The latest Bitcoin [BTC] bullish wave saw many analysts in the crypto-sphere crediting the growing Lightning Network [LN] adoption. The payment protocol for the crypto transactions faced much criticism and some fork coin enthusiasts even alleged that the tech was “riddled with inconsistencies”.
Despite all the criticism, LN has seen significant growth after its inception in March last year. The latest in the community to praise the Layer 2 solution is the Bitcoin firm Blockstream’s Chief Strategy Officer, Samson Mow. He said,
“It is the technology that makes Bitcoin, “cash”. So you can spend Bitcoin anonymously. [It] has better privacy than the base layer, it’s nearly instantaneous and almost free.”
He also said that the users executing on-chain transactions had to deal with a deluge of issues, including block time, fees, the volatility of fees earlier. However, these drawbacks were solved by the second layer scalability solution LN.
According to the CSO, LN paves the way for the users to “just earn and spend freely”. He also believes that removing the aforementioned barriers would make the largest cryptocurrency in the world, Bitcoin [BTC], the long-awaited global money.
Mow is also of the opinion that Bitcoin can do “everything”. When asked about the gold crypto being slow, Mow defended saying the digital gold by saying that,
“If you want money, it does not need to be fancy”
He went on to say that altcoin projects were mostly “based on gimmicks” and emphasized that what users needed was a “sound money” which was “reliable and bulletproof”.
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