Even though bitcoin is experiencing a downtrend in popularity, it has seen increased adoption. Bitcoin has been gaining popularity, from El Salvador buying the bitcoin dip to the lightning network adopting more of it. Recent evidence of increased adoption of bitcoin has been the bitcoin lightning network. These lightning nodes showed a substantial increase in adoption over the past three months, according to data.
Bitcoin Lightning Nodes Increasing
The bitcoin lightning network’s launch has been slow, but steady. Most importantly, the necessity for a bitcoin lightning network wasn’t realized until after the 2018 bull run that saw significant increases in transaction fees. The need for a lightning network to allow lower transaction fees was recognized quickly.
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Since then the number of lightning nodes have increased, with small increases at different times. The increase in lightning nodes over the past three months is however the most significant.
Nodes were continuously added to network from September 3rd to Dec 3rd. The network saw 3,534 new nodes in this period. The total number of lightning network nodes surpassed 18,000 during this three-month span, which is a 23% rise.
Increase in lightning network nodes by 23%| Source: bitcoinvisuals.com
The bitcoin lightning network has seen a lot of users use it as their default method of sending BTC. It is notable that El Salvador adopted bitcoin as its legal tender and people use the lightning network for payment of goods and services.
The main reason for its adoption is the lightning network, which allows transactions to be sent off chain.
How does the Network react to this increase?
Positive changes can be seen in the increase of lightning network nodes. It allows more transactions to be handled by the network. This will allow the blockchain to grow and thus, perform more transactions. Users will enjoy faster transaction speeds and lower fees thanks to the blockchain.
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Bitcoin’s growth has attracted a lot of investors but more are expected to come in as the years go by. With the increase in new users to the blockchain, there will be more activity and therefore slower transaction times. This would also lead to higher fees. The lightning network will expand to be able allow for more transactions with lower fees.
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Other than El Salvador, the Twitter Tip Jar has become a popular lightning network implementation. The Twitter Tip Jar is a feature that allows users to quickly tip their favourite content creators at low, or even no fees.
Featured image taken from The Block Chart from TradingView.com