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Cryptocurrency News Articles
Bitcoin (BTC) Payments See a Decline as Lightning Network Usage Drops to 2021 Levels
Sep 20, 2024 at 09:00 am
Bitcoin [BTC] has received much adoption this year, with the launch of spot exchange-traded funds (ETFs) being proof of this. The ETFs have solidified Bitcoin's use case as an investment product.
Bitcoin [BTC] payments integration has seen a mixed bag of developments this year. While the launch of spot exchange-traded funds (ETFs) has brought cheer to BTC payments enthusiasts, a closer look at the on-chain metrics revealed a different story.
Here’s a closer look at the key highlights.
Bitcoin payments integration: A closer look
Despite being touted as a payments network, BTC’s use case appeared to be shifting towards an investment product this year. This was largely attributed to the ETF launches, which sparked enthusiasm among traders.
However, payments integration seemed to be slowing down. The Lightning Network, a layer 2 protocol built on Bitcoin to support fast, secure, and low-cost transactions, saw a decline in usage.
According to data from Bitcoin Visuals, the Lightning Network Capacity declined sharply from an all-time high of 5,308 BTC in July to 1,273 BTC.
A similar drop was observed in the number of nodes and channels, suggesting fewer users on the network. This drop sparked debate in the BTC community.
Bitcoiner Sylvain Saurel blamed MicroStrategy’s Executive Chairman, Michael Saylor, for the declining interest in the Lightning Network. Saurel claimed that Saylor’s statements about Bitcoin being a distraction as a [Means of Exchange] contributed to this disinterest.
However, the negative network metrics did not deter states and even the former President from utilizing Bitcoin for payments integration.
The state of Louisiana permitted residents to pay for state services with BTC through the Lightning Network. According to the Louisiana State Treasurer, John Fleming, this move was part of their plan to evolve and embrace new technologies.
“By introducing cryptocurrency as a payment option, we’re not just innovating; we’re providing our citizens with flexibility and freedom in interacting with state services,” Fleming stated.
Meanwhile, Republican Presidential contender, Donald Trump, became the first U.S. President to make a purchase using Bitcoin.
On the 18th of September, Trump purchased cheeseburgers at a Bitcoin-themed PubKey bar in New York City using BTC.
Bitcoin payments integration: Key stats
The Bitcoin network continued to show strength in some aspects. According to data from Artemis, monthly active addresses slowly but steadily increased despite price volatility, recently reaching 10.7 million.
This was a positive indicator of the network’s growth. However, the increase in addresses may have been influenced by trading activity, as some sectors of the network saw a decline in usage.
Moreover, statistics from CryptoSlam revealed that Bitcoin was the third-largest blockchain in terms of non-fungible token (NFT) sales volume, trailing behind Ethereum [ETH] and Solana [SOL].
However, NFT sales on the blockchain experienced a decline of 46% in the past 30 days, dropping to $55M. This decrease was consistent with the broader decline in NFT trading volume.
Disclaimer:info@kdj.com
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