Lightning Dev Explains Why Bitcoin Is Poised To Become the Global Currency

Tony "The Bull" Severino

6 years ago

3 mins read

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When the mysterious Satoshi Nakamoto first released Bitcoin to the public, his goal was to remove the power governments and banks had over people’s money, and put the power back into the hands of the user.

Since then, Bitcoin has taken on a life of its own, showing far more potential than even Nakamoto initially realized. The first-ever cryptocurrency is disrupting the financial world, the technology sector, is predicted to reach a value of $100,000 up to “millions,” and is being pitched by top entrepreneurs as eventually becoming the world’s global currency.

After reflecting upon a recent trip to China, one Lightning developer saw first-hand the cryptocurrency’s potential on a global scale and is sharing his experience with the world.

Bitcoin As a Global Currency: Crossing Borders and Breaking Barriers

Jack Mallers is a developer for Zap, a Lightning Network-based wallet solution for desktop and soon to be iOS. The Lightning dev recently returned from a trip to China to promote his services. There, he discussed “all things Bitcoin, Lightning, Zap, and what the future may look like.”

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.

Thread 👇🏼

— Jack Mallers (@jackmallers) March 4, 2019

Mallers concludes that although there are vast cultural differences between us all, such as having different views, hobbies, and even speaking different languages, the language of Bitcoin is “global.” Bitcoin’s code is at its core mathematics, which is yet another universal language.

2/ Bitcoin is the worlds 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.

— Jack Mallers (@jackmallers) March 4, 2019

In addition to overcoming “all language barriers,” the leading crypto by market cap is unaffected by “government restrictions, public shaming, social attacks, and corporate enemies.” 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.

Because Bitcoin is decentralized and encrypted, it is free from any restrictions, government, distance, or otherwise. The technology can be used to facilitate cross-border transactions, or can act as a “mattress” for those that don’t trust banks or governments with their money.

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.

— Jack Mallers (@jackmallers) March 4, 2019

The effect is none more pronounced than in countries with struggling economies, such as Venezuela. There, Bitcoin is helping the economically strapped citizens enjoy some of the same basic freedoms the average global citizen is afforded. Without the cryptocurrency, these citizens would only be bound to the government’s control over the native fiat currency, the bolivar.

Is Lightning Network the Key To Bitcoin Becoming a Global Currency?

During the peak of the last bull run, Bitcoin transactions swelled and the network became congested. The exorbitant fees and slow transactions proved that the cryptocurrency wasn’t yet ready for public consumption at a grand scale – and certainly not at the scale necessary for it to become a global currency.

But the second-layer technology that Jack Mallers works to further develop might be the key to unlocking all of Bitcoin’s potential as a global currency. Lightning Network aims to speed up Bitcoin transactions and reduce fees. SegWit has already had a dramatic impact on transaction fees and speeds, and Lightning will only help further.

Bitcoin bull Jack Dorsey is among the top entrepreneurs that have claimed the first-ever cryptocurrency could eventually become the world’s global currency, and has recently become more involved in the Lightning Network in order to help Bitcoin along its journey to the top.

The Twitter and Square CEO recently took the “Lightning Torch,” an ongoing transaction experiment, and has even begun running his own Lightning Network node in a show of support.

The outspoken Bitcoin maximalist said that adding Lightning Network to his Square Cash app isn’t a matter of if, but when, and is also in support of Lightning-based Bitcoin tipping coming to Twitter. The more steps major companies in the public eye – like the ones Dorsey operates – can support Bitcoin, the sooner the leading crypto will been its way to becoming the world’s first global currency.

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.