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THE LIGHTNING NETWORK TO IMPROVE BITCOIN

Venture capitalist Tim Draper is convinced BTC is headed for the stars

by Poker King|November 18/2019|views: 78

Bitcoin (BTC)has been around for some time. Functioning for the past 10 years, it’s likely to be here for longer than anticipated by well-wishers.

BITCOIN TO REACH THE COLOSSAL $250,000

Draper is convinced Bitcoin will hit a mammoth mark as high as $250k. His predictions once concluded this is likely to happen by 2022, although later he altered his prognosis. Hi believes the quarter of a million mark will be reached by early months of 2023. He stands by his prognosis.

Tim Draper expressed his strong belief Bitcoin will reach unheard popularity and power due to its affiliation with the Lightning Network. In an interview, he explained the Lightning Network has the full potential to improve Bitcoin’s transaction times and network’s speed.

IN THE BEGINNING THERE WAS… BITCOIN

The pioneer of crypto, and the largest coin by market size, Bitcoin remains an unshakable power. Once BTC started getting traction, more altcoins saw the light of day. Without it, there would have never been projects like Ethereum and EOS or Litecoin.

BITCOIN REMAINS SLOW IN TRANSACTIONS

When comparing transaction speed, Bitcoin remains slow. EOS and Ethereum can finish up transfers from a couple of hours, to just a few minutes. Whereas Bitcoin transactions can take days to complete. This factor doesn’t serve well for users expecting a quick turnaround when requesting or receiving payments. And here comes the Lightning Network.

THE LIGHTNING NETWORK IS THE FUTURE OF BITCOIN?

The Lightning Network is a payment protocol, also known as Layer 2. Operating on top of a blockchain-based cryptocurrencies, the protocol enables quick transactions between nodes and is the main solution pointed for the Bitcoin scalability problem.