The node capacity of the Bitcoin Lightning Network has reached a new all-time high at 5,630 BTC, equivalent to $170 million. This represents an increase of 350 BTC since the beginning of the year. However, in terms of dollar countervalue, the network is still far from its all-time high of $217 million in November 2021. The increase in capacity indicates overall growth for the network, which is slowly approaching significant numbers. The integration of the Lightning Network by Binance could further boost the network’s growth and allow for micro BTC transfers for new users. The average size of each Lightning channel has also reached an all-time high, showing the expansion of the network.
The Lightning Network offers greater scalability and lower fees compared to traditional payment providers like Visa and Mastercard. While Bitcoin’s mainnet is already a cheap payment solution for large transactions, it is slow and expensive for small transactions. The Lightning Network solves this problem by offering low fees and instantaneous operations. The network’s developers believe it has the potential to surpass Visa and Mastercard in terms of transactions per second. Currently, the Lightning Network charges 3,000 satoshis (approximately $0.91) for every BTC exchanged, which is significantly lower than the fixed interbank commissions charged by traditional payment providers. If the Lightning Network continues to grow, it could become a major competitor to fiat payment companies.
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