Lighting Network Developer Explains Why Bitcoin is the Next Global Currency
The creation of Bitcoin by mysterious Satoshi Nakamoto was not made by chance; the goal was to give people the control over their money. His target was to eliminate banks’ and governments’ monopoly over money and let the user take full control back. His dream is about to come true.
If Nakamoto showed up now, he could be surprised by the current Bitcoin potential. Already the currency has shaken the financial sector and the entire tech world is looking up to his creation. The coin’s value is predicted to hit the $100,000 mark and entrepreneurs are pitching the coin to become the global currency of choice.
Global Scale Currency
The entire world knows Bitcoin and what is it capable of and many wish to own a piece of the coin. After a trip to China, one Lighting Dev shared the first-hand experience of the coins’ potential and his experience is a true testimony to what the financial world should expect in the future.
Meet Jack Mallers, a Lighting Network developer at Zap specializing at LN desktop base wallet solutions. He doesn’t stop on desktop wallets only but headed to iOS wallets as well. During his recent service promotion trip to China, he covered different topics starting with Bitcoin, Zap, Lighting and finishing with their future outlook. In his recent series of tweets he pointed out:
“1/ I’ve been in China the last week talking all things Bitcoin, Lightning, Zap, and what the future may look like. The reception has been amazing and made this experience something I will never forget.”
Any cryptocurrency poised to be a global currency must break barriers and spill across borders and that is what Bitcoin has been able to achieve in 10 years. Bitcoin ecosystem became this melting point for cultural differences, businesses, hobbies, and languages.
“2/ Bitcoin is the world’s first global language. All of us don’t natively speak the same language, eat the same food, enjoy the same hobbies, but we all gravitate to projects like Bitcoin, Lightning, and Zap because they represent a better world.”
Apart from Bitcoin overcoming “all language barriers,” the largest coin by MCAP has not been slowed down by central government restrictions, public criticism, social sander, and corporate hatred:
“It has been outright banned in some countries, and has had its name dragged through the mud by finance magnates, banking executives, and politicians alike, yet it still lives on strong.”
Why Bitcoin Is Perfect Technology?
There has been a lot of noise from altcoin market supporters but this has not dampened Bitcoin market dominance. The coin is fully encrypted and decentralized; it is not restricted by authorities nor geo-targeted but instead flows freely globally. It has proved to be a reprieve for the unbanked irrespective of their global residence as Mallers writes:
Replying to @JackMallers
“3/ Bitcoin is not software that is lacking consumer adoption, an app that is not meeting performance benchmarks, or a business that needs a change in leadership. Bitcoin is a global phenomenon. An idea and a movement that represents a more connected and free world.”
He goes on to add:
“4/ the force of Bitcoin overcomes all language barriers, government restrictions, public shaming, social attacks, and corporate enemies. It is something you don’t truly understand until you see it, use it and interact with it.”
Bitcoin Subtle Use Cases in Struggling Economies
The beauty of Bitcoin is that it is never over-hyped its subtle use cases have come out screaming in struggling economies, Venezuela is a good example of such an economy where BTC has played a critical role. Without the help of crypto, the citizenry in the country could have succumbed to the government-controlled native Bolivar currency and their lives could have turned out pathetic.
Bitcoin has given the citizenry a new lease of life and helped to enjoy some of the basic financial freedoms. The government unwillingness to let go of their authority meant the residents suffer in silence. This is among the many untold cases across the globe that never comes to the public domain.
Will Lightning Network Catapult Bitcoin to be the Global Currency?
Bitcoin has not had a smooth run and its global adoption saw the network congestion issue arise during the last bull-run. Slow transactions meant high fees and this came at a time when no one anticipated mass adoption.
The network congestion has seen the introduction of a second layer which might be a timely move to unlock part of Bitcoin potential that will send it to be the next global currency. The emergence of Lighting Network is to improve transaction speed and reduce the fees drastically and this is what Jack Mallers is talking about.
More Global Coin Claims
Mallers is not alone, he has support from Jack Dorsey, a renowned Bitcoin bull and a top entrepreneur who believes the coin is headed to become a global currency. He has taken time to involve himself with the Lighting Network project to ensure the coin dream is not shattered along the way.
Others who believe Bitcoin is headed the global way include Twitter and Square who have embraced Bitcoin Lighting network to tip and transact respectively. Square cash App on its part has taken on Bitcoin LN to give its adopters a better user experience.