Bitcoin- The Future Visa After Lightning Network Adoption?
In the year 2025, you call your utility company to make a payment on your electric bill. The automated system prompts you yo enter your account number and zip code, and then the payment options: Visa, Mastercard or Bitcoin via Lightning Network...
Bitcoin has come a long way since its inception in 2009 after the financial crisis, and has weathered 3 bear markets where it list 80-90% of its marketcap and resultant coin value. The major impediment to mass adoption of Bitcoin as a payment option has been its scalability. Visa can currenlty handle thousand of transactions per second, while Bitcoin is stuck at just 7 with a block size of 2500 every 10-minutes. The Lightning Network solves this issue by creating a user- to - user connection that is open for a period of time and consolidates all transactions undertaken.
As far fetched as it seems that Bitcoin could challenge the financial giants including Visa, Mastercard and Discover, it is already being propsed. Micro-transactions have been processed by vending machine companies and pizza sellers:
https://www.cryptoglobe.com/latest/2019/02/seven-fun-and-interesting-use-cases-for-bitcoin-s-lightning-network/
The Lightning Network enables everyday transactions to take place using Bitcoin.
Kroger, a major grocer, has gotten rid of Visa in 250 of their stores and is considering replacing them with the Bitcoin Lightning Network:
https://bitcoinist.com/kroger-smiths-visa-bitcoin-lightning-network/
As amazing as this sounds, it is just the beginning of a bright future for Bitcoin and the Cryptocurrency Market as a whole.
Sources:
Originally published in the Serey account I own at:
https://serey.io/bitcoin/@wstanley224/bitcoin-the-future-visa-after-lightning-network-adoption
Also published in my Whaleshares, Bearshares, Weku, and Golos accounts I own.
https://bitcoinist.com/kroger-smiths-visa-bitcoin-lightning-network/
Picture from Pixabay.