Bitcoin is one of the leading cryptocurrency which is developed in the year 2008 and officially released in the year 2009. Bitcoin was the first use of the blockchain, the founder of Bitcoin developed blockchain technology for public transaction ledger and to solve many cryptocurrency issues. Blockchain replaces all the central bank and other banks that validate financial transaction for Bitcoin.
Bitcoin Lightning Network –
The idea behind the bitcoin lightning network is to settle a record of every single transaction on the blockchain. We really don’t need to keep all the records of every single/small transaction on the blockchain. To solve that the Lightning Network comes in the way. The Lightning Network with the Blockchain Solutions Provider
, adds another layer to the blockchain of Bitcoin and enables users to create payment channels between the transaction two parties on that extra layer. As the transaction set up between two people which will fee extremely low and instantly.
Is bitcoin a boon? or a bubble?
As the underlying blockchain protocol of Bitcoin, it is quite burdensome and also slows for creating a system that’s capable of hosting the world’s digital financial transactions. That proves that there are many credit card companies which are faster and more convenient in this regard. Also, leaving skeptical of Bitcoin’s ability disrupt the existing payment system. Recently there was a wave of highly publicized cyber hostage attack where the scoundrels hacked the computer system. Also, they changed the password and demanded ransom money in return for releasing the password. To avoid tracking of identity they demanded payment in bitcoins. For the scoundrels, bitcoin lightning network plays a role of a boon and for the cops, it becomes a bubble.
As there are always two sides, like that bitcoin lightning network for all the financial innovations the bitcoin play a role as a boon and a bubble in both the ways. It’s a boon as Bitcoin lightning network makes it possible for many people and businesses to engage in global transactions without any middleman like without having access to the back, credit cards, credit ratings and checking accounts. It is also a bubble as many people who have seen the value of bitcoin soar, to climb on the board to make money – thus inflating the value of each bitcoin to unrealistic levels.
When Will Bitcoin Lightning Network Be Available?
Currently, the Lightning Network is operational and not functional on a global scale. As per the Blockchain Service Provider
, there are many real experiences about the Bitcoin Lightning network coming online regularly. Sooner or later we all believe that this bubble will burst. Also, the Lightning Network is already proving itself as the new first step in Bitcoin global domination.
Also published on Medium.