Game Changer For Bitcoin??? Could This Be Something That Jumpstarts A Run???
We all know the mantra.
"Bitcoin is too slow and costly to ever be used as a payment system."
The system is not designed for quick payments. This opened the door for other cryptocurrencies to enter the mix for title of "digital money".
We might want to hold the horse on that one. There are plenty of smart people working on that blockchain who are trying to scale it up.
One approach is to implement the Lightning Network.
Now we are seeing a major step in the verifying if this will work.
The Chubu Electric Company is exploring how to use the Lightning Network as a way to pay for charging up electric vehicles with Bitcoin.
While this is nothing more than a test, it is a means of trying to open the door for other uses such as parking meters. The fact that the Lightning Network performed well shows there is the possibility for Bitcoin fulfilling micropayments.
Chubu is looking at the bigger picture of how Bitcoin and the IOT can work together.
What is attention grabbing about this is the size of Chubu. It is Japan's third largest electric company. Lightning Network is something it is committed to experimenting with going forward.
https://www.coindesk.com/japans-third-largest-electric-provider-testing-bitcoin-lightning/
The last two months saw a great deal of FUD especially around Bitcoin. We know most of this originates with the banksters who then feed the MSM. We are still in the early stages of the entire crypto realm where development is still the most important component. Seeing some promising news come out about the most well known cryptocurrency is helpful.
We know markets are their own entity and operate according to whatever whims drives them. There is often a disconnect between what is going on with development and price action. Nevertheless, this news shows that Bitcoin is far from dead.
Perhaps all the FUD was a bit misplaced.
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I just leave it here:
I don't think there is any real debate among educated people about the usefulness of blockchain technology. However, the real question is, to which extent are altcoins shitcoins? How dominant will BTC be in the long run?
I personally think that in terms of speed, security and scalability Steem is vastly outperforming BTC and will continue to do so for a long time!
I doubt the lightning network will make Bitcoin great again. I mean it's definitely a big step forward, but BTC will continue to lose dominance in the course of 2018. So many other cryptos have been created. Many of them have already proven its applicability to use cases like micropayments that I do not believe BTC will take this niche again as a dominant player.
Successful integration of lightning will definitely affect positively on BTC price but it will continue to move towards store of value use case (similar to gold) rather than a mean of payment.
Even more so - lightning is NOT a scaleability solution - you still need to do 2 onchain operation for each channel. With 7 operations a second onchain it's unsustainable on a worldwide scale. But makes more centralisation, as you need a highly liquid, connected hubs for lightning. It's a bitcoin banks per se. Such a present for a government regulation and extortion.
I believe in DPoS or DAG systems witch is natively scalable.
Are you kidding me right now? What more could
we ask for? Bitcoin and crypto in general are gradually taking the first place in the hearts of people and investors. This is great news and I am really excited about this right now.
I am certain that there are more of good news like this to come and I am keeping my fingers crossed for that.
Thanks for sharing this news with us, and it's an boosting sign in the perspective of growth of Bitcoin and it also help in the loosen up of the speculations which are surrounding Bitcoin from long time. In my opinion an lightening transaction network will provide an efficiency. But in contrary in my opinion the Dominance of Bitcoin on the Cryptocurrency market should decrease because if price of Bitcoin decreases then inturn it leads towards the pulling back of the prices of Altcoins. Wishing you an great day. Stay blessed. 🙂
Lightning Network could be game changer for bitcoin,
Really informative article
Smart move to buy now while it is cheap. It is the crypto name brand and lightning will make it work.
Bitcoin is here to stay and have the brand. Most of the altcoins only replicate the same utility of transferring value, and most of them will die and disappear in the near future.
Bitxoin is still the king right now, sit even more steady on its throne with the compliment from lightning network.