According to a released data, Bitcoin just overcame yet another limitation this week as the implementation of its Lightning Network (LN), passed 500 BTC capacity ($2,066,000).
A Parabolic Rise on the Network
1ML.com, a monitoring resource, has provided statistical proof which showed that the recording capacity for payments was, of course, true. It also showed that the number of channels is now close to 25 percent while that of accessible nodes has surged to 13.7 percent.
These figures signify that Lightening is doing well and is continuously making improvements and this has not gone unnoticed, as the popularity and technical prowess of the network have continued to grow in the past weeks and months.
In the past week, the sale of what was titled the “cheapest work of art in history” by the use of an LN payment reminded people of what an incredible technology it is.
The CEO of Blockstream, Adam Back; whose technology made the sale possible, said that a single sand grain cost more than the microscopic artwork at one millisatoshi ($0.00000004143).
Bitcoin Continues To Maintain Strength
From the achievements of Lightening, it is not difficult to see that the future of Bitcoin remains bright and colorful, even more now that when it first came into existence, despite the hovering of its price 00 around $4000.
Other noteworthy improvements are in the areas of block propagation, the time required for transactions to arrive network nodes, which became halved in 2018.
A lot of people have argued based on the technicality that Bitcoin will fall to zero because of the long reign of the bear market this year.
Other points of view receive attention on a regular basis, one of which is Bitcoin’s institutional uptake for trading, just like it did this week from Dragonfly Capital Partners, a venture capital firm mainly focused on cryptocurrency.
“Bitcoin could maybe fall as low as $2,000, or even $1,000, but not $0. And that’s a milestone for an asset,” said Alex Pack, managing partner, on December 23 while speaking to Forbes.
“For something like bitcoin, which is a landmark in the history of money, it has become a more dependable store of value. People buying and using it have got to be confident it’s not going to zero.”
According to a report which surfaced last week, comes May 2020, a period which will see the next block reward halving, there will be a high possibility for a definitive reversal of the bear market.