Whenever we send payments via the Bitcoin network, it takes time to get transferred and some amount of it is gone to the miners. Although, the fee which is paid to the miner isn’t high, but it due to congestion there are chances that it might take more than 2 days for it to get transferred. That’s why Lightning network was introduced.
During the beginning of July, The Lightning network had 55 BTC and as of the press time there are around 97 BTC on the network. This is means, the network has grown up by around 76%. The amount of bitcoins went up to 120 BTC when Andreas Brekken was testing the network.
As found on 1ML, It’s not just the number of Bitcoins which have increased on the network, but the number of channels also have grown by 79.3% and as of the reporting time, there are around 11,264 channels on the network.
The whooping growth of the Bitcoin Lightning Network doesn’t mean that there is a problem with the main network. However, there surely are some things better on the Lightning Network which we think are fast transfer and low fees.
Also, Andreas Brekken, CEO at ShitCoin tested the Bitcoin Lightning network and he suggests everyone to stick with the main network while the bugs and issues in the Lightning network are solved, Below we’ve quoted the exact words he used in his review,
“Sending payments using the Lightning Network is cheaper than the regular Bitcoin network, but suffers from routing errors and wallet bugs that make it impractical even for highly technical users.”
There are various applications which can perform better on the Bitcoin Lightning network than the main network. For instance, One day if stores or outlets started accepting Bitcoin, using the Lightning network would lead to faster transactions which would be cheaper.
