Category: Lightning network
Sep 25, 2021 | Bitcoin, bitcoin lightning network, Chivo, Chivo app, Chivo Wallet, Chivo Wallet’s Lightning node, Crypto News, El Salvador Bitcoin, El Salvador's Bitcoin Law, Google Play Store, iOS App Store, Kevin Rooke, Lightning network, Lightning node, Nayib Bukele, President Bukele
Why didn’t we thought of measuring Chivo and Bitcoin adoption this way? Cero anecdotal evidence. Only facts, numbers, and reports from wherever we can get them. What do we know about the Chivo Wallet’s Lightning node? What apps besides the government wallet are the Salvadorans using? Are they happy with them? Investor and blogger Kevin Rooke has a fresh take on El Salvador’s Bitcoin adoption and we’re here to summarize it. “I wanted a deeper understanding of how real people in El Salvador are interacting with Bitcoin, so I went off in search of other success metrics.” Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course However, since “the Lightning Network is private by design,” it’s hard to accurately measure “payment volumes and the flow of funds between various wallets and exchanges.” So, what did Kevin Rooke do? He looked everywhere else for hard data about Chivo and Bitcoin adoption. Let’s explore what he found. BTC price chart for 09/24/2021 on Exmo | Source: BTC/USD on TradingView.com The Chivo Ecosystem Is Growing Fast To measure the Chivo wallet’s adoption, Rooke used the official information provided by President Bukele. Not ideal, but not uncommon either. It’s easier to get info about the Chivo Lightning node because you can check all the public info here. But wait, why is the Salvadorean government running a Lightning node? “Just like every other participant on Bitcoin’s Lightning Network, Chivo runs a Lightning node. Since Chivo is a custodial wallet, all Lightning payments that Chivo users send to and from other Lightning wallets will transfer liquidity to and from Chivo’s node.” Through those sources, what did the author find out about the Chivo ecosystem? At the moment, “Chivo’s node has 12.7 BTC of public capacity.” Which is 1,269,941,898 sats. The Chivo node “ranks 83rd among public Lightning nodes.” At the time of writing, it’s connected to 58 other channels, but this number changes daily. Back to the iOS App Store and Google Play Store, the Chivo wallet remains at the top of the popularity list, “beating all the most popular social media apps like WhatsApp, TikTok, and Instagram.” O bet you haven’t thought about this one, “By onboarding over 1.6 million users in just two weeks, Chivo is likely the most popular Lightning Network app in the world today.” What About The Other Bitcoin Apps? Are They Popular In El Salvador? Ok, granted. El Salvador’s government incentivizes the downloading of the Chivo wallet app with $30. That has to move the needle. However, when it comes to all the other Bitcoin apps, such an incentive doesn’t exist. How are they measuring up to other financial apps? El Salvador’s most popular apps for September 2021 | Source: Kevin Rooke This infographic says it all: “Salvadorans are already showing strong preference for Bitcoin apps over banking and remittance apps on a national scale,” as the graphic shows. To put it in numbers, “9 and 13 of the top 20 apps on the respective app stores” are Bitcoin apps. And Chivo is at number one. “Most of El Salvador’s banks and payment processors have user ratings of 2-4 stars,” that’s the traditional banking system for you. On the other hand, “Bitcoin related apps have user ratings of 3-5 stars.” Even though it’s still early, the facts are the facts. It should be noted that the Chivo app is at the lower end of that spectrum. Related Reading | How Big Is Bitcoin’s Lightning Network? The Answer Will Surprise You Besides that, Kevin Rooke identified a truth that might be obvious to some, but has to be said: “The millions of Salvadorans that have already been onboarded to the Lightning Network aren’t Silicon Valley nerds or early tech enthusiasts. They’re regular people that are making a conscious choice to use the Lightning Network because it saves them time and money.” And they don’t have to use the Chivo ecosystem if they don’t want to. That’s a fact. Featured Image by Ray Aucott on Unsplash – Charts by TradingViewRead More
Twitter Chooses “Global, Barrier-Less Option” for Tipping and to Help Creators Join the “Decentralized Internet”
“We recognize it is still early days for digital currencies, but we think that that’s the future,” says the social media giant executive.
The second-layer network now houses over 2,400 bitcoin in more than 73,000 channels, enabling BTC usage as a medium of exchange.Read More
Bitcoin rewards and payments app Fold would integrate the Lightning Network by the end of 2022. The Lightning Network is a second-layer scaling solution added to Bitcoin’s network. The Network enables off-chain transactions and near-instant micropayment processing, alongside enhanced privacy. Fold Partners With OpenNode In an official press release, Fold said it was committed to […]
The post Bitcoin Rewards App Fold to Move to Full Lightning Network Support by 2022 first appeared on BitcoinExchangeGuide.
Twitter has started testing the ability to tip users on the platform in Bitcoin. According to MacRumors, the Twitter beta shows that the social media giant is testing this service. Mobile developer Alessandro Paluzzi has also leaked an image of what it would look like. #Twitter is working on the ability to receive tips in […]
The post Twitter Testing Tipping Users in Bitcoin Through Lightning Network in Beta first appeared on BitcoinExchangeGuide.
Online publisher Substack announced Monday that it has integrated Bitcoin Lightning payments. This option to pay in BTC is only made available to select publishers for now and will be further rolled out broadly based on the feedback and demand from early experiments, said the company. “Today, we enabled Bitcoin payments, beginning with select crypto […]
The post Substack, with over 500,000 Paid Subscribers, Adds Bitcoin Lightning Payments first appeared on BitcoinExchangeGuide.
Social network Zion onboards users to the Lightning Network to free them from big tech censorship, revenue restrictions and data collection.Read More
Aug 13, 2021 | All, Bitcoin, bitcoin lightning network, BTC, Channels, Crypto News, DeFi, el salvador, Inaccurate comparisons, Jack Dorsey, Kevin Rooke, Lightning, Lightning network, nodes, Privacy, square, Twitter
The Lightning Network is one of the most bullish developments that the Bitcoin ecosystem has seen so far. And all the available metrics point up, a healthy and vibrant network is brewing. However, investor Kevin Rooke took a deeper look and found out that the Lightning Network is probably even bigger than previously thought. “Inaccurate comparisons and privacy preserving features make it hard to truly understand how big the Lightning Network is.” Related Reading | Bitcoin Lightning Network Reaches Record Capacity What does Rooke mean by that? Let’s find out. The Lightning Network By The Numbers A casual look at popular analytics platform 1ml tells us that, at the time of writing, The Lightning Network is composed of 24,688 nodes, 64,577 channels, and the network capacity is 2,272.89 BTC. All of those numbers are up. However, “The Lightning Network is not a borrowing protocol, an AMM, or a store of value. Furthermore, the idea that Bitcoin is “locked” on the Lightning Network is misleading at best.” There are a number of DeFi protocols that have a much higher number of BTC “locked,” and people mistakenly compare that number to the Lightning Network ‘s capacity. In DeFi, usually, the funds are in fact locked and can’t be touched until the contract in question runs its course. In Lightning, things are quite different: As explained in the book Mastering the Lightning Network, funds that are added to the Lightning Network are not locked, they are unleashed. As soon as a new Lightning channel is opened, those funds can be sent anywhere on the Lightning Network in an instant, and for almost no cost. And speaking about channels, Kevin Rooke talked about them in an “investor letter” dated June 28th: There are currently over 51,800 channels routing payments between 22,000 nodes, and 21% of those Lightning Network channels were created in the last 30 days. On the surface, 21% monthly channel growth seems impressive, but new channel creation is a slightly misleading metric as nodes frequently open and close new channels. A more accurate measure of growth is that the total number of channels on the Lightning Network is up by 10.8%, or over 5,000 channels in the last month. Compare that to the more recent number that we gave you at the beginning of the section and note how the number of channels grew in just a month and a half. That’s not all, take into account that: Some nodes don’t want their channels to be included in the public Lightning Network graph, and instead choose to open ‘unadvertised’ or ‘private’ channels. BTC price chart for 08/13/2021 on FTX | Source: BTC/USD on TradingView.com Privacy Doesn’t Let Us See How Much Money Goes Through Lightning Most of the transactions that take place inside the Lightning Network are private. Only at the time of settlement between two parties are the final numbers forever registered into the Bitcoin blockchain. That means it’s impossible to know exactly how much money is going through Lightning on any given day. Or in total. Related Reading | Bitcoin Community Celebrates as Crucial Lightning Network Project Launches However, Rooke estimates that “annual on-chain volume is almost 6x higher than the value locked into the Bitcoin network, despite the relatively high transaction fees and slow block times that make payments cumbersome.” That’s on the main Bitcoin chain. The Lightning Network is designed for making fast and inexpensive payments, so if $85 million of Bitcoin is already on the Lightning Network, it would make sense for annual payment volume to be at least 6x higher, or at least $510M. That’s a bare minimum. And things are just getting started. In September, El Salvador’s Bitcoin Law goes into effect and the whole country will start using the Lightning Network. And take into account that roughly a quarter of El Salvador’s GDP comes from remittances, so it’s not a stretch to think that Salvadoreans all over the world will start using it as well. Add to that Jack Dorsey’s projects, both Square and Twitter are looking into Lightning integration. In fact, Dorsey published this tweet yesterday: Agreed. Every account on Twitter being able to link to a Lightning wallet however… — jack⚡️ (@jack) August 12, 2021 And this is just the tip of the iceberg. For more impressive numbers and deductions, be sure to read “The Lightning Network Is Bigger Than You Think.” Featured Image by Anuraj SL from Pixabay – Charts by TradingViewRead More
Bitcoin has faced many challenges before, but it seems that the free market repeatedly creates innovative solutions to these.Read More
Blockchain technology company Blockstream Corp has rolled out a Bitcoin Lightning node service called Greenlight, per its blog post. This service enables users to easily set up a node on the Bitcoin Lightning Network while using the company’s cloud infrastructure. Users Retain Full Control Of Funds The Lightning Network is a “second-layer solution” built on […]
The post Blockstream Launches Lightning Node Service For Bitcoin Newbies first appeared on BitcoinExchangeGuide.
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