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.
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.
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.
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 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.