Bitcoin Lightning network node count jumps 23% in three months

[ad_1]

Despite the recent downtrend, bitcoin is seeing increased adoption on a larger scale. From El Salvador buying the dips to the rising Lightning Network adoption, the digital asset is not doing too badly. The most recent indication of increased bitcoin adoption has come in the form of Bitcoin Lightning network nodes. Data shows that these lightning knots have registered a significant increase over the past three months.

Bitcoin Lightning Node Increase

Since its launch, the Bitcoin Lightning network has seen slow but steady adoption. Most of the time, the need for a lightning network only became relevant after the bull run of 2018, which saw transaction fees increase dramatically. It soon became important that there was a way to reduce transaction fees on the bitcoin blockchain even during peak transaction times, and as such the Lightning Network was embraced.

Related reading | Asks Tesla to Resume Bitcoin Payments As Mining Reaches 57% Renewable Energy

The number of Lightning Nodes has increased since then, registering small increases at various points in its history. However, none are as significant as the increase recorded over the past three months.

From September 3 to December 3, the nodes added to the network continued to climb. During this period, a total of 3,534 nodes were added to the network. This three-month period saw the total number of lightning network nodes exceed 18,000, which represents a 23% increase over that period.

Number of Nodes on Lightning Network Grows 23% | Source: bitcoinvisuals.com

This growth has been synonymous with a number of adoption initiatives that have seen more and more users adopt the Bitcoin Light network as the default way to send BTC. Most notable has been the adoption of bitcoin as legal tender in El Salvador and citizens using the Lightning Network to pay for goods and services using bitcoin.

Essentially, the Lightning Network allows transactions to be sent off-chain, making it faster and cheaper than on-chain transactions, the main driver of its recent adoption.

How does the increase affect the network?

The increase in the number of nodes in the Bitcoin Lightning network is positive. For starters, it allows the network to accommodate more transactions. This will allow the blockchain to adapt and, as such, to perform more transactions. It also means faster transaction times and lower fees for network users.

Related reading | SEC boss admits Bitcoin is a competitor of the US banking system

Bitcoin’s growth has attracted many investors, but more are expected to arrive over the years. This influx of new blockchain entrants would lead to increased network activity, resulting in slower transaction times and higher fees. With the expansion of the Lightning network, it will be able to increase capacity to enable more transactions at low cost.

BTC moves above $ 51,000 | Source: BTCUSD on TradingView.com

Besides El Salvador, another popular implementation of the Lightning Network has been the Twitter Tip Jar. This feature on one of the largest social media platforms allows subscribers to quickly tip their favorite content creators for little or no charge.

Featured image from The Block, chart from TradingView.com

[ad_2]