Bitcoin not very suitable for payments, but Lightning Network solves that problem

Samson Mow, chief strategy officer at Blockstream (CSO), says bitcoin (BTC) is poorly designed for making everyday payments, but [...] https://www.pinterest.com/pin/1085437947660215829/

Samson Mow, chief strategy officer at Blockstream (CSO), says bitcoin (BTC) is poorly designed for making everyday payments, but Lightning Network solves that problem. Mow - who is also the co-founder of former cryptocurrency exchange BTCC - made the comments in an interview with the SFOX blog on August 15. Bitcoin + Lightning Network = new quality Mow admitted that he doesn't see an everyday use for Bitcoin, joking that he himself still uses credit cards rather than cryptocurrency in his daily life. In his view, BTC is used for something else: "It's more of a store of value and a means of transferring wealth. It's not something you use every day for payments." Mow said that for payments, we have the Lightning Network: instant and virtually free - designed exactly for everyday payments. He recalled that it takes an average of ten minutes for a transaction to clear on the BTC network, but that's an average. In practice, everything can take up to three hours. As we know from late 2017, the transfer of cryptocurrency can extend up to a day.... And while Mow is still using credit cards, he notes that Lightning Network as a network could change this whole situation once it begins to be more widely used. There's Bitcoin, and then there's everything else He argues that bitcoin is in a class of its own. Since the disappearance of its creator, no person or entity has fully controlled it. He said: "Someone invented the phrase" Bitcoin was born a virgin ". None of the altcoins have that. They are all copies of the concept of Bitcoin [...], without that kind of virgin birth [...] someone is able to assert power over the network and control the roadmap of the project or have any other influence on it all ". Mow also noted that Facebook's LibraCoin has now become a topic of debate. He sees that the project's goal is also to speed up transactions. However, he suggested that the social media titan "should just use Bitcoin." The Lightning Network is indeed thriving and there is a chance that in a few months, as Mow wants, it will become widely used. Tags bitcoin bitcoin Lightning Network Blockchain Lightning Network