The state of the Bitcoin Lightning Network in 2023
To what extent does the surge in the use of custodial wallets and difficulties in running a Lightning node undermine the Lightning Network? The Lightning Network, a layer-2 payment solution built on top of the Bitcoin blockchain, is six years old. Products, users and the amount of Bitcoin (BTC) sent on the Lightning Network (LN) has sky-rocketed in 2023, despite the price per Bitcoin slipping under $20,000. Source: Twitter/Kerooke The LN has benefited from the integration into the Nostr protocol — in which users can send one another satoshis (small amounts of Bitcoin) — and the proliferation of custodial and noncustodial LN wallets, and its formal integration in territories such as El Salvador and Lugano. From Mediterranean cities to Senegal, the LN is also growing as a peer-to-peer means of payment. Nonetheless, despite its growth, concerns still stymie the network, according to key opinion leaders interviewed during Advancing Bitcoin Developer Conference in London. Eric Sirion, co-...