Bitcoin’s resilience, institutional adoption, and status as the most adopted cryptocurrency for payments and store of value make it a significant and differentiated player in the industry. The Lightning Network, built on top of Bitcoin, has emerged as a superior crypto payment system, offering horizontal scalability, low fees, and enhanced privacy. Recent developments in liquidity, connectivity, and user experience have fueled renewed interest and adoption of LN. However, challenges such as reliability, non-custodial scaling and easier ways to provide routing liquidity still need to be addressed.
Overall, Bitcoin’s unique attributes and the growth of the Lightning Network position them as transformative forces that might become, if challenges are accordingly addressed, in a couple of years time a viable alternative to upcoming centralized digital currency payment systems worldwide.