Despite the recent downturn, bitcoin has seen increased adoption on a broader scale. The digital asset has been doing well, with El Salvador purchasing the dip and lightning network adoption increasing. The most recent sign of increased bitcoin adoption is the presence of bitcoin lightning network nodes. Data show that the number of lightning nodes has increased significantly in the last three months.
Increase in Bitcoin Lightning Nodes
The bitcoin lightning network has seen slow but steady adoption since its inception. Until the 2018 bull run, when transaction fees skyrocketed, the need for a lightning network had largely gone unnoticed. As it became clear that there needed to be a way to reduce transaction fees on the bitcoin blockchain even during peak transaction times, the lightning network was implemented.
Since then, the number of lightning nodes has increased in small increments at various points in its history. None, however, have been as significant as the three-month increase.
Nodes added to the network increased from September 3rd to December 3rd. During this time period, 3,534 new nodes were added to the network. During this three-month period, the total number of lightning network nodes surpassed 18,000, representing a 23 percent increase in this time frame.
This expansion has coincided with a number of adoption initiatives, which have seen more users adopt the bitcoin lightning network as their default method of sending BTC. The adoption of bitcoin as legal tender in El Salvador, as well as citizens using the lightning network to pay for goods and services with bitcoin, have been particularly notable.
The lightning network allows transactions to be sent off-chain, making them faster and cheaper than on-chain transactions, which is the main reason for its recent adoption.
What effect does the increase have on the network?
The increased number of bitcoin lightning network nodes is a good thing. To begin with, this allows the network to handle more transactions. It will allow the blockchain to scale and, as a result, handle more transactions. It also means faster transaction times and lower network fees for users.
Bitcoin’s rise has attracted a large number of investors, and more are expected to follow in the coming years. This influx of new blockchain participants would result in increased network activity, resulting in slower transaction times and higher fees. With the expansion of the lightning network, it will be able to increase capacity and allow for more transactions at low fees.
Aside from El Salvador, another popular lightning network implementation has been the Twitter Tip Jar. This feature on one of the most popular social media platforms allows followers to quickly tip their favorite content creators for low or even no fees.
