Concerns mount as Bitcoin's Lightning Network sees 13% drop

09 Jun, 2019
by Richard Allen
Bitcoin
Concerns mount as Bitcoin's Lightning Network sees 13% drop

According to data from 1ML, the capacity of Bitcoin’s Lightning Network, the cryptocurrency’s layer-two scaling solution, recently saw a 13% decrease. Many are concerned the drop will affect its liquidity and long-term potential, CryptoGlobe reports.

The data states that Bitcoin’s Lightning Network dropped from a high of 1,100 BTC to 958.9 BTC over the last 30 days. The network's capacity reportedly peaked in March this year.

Once users began noticing the sudden drop in the flagship cryptocurrency’s scaling solution, noting a corresponding drop in its liquidity, they began reporting the issue on Twitter.

LNBig, one of the larger node operators on the network, stated on Twitter that they might have had something to do with the drop. They stated that they closed not-public channels initiated from their side, but an error in the script caused them to close much higher than intended, leading to a drop in liquidity.

Chepicap recently reported that a popular bar in Japan, Awabar Fukouka, has implemented a trial whereby users are able to buy drinks using the Bitcoin Lightning Network. While many businesses have been hesitant to adopt Bitcoin as a means of payment, the fast and cheap payments the Lightning network offers should spur adoption.

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