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.
If you found this article informative, please give it an upvote.
To receive the free basic income tokens you are entitled to and help end world wide poverty, please click the following:
Picture by Google Images
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
Yeah, thats good idea i think .
Everywhere we should try our alternative best sothat we can get the valuable oportunity .
Thanks for your informative post sir @taskmaster4450
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.
I've been using dogecoin lately and that is super cheap to send some funds. I transfer bitcoin to that real quick especially want I got some extra steem bitcoin was just too much to pay. Chubu seems interesting I'll have to look into it. It could be huge for japan just how NEO is for china. Each country can have their main crypto which I feel like is bound to happen sooner or later.
Smart move to buy now while it is cheap. It is the crypto name brand and lightning will make it work.
Bitxoin is still the king right now, sit even more steady on its throne with the compliment from lightning network.
Nice post
have mixed feels about lightning network - will it help scalabilty to address the volumes that bitcoin would have once it hits the all time highs again and secondly will lighting network cause centralisation of the mining process. Needs to be seen I guess
Lightning Network good development for bitcoin!
For me seeing is believing, so until we see these improvements fully implemented I'm still viewing bitcoin as the old man of crypto :)
This is why you shut the mainstream media off when it comes to crypto. They haven’t a clue on how the world is changing.
I've been messing around with Bitcoin the past week and I have to tell you, while it's not as fast as Steem or even Litecoin for that matter to do transactions, I've been pleasantly surprised at how quick the turn around was for when I sent the coin to getting confirmations it's been sent.
Didn't take long at all. Now mind you, it wasn't less than a minute or anything but a lot better than it was a month or two ago for sure.
I have not used BTC in a while for a transaction but what you experienced is what I have read. That fees are down and the transaction time is tolerable.
My view on BTC is that it might never be a micropayment token but there are still a ton of transactions that do not require verification in a few seconds.
80% of the transactions in the US by value, I read, still go through the banking system. Credit and debit cards (the things used for cups of coffee) only account for 3%. BTC can handle all that goes through banks faster and for less.
Maybe Bitcoin can get a little help from their friends. I'm sure there are plenty of players out there that could help with their payment issues, maybe they just need to ask. 😎 What do you think BC?
BTC will always be making strides to improve. I think that Bitcoin will die out when cryptos become very mainstream. Even then, that blockchain may have been improved so much that it's still useful.