'Why the Hottest News at Bitcoin 2022 Was Not About Bitcoin' by jennyzheng719 bitcoin bitcoin2022
This year’s Bitcoin 2022 in Miami came after the legalization of Bitcoin in El Salvador in September last year, and the all-time high of over $61k in October before tumbling to a largely stable plateau of around $40k. Last year’s Bitcoin conference focused on the Lightning Network, a payments platform built on the Bitcoin blockchain which is used in El Salvador by the government in creating the wallet, Chivo, which is Lightning-compatible and designed to enable seamless cross-border payments.
What this means has been perhaps missed by some commentators, who fail to make the distinction between Bitcoin as investment asset and use of the Bitcoin blockchain as a payment network, with the Lightning Network sitting on top of it and processing transactions much faster and cheaper than using Bitcoin itself. In simple terms the Lightning Network is a "layer 2" payment protocol layered on top of a blockchain-based cryptocurrency such as Bitcoin or Litecoin.
As Mallers told the audience, “Okay, so $100 spent $100 received. There's no two to 15 days of settlement. There's no 3%. The point is we can recreate a superior payments experience with a superior payments network. This thing is not issued by a government. It's not a company, Bank of America found it rebranded. No, there's no consortium of banks running this thing. It's open, it lives in the clouds.
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