Pizza Purchased Using Bitcoin Lightning Network
Laszlo Hanyecz, the man that completed the world’s first documented Bitcoin (BTC) transaction for a physical item in 2010 -- 10,000 BTC for two pizzas -- has now bought two more pizzas using the Bitcoin Lightning Network.
The very first method of payment is bartering. Bartering is the method of payment by offering something of equal value or service to the item or service being bought. Then, the coins and banknotes (fiat currency) were invented. The fiat currencies were originally backed by silver and gold and is still being used today. After that is the usage of bank cards and electronic payments. However, using bank cards and electronic payments comes with an additional cost; that is because transactions using this option needs the intermediation of banks. Because of this intermediation, a certain person or group called "Satoshi Nakamoto" invented the blockchain technology and the bitcoin.
Now, imagine everything can be transacted through the blockchain. Isn't it wonderful?
Roughly 10 years since the inception of the blockchain white paper, we are starting to realize this technology. However, this technology is not yet perfect and needs development for it to be fully applicable globally. The main problems of bitcoin are the transaction speed and transaction fee.
As we have experienced last December, there was a sudden rise of volume of users and the price of bitcoin. It was a wonderful time for holders; however, there was also a massive increase in transaction fee and transaction speed. The lightning network may solve these problems, however, there is still no light on how the development is going.
Aside from Bitcoin there are other cryptocurrencies also known as altcoins. Altcoins are also digital currencies based on the blockchain technology, but may have different or better specs than bitcoin. However, we cannot say for sure if these altcoins are really better than bitcoin unless we see the volume of these coins compares with the volume of bitcoin.
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