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Over the recent years, we have witnessed a rise in crypto adoption. With that, the crypto payments are also slowly becoming mainstream. Recently, the Lightning Network has come into the crypto scenario. It is designed to make Bitcoin transactions faster and cheaper. It comes under a newer class of crypto technologies called “layer 2” blockchains. The core Bitcoin blockchain (“layer 1”) could become faster by offloading some transaction “traffic” to the Lightning Network’s “layer 2” blockchain.
Commenting on the lightning network, Vitalik Buterin, the co-founder of Ethereum has said that people are not understanding the value of digital currency. Due to which, many are unable to imagine the affect it can make in global business, payment transactions with charity and countries.
Here is the commentary from Paolo Ardoino, CTO at Bitfinex, on the use of payments in the digital token economy:
“Cryptocurrency adoption is growing at an increasingly fast rate. Ethereum’s co-founder Vitalik Buterin recently suggested that crypto payments are superior and a big boost to international business, charity and everyday transactions simply because of their convenience. The Lightning Network is one of these solutions. The consistent, accelerating growth of the Lightning Network remains undeterred by market conditions, showing users’ growing confidence and utilization of the network as it matures. Improvements to the Lightning Network’s speed, capacity and affordability will push Bitcoin into the mainstream and help garner millions more users.”
Bitfinex is one of the prominent crypto exchanges in the crypto industry today. Established in 2012, Bitfinex is among the oldest exchanges. The exchange is well-known for offering trading services to investors worldwide. In addition, it provides services like peer-to-peer lending, the OTC market, and funded trading. While Market analysts and trading team at Bitfinex have years of experience in the crypto industry.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
