As Bitcoin's fees skyrocket, more people will find themselves obliged to look for an economic alternative for sending cross-border payments. The price in Fiat (USD) relative to fees denominated in BTC, makes Bitcoin impractical as digital cash for micropayments. Buying food or other daily necessities directly with Bitcoin will no longer be economically viable for the average person.
Fortunately, the Lightning Network is under heavy development to become the default scalability layer for Bitcoin micropayments. While it's still experimental, the development team behind it has worked hard to make it as practical as possible for everyday people. Some security issues here and there need to be addressed though, for the Lightning Network to experience a huge boost in mainstream adoption. With Bitcoin's fees increasing towards unprecedented levels, it seems to me that 2021 will become the year of the Lightning Network. That is if Bitcoin's price in Fiat continues to rise all the way to the moon. Yet, it may still be early to tell given that the LN is still in its early days.
Thoughts?
Fortunately, the Lightning Network is under heavy development to become the default scalability layer for Bitcoin micropayments. While it's still experimental, the development team behind it has worked hard to make it as practical as possible for everyday people. Some security issues here and there need to be addressed though, for the Lightning Network to experience a huge boost in mainstream adoption. With Bitcoin's fees increasing towards unprecedented levels, it seems to me that 2021 will become the year of the Lightning Network. That is if Bitcoin's price in Fiat continues to rise all the way to the moon. Yet, it may still be early to tell given that the LN is still in its early days.
Thoughts?