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Doing Just Fine: No Need for Lightning Network

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Written by   10
1 year ago

The Bitcoin community has many concerns about having a second layer network known as the Lightning Network, which in some cases has already lead to "centralized hubs" as a user revealed in an in-depth visual analysis.

Source: Hackernoon

The Lightning Network was intended to alleviate the congestion on the Bitcoin network as the block size was reaching its limit. As Lightning did do its part in helping to improve the usability of Bitcoin, it came with its own problems mentioned in the analysis above and steers it away from decentralization. Quite the opposite of what most in the crypto community wants.

Because of the need for a block size increase, Bitcoin Cash has been able to progress its network and operate just as fast without the need to implement a Lightning Network of its own.

Source: Coin Dance

The CTO of IntoTheBlock chain analysis platform Jesus Rodriguez shared some of his analysis back in August 2019 and revealed some interesting info.

Charts show some steady activity as the comparison with the number of new addresses to the number of addresses that are moving BCH to a balance of zero is almost the same.

Source: Hackernoon
Source: Hackernoon

The distribution looks to be well even globally as data shows transactions that take place from East-West.

Source: Hackernoon

Read here for the full analysis.

With seeing the likes of @sjbuendia spreading the word about Bitcoin Cash in the Philippines, the distribution in Asia will continue to rise.

Source: @sjbuendia

The even distribution is an indication of global adoption. However, regulations still hold it back with the rest of crypto for mass global adoption.

Decentralized Finance (DeFi)

With the Simple Ledger Protocol (SLP), the Bitcoin Cash network can keep its foundation intact and join the world of DeFi with smart contract features enabling the creation of tokens and paying out dividends.

Being the True Bitcoin

Source: Twitter

While the debate continues, taking a look at Bitcoin Cash and its usability to those that have made transactions with BCH can honestly say it's faster and cheaper than using Bitcoin itself. Most places like exchanges require a larger minimum withdrawal and fees (for good reason) but that does make it more expensive and less ease of use for the coin. Bitcoin Cash withdrawals/transactions usually just cost cents with no Lightning Network that makes it more of a secure fast transaction that is supported by most major exchanges, merchants, holders, and investors.

One of the more recent and known news of BCH is one of the coins added to Rakuten, the Japanese e-commerce company compared to Amazon. Rakuten launched its crypto wallet and allows users that accumulated points to convert them to crypto-assets such as BCH, BTC, and ETH. The Rakuten wallet is currently limited to Japanese customers.

Source: Rakuten Wallet

Just last month in December 2019, a Burger King in Slovenia began accepting Bitcoin Cash as payment.

BCH continues to see live real-world usage at merchants and adoption continues to grow. What good is having all these coins if nobody uses them? Bitcoin Cash is meant to be used, spent, traded, held, and given.

Why be busy worry about which Bitcoin to have when it's better to worry about not having enough of both.

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Avatar for Messier87
Written by   10
1 year ago
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