Bitcoin Lightning Network Payments Has Grown by 800% in 1 Year

According to Arcane Research, a record 80 million cryptocurrency users currently have access to the Bitcoin lightning network. Access to the Bitcoin Lightning network stood at 100,000 crypto users a year ago, showing an amazing 800% increase in access in the stated period.

As the report said the increased access to the Bitcoin Lightning network is due to an increase in the number of payment applications that include the payment service, as described in the following statement and accompanying chart showing user growth.

“We estimated that just over 100,000 users had access to Lightning payments globally last summer. In March 2022, we estimate that more than 80 million people had access to Lightning payments on an installed application. The majority of these users come from a select few applications integrating Lighting payments, but the number of users on already existing applications has also risen significantly.”

The report highlights the growing use of the Bitcoin Lightning Network as a payment method. Furthermore, the number of Bitcoin Lightning Network transfers has ‘nearly doubled over the last year, while the value of the payments has surged by more than 400%, measured in US dollars.’ The Lightning Network ‘will become more capacity efficient as infrastructure solutions mature, and public measures will likely underestimate future growth.’

Moreover, hyperbitcoinization will not be the only means through which the Bitcoin Lightning Network will grow. According to the Arcane Research team, the Lightning Network infrastructure providers‘ facilitation of seamless and low-cost conversion between fiat currency and bitcoin’ will produce a ‘superior payment rail even without people knowing or caring that they use bitcoin on the Lightning network.’

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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