The Bitcoin Lightning Network has not been able to gather the attention from the masses that it deserves. As per the latest articles authored by Peter St Onge, it is the future of fintech and the next big innovation since the internet. Peter St Onge has a doctorate in Economics from George Mason University and a bachelor’s in Economics and Political Science from McGill University.
While attending the Porcfest festival organized by Free State Project in New Hampshire, Onge noted down several advantages of the LN that have not been educated to the masses. He mentioned in his article the innovation and the fintech excellence that the LN has brought to the Bitcoin network and traders. He has pointed out that LN has become the apex exchange medium for Bitcoin holders all around the world.
Onge started his article by claiming that Bitcoin as an asset has already proved its position as a successful store of value. Bitcoin is, at the moment, digital gold that allows the investors to hedge against the rising inflation and uses their reserves instantly as financial compensation, putting several steps ahead of the fiat and gold commodity.
Onge further shared that the transfer fees on the LN are almost negligible. He noted that the people performed 20,000 transactions in sats with only $4.98 in gas fees. Furthermore, the transaction size does not affect the transaction size, and a person can pay for a car or a house with the same $4.98 transfer fees. LN uses only 1/40th of a penny to process a single transaction that is a far smaller fraction in comparison to any credit card transaction fee. On top of all this, the LN is always up and running regardless of natural disasters, stock market troubles, holidays, weekends, and any other possible break that affects the current fintech infrastructure.
As per St Onge’s observation, the LN has managed to score an exponential growth since the start of May. Since the 2nd quarter, the layer two solutions has expanded by 635%. More layer two applications have launched on the network, and new talent has been invited by spreading the word around. The project is not a grift-pitch or a fad since it has been developing since 2015 when its Whitepaper was first made public.
From 2015 to 2019, the LN grew in popularity among the developers and software engineers and went through a brief dormant period of two years. There are several other competing MOEs like Dogecoin, Bcash, Litecoin, RippleNet, Bcash, among others, and Bitcoin LN has managed to surpass them thus far. Onge noted that the internet required the invention and popularity of the web-browsers to become a trillion-dollar industry, and LN is also searching for such decentralized services to act as a rail for its mass adoption.