Use Lightning Network to accelerate the Bitcoin blockchain

Is Bitcoin a storage in which to keep the asset until the price rises or can consumers spend it on their usual purchases? At present, we are facing the first option. Nowadays it makes more sense to save cryptocurrencies than to spend them. The costs of transactions and long procedures make digital gold complicated and expensive. Spending on commissions to carry out BTC transactions for small purchases is somewhat unrealistic. The Lightning Network has a solution for it, at least in theory.

LIGHTINING IS FASTER

However, innovation in blockchain technology promises to increase the speed of the process, allowing consumers to use cryptocurrencies. The Lightning Network encourages solving the limitations of Bitcoin. Earlier this month, the developers managed to make the first transaction through the network, creating a faster and more efficient payment system.

According to Quartz, Bitcoin has suffered with the growth of transaction volume. It currently processes around three transactions per second, compared to the more than 3,600 transactions that the Visa network completes every second. One way to increase Bitcoin's transaction capacity is to increase the size of its blocks, which are transaction packets that bitcoin miners add to the bitcoin blockchain every 10 minutes.
Critics argue that the approach would undermine Bitcoin's initial intention since this type of change can lead to greater centralization.