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Bitcoin News Today – Bitcoin’s Lightning Network now has 10,000 active nodes and a locked value of $ 69 million

The number of nodes in Bitcoin’s Lightning network has nearly doubled from last year, according to public data.

The Lightning Network – a layer on the Bitcoin blockchain that uses its own special rules to enable cheaper, faster transactions – had around 5,335 public nodes as of April 2020. Now that number stands at 10,348, which is an increase of around 94%. However, this number only includes nodes with public links and the actual number is likely to be higher when nodes with private links are included.

As Bitcoin’s on-chain fees rise alongside Bitcoin’s price, scaling technologies like Lightning offer users a cheaper and faster way to conduct transactions. If Bitcoin is ever used as a daily currency, a scaling solution like Lightning is of paramount importance, and avid bitcoiners are even using the network today to buy goods and services.

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Consider this Iranian Lightning user who used Bitcoin to buy a PlayStation Now pass that is otherwise restricted by sanctions:

With Bitcoin’s Lightning Network becoming more active than ever, the total number of payment channels on the network (the two-way payment paths that support installing Lightning) is now over 45,000. The Lightning Network currently holds 1,185 BTC worth around $ 69 million.

Acquisition of Lightning Network

Although launched in the past two years, the past two years have been critical to Lightning’s growth.

In late 2020, Cryken Exchange Kraken announced that it would support the feature. Before Kraken, Bitfinex and River Financial were just Bitcoin, the only prominent exchanges to introduce Lightning. With the integration of exchanges, it is cheaper for their customers to deposit and withdraw Bitcoin, often with fees being paid in cents rather than the single- or double-digit dollar amounts they may pay on Bitcoin’s main network.

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Since Kraken’s announcement, UK CoinCorner, Vietnam’s oldest exchange, and OKCoin have followed with their own Lightning integrations.

The story goes on

Additionally, Jack Mallers’ Strike – a Venmo-like payment app that Lightning uses to bill USD and other fiat balances – has left beta this year and is fully rolled out in a number of markets.

As companies add Lightning, the network’s liquidity and routing capabilities improve. User-friendly apps like Strike also make it easier to get users involved in technology that was even more unwieldy to the uninitiated than Bitcoin in the past.

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Bitcoin News Today – Bitcoin’s Lightning Network now has 10,000 active nodes and a locked value of $ 69 million

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