TD₿: Riding the Lightning Network by Sam Callahan

TL;DR The Lightning Network will make cross­-border payments faster and cheaper which will help increase economic growth and international trade across the globe.

Hey Bitcoiners, 

Technology takes a while to catch on even if it’s a stepwise improvement on the existing technology widely used today.

There’s probably a no better example of this than email. In 1997, it is estimated that around 10 million people had free web-based email accounts. By 2007, that number had grown to billions of people who use email every day.

Now clearly email is a better alternative to traditional mail services for obvious reasons, but despite its technological advantages, it still took many years for the majority of people to adopt it.

I believe we are going to see a similar dynamic play out with the Lightning Network when it comes to cross-border payments. The Lightning Network greatly improves on the outdated and slow cross-border payment system still in use today.

Over the last couple of years, it has experienced rapid growth, with the total amount of Bitcoin locked in the Lightning Network reaching an all time high of 4,207 BTC yesterday.

Despite this recent adoption, the Lightning Network is still far away from mass adoption. I believe decades from now the Lightning Network will be viewed similarly to email in that its adoption will be obvious in hindsight given how much it improves the current traditional cross-border payment system.

Swan analyst Sam Callahan wrote this in-depth article that delves into the current problems impacting the cross-border system that the Lightning Network aims to fix. (05/03/2022)

The moral of the story is it takes time for the majority of the population to adopt new technologies even if they offer them superior results. This is why education is key as people continue to learn about why this technology is better than the tools they use today to send payments around the world.

Tick tock next block,
Cory Klippsten

PS - Swan Studios recently launched a weekly Bitcoin news show — Hard Money with Natalie Brunell. Check out the latest episode here!

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Quote of the Day

“As a business owner, Bitcoin, & particularly, the Lightning Network enables me to accept payments from my customers at essentially zero cost (compared to ~3.5% with Visa), w/ instant settlement & no fraud/chargeback risk. I pass my cost savings back to users instead of the bank.” - abitcoinperson, Head Intern at The Bitcoin Company

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Job of the Day

Bitrefill, a Bitcoin e-commerce site, is looking for a Frontend Developer to help implement and improve the UI/UX of their platform. Check it out!

Not your particular skillset? Check out all the Bitcoin jobs at bitcoinerjobs.com.

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Event of the Day

Tonight — Captain Sidd is in San Diego on his Great American Bitcoin Tour and he is stopping by Ocean Beach Brewery from 6:00-8:00 pm.

Not in town for this? Check out all the Bitcoin events at bitcoinerevents.com.

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Meme of the Day