Bitcoin is already a huge success story. Can cheap Lightning Network transactions take this party to the next level of success? As we look into this new technology, we look to Peter St Onge for his ideas. He talks to us through his CryptoEconomy newsletter. Porcfest New Hampshire. Throughout the festivities, attendees traded using Lightning Network.
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“It was a confirmation on the ground of what the statistics are already saying: The Lightning Network has arrived. It is now clear that Bitcoin as a true medium for exchange has been created by the Bitcoin developer community. Transfers are instant, almost free, and as simple to use as any other app on your phone (e.g. Uber, Venmo, Twitter).
This is a detailed description of the current Lightning Network situation. However, we are here to explore another idea of sound. “How lightning strikes at a fraction of the cost of electricity is changing the world», St Onge tells us:
“Millennia of inventions show that they only start to change the world when they get cheap. This means that Bitcoin’s real-world disruption is yet to occur. Lightning Network can take it there from today’s ‘digital gold’ to something new in the world. order of agriculture, printing and the Internet itself.
Lightning Network’s almost-free transactions will bring Bitcoin into the “real world”Something revolutionary“Level?” We’re here to help.
Lightning Network Solves Problems For Less
To complete the “Something revolutionary»Idea, the author gives us this principle:
“It’s not the invention that counts, it’s the diffusion. Steam engines, for example, were invented. In the 1st century ADBy Heron of Alexandria, then forgotten about for approximately 1,500 years. Independently rediscovered, the greatest transformation since the invention agriculture.
“To make a difference in the world, you need to solve problems and be inexpensive enough that it makes sense.The benefits must outweigh any costs.“Inexpensive technology solves exponentially more problems than expensive technology. Peter St Onge is a full-fledged supporter of the Lightning Network’s “Cheap magic, revolutionary, and revolutionary.“
BTC price chart at Bitbay | Source: BTC/USD on TradingView.com
Potential applications for microtransactions
According to the author, the Lightning Network could prove useful for:
- “Trades that have a high overall value but are too expensive on their own.“
- TradetIndividually very valuable goods that are not yet available for trade are considered too costly or are subject to regulatory restrictions.“
- Plus, “Lightning could cause uncensored voice platforms or uncensored trade in tangible items.“
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Also, “There are millions of outdated or failed business plans across the ages. However, there are still viable business plans that are viable with low transaction costs.According to Peter St Onge. The author concludes his prediction with a very large time window.
“And, to be fair, we’re not talking about an overnight revolution; Lightning grows fastBut he probably still has years to climb the ladder. So, I don’t know if this is 2 years or 20. However, neither should be shocking.
However, I believe that microtransactions can unlock the full potential of Bitcoin beyond the limits of cash.
He points out that the Lightning Network is affordable enough and user-friendly enough for Bitcoin users to potentially reach the next billion. The party is just beginning.
Let’s wrap this up with a stunning two-part video. It shows how the Lightning Network was attacked and then defended and ultimately won.
(PART 2). pic.twitter.com/gTwsqSLaUb
– ₿ Isaiah⚡️ (@BitcoinIsaiah) August 24, 2021
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