Number Of Bitcoin Lightning Network Nodes Jumps 23% In Three Months

Best Owie

3 years ago

3 mins read

Picture of stacked bitcoin lightning nodes

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Despite the recent downtrend, bitcoin has been experiencing increased adoption on a larger scale. From El Salvador buying the dip to lightning network adoption going up, the digital asset has not been doing too bad. The most recent indication of increased bitcoin adoption has come in the form of bitcoin lightning network nodes. Data shows that these lightning nodes have recorded a significant uptick in the last three months.

Bitcoin Lightning Nodes Increase

Since its launch, the bitcoin lightning network has seen slow but steady adoption. Mostly, the need for a lightning network had not become pertinent until the bull run of 2018 that saw transaction fees spike significantly. It soon became important for there to be a way to lower transaction fees on the bitcoin blockchain even during peak transaction times and as such, the lightning network was adopted.

The number of lightning nodes has grown since then, recording small upticks at various times in its history. However, none as significant as the increase recorded across the last three months.

From September 3rd to December 3rd, nodes added to the network had continued to climb. In this time period, there were a total of 3,534 nodes added to the network. This three-month period saw the total lightning network nodes break above 18,000, representing a 23% increase in this time frame.

Number of nodes on lightning network grows 23% | Source: bitcoinvisuals.com

This growth has been synonymous with a number of adoption initiatives that have seen more users adopt the bitcoin lightning network as a default way of sending BTC. Most notable has been the adoption of bitcoin as a legal tender in El Salvador and citizens using the lightning network to pay for goods and services using bitcoin.

The lightning network basically enables transactions to be sent off-chain, making it faster and cheaper than on-chain transactions, the main driver behind its recent adoption.

How Does The Increase Affect The Network?

The increase in the number of bitcoin lightning network nodes is a positive one. For starters, this allows the network to accommodate more transactions. It will enable the blockchain to scale and as such, carry out more transactions. It also means faster transaction times and lower fees for users for the network.

Bitcoin’s growth has attracted a lot of investors but more are expected to come in as the years go by. This influx of new entrants into the blockchain would lead to increased network activity, hence slower transaction times and higher fees. With the lightning network expanding, it will be able to increase the capacity to allow more transactions at low fees.

BTC settles above $51K | Source: BTCUSD on TradingView.com

Besides El Salvador, another popular implementation of the lightning network has been the Twitter Tip Jar. This feature on one of the largest social media platforms allows followers to tip their favorite content creators quickly at low or even zero fees.

Featured image from The Block, chart from TradingView.com

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.