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?
I do no think that 2021 be the year of the lightning network, we have still not solved everything and this we have to still wait for the time when we will have solutions for the same.
Plus I don't think that we do need lightning network anymore. Now a days the sites have started accepting funds even after one confirmation and it's more or so instant and thus I do believe things like that are going to happen more or so in the future.
Therefore the lightning network will become obsolete. These kind of payments and transfers are more or so very instant. At the same time I do believe that we might or might not solve the lightning network problems but we can have a more or so widespread adoption of segwit network.
We do have options for sure. We don't have to wait for the lightning network to become perfect though.
There still needs to be a few more things implemented in Bitcoin itself before LN can really scale. I think that's what Square is waiting for, they probably want to be able to onboard all the cash app users into lightning when it's ready but right now it just wouldn't be possible.
Probably by the end of the year though.
Probably by the end of the year though.
Things implemented in bitcoins ? It's perfect the way it is , we don't have to make the situation more complicated. Right now I do believe that the only problem would be how we would deal with quantum computers and the transfer fees.