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|Bitcoin Network: Cryptocurrency Could Finally Become Day-to-day Currency by Litmus: 6:26pm On Apr 08|
We are seeing genuine adoption of this amazing technology,’ says CTO of crypto exchange
A network aimed at transforming bitcoin into a mainstream form of payment has doubled in size over the last year, new data has revealed.
The Lightning Network – an additional layer added to bitcoin’s network to facilitate transactions – now has more than 10,000 nodes after major cryptocurrency exchanges and payment apps adopted the technology.
Bitcoin was originally conceived as a new form of currency, having been described as a “peer-to-peer electronic cash system” in the 2008 white paper written by the pseudonymous Satoshi Nakamoto.
However limitations to bitcoin’s underlying blockchain have led to significant inefficiencies within the network for processing transactions.
The bitcoin scalability problem, as it is known, means that the more the bitcoin network grows, the more cumbersome it becomes. Each new user makes it increasingly time consuming and costly to send and receive payments, to the point that buying something small like a coffee can come with a fee that is higher than the cost of the drink itself.
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