One of the major issues that the Bitcoin [BTC] network was facing for a long time is scalability. This was significantly improved by the introduction of Bitcoin’s Lightning Network. The Lightning Network gained momentum in the beginning of 2019 and according to recent reports, making Bitcoin payments with the help a Bitcoin ATM via the Lightning Network is now a possibility.
Felix Weis, a developer and researcher, conducted a Bitcoin transaction with the help of Lightning Network at a Bitcoin ATM, during the Lightning Hackday in Hong Kong.
After the transaction, Weis stated,
“Just a proof of concept ‘top up your existing channel’. Lots of bugs but two different mobile wallets worked fine.”
This recent development and further implementation of the Lightning Network validated its importance as Bitcoin Lightning Network Capacity also breached 1,000 BTC recently.
The utilization of Lightning Network also drastically decreased Bitcoin’s transaction fees and improved the execution of instant transactions.
In a recent Weiss crypto rating, Bitcoin was given a relatively positive review,
“Bitcoin has been upgraded with the roll-out of its Lightning Network and is the best positioned to become a popular store of value for savers and investors.”
At press time, the Lightning Network boasted a network capacity of 1,058.76 BTC and the number of nodes and channels were 7,757 and 39,148, respectively.
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