2019, Bitcoin and the Lightning Network (LN) during a conversation with CNBC Crypto Trader. He was very clear with what he believes that the LN will be and is going offer to the crypto world.
During the interview was also present Arjun Balaji, a crypto research analyst. He said that Bitcoin is currently improving its scalability and also its privacy. With the Lightning Network, Bitcoin is going to be a massive growth and improved scalability. At the same time, there are other on-chain privacy improvements that could be implemented throughout 2019.
Arjun Balaji commented that Bitcoin is used for many different things. He went on saying that due to the fact that the crypto market is still in a discovery stage, Bitcoin is still a volatile digital currency. Although there are some individuals that are trying to use it as a means of payment, Bitcoin is primarily used as a store of value.
— João Almeida (@joaodealmeida94) January 10, 2019
Anthony Pompliano said that in 2019 Bitcoin will experience an increased adoption. This is something that has been happening in 2018, even when the market was falling. Some of these examples are hash rate and also the number of transactions registered. According to him, this growth will continue in 2019.
About the Lightning Network, he said that it is going to be one of the most important things of the current year. Pompliano said about the Lightning Network:
“The growth in the Lightning Network is incredible. In less than 10 months they went from zero payment channels to over 18,000. They literally added a thousand payment channels last week in about three days. I think that that’s just going to continue to grow as more people understand what it is.”
The Lightning Network is the ultimate scaling solution for Bitcoin. It is being developed since 2017 and it would allow Bitcoin to process hundreds of thousands of transactions without congesting the main Bitcoin network. At the same time, the LN has lower fees than the main network.
When Bitcoin reached its all-time high in December 2017, each transaction had very high fees and the transaction times increased as well. At the time of writing, the LN has a a network capacity of 569.60 BTC, there are 5,300 nodes and there are more than 19,000 channels.