Connect with us

Bitcoin

Bitcoin [BTC]: Lightning Network payments app charges no-fees for first $10,000 in transactions

Biraajmaan Tamuly

Published

on

Bitcoin[BTC]: Bitcoin lightning network offers $10000 worth of free received transactions
Source: Pixabay

The Bitcoin universe has not seen a flurry of positive news in the last few months due to its stint in the longest bearish market in the history of cryptocurrencies. The silver lining that has kept all the Bitcoin ‘HODLers’ engaged in the bitcoin community has been the Lightning Network, a scaling system or a side change which can facilitate a maximum of 628 BTC worth $2.14 million, at the time of writing.

One of the key applications of the Lightning Network is the payment processing app named OpenNode. OpenNode released their public beta last October with the objective to simplify the gap between Bitcoin and everyday life.

According to CryptoNinjas.net, the team behind the payments app recently announced that it will be reducing transaction fees by offering incentives to the new/existing users an amount of $10,000 worth of free received transactions.

The payments app teamed is optimistic that the announcement will garner a lot of attention from the committee considering on paper it has the potential to effectively increase the popularity of the Lightning Network which can be used for instant and low-cost Bitcoin transactions.

The OpenNode team stated that:

“We believe these credits will benefit those who need it the most: growing teams who need a platform to build great products on a reasonable budget or developers who are looking to experiment with bitcoin’s newest technology.”

The regular activities which will be executed after-no fee credits will also cost a minimum fee of just 1% per authorized transaction.

Marty Bent, the Bitcoin-centric content creator, recently tweeted on the potential of the side chain. He remarked that he had sent a sum of $90 in cryptocurrency in an instant with no-fee or intermediary with a minimum chance of being censored.



Source: Twitter

A sum of $50,000 worth of free credits was also offered by OpenNode to projects and non-profit entities that need the assistance.

The app team stated:

“We hope these changes show how serious we are in showing the world that bitcoin can be used for every day. Our goal is to continue building the simplest products in payments and show the accepting bitcoin is better, more affordable alternative than anything that currently exists.”





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

Bitcoin

Bitcoin [BTC] will take another 22 years to regain its all-time high, says research analyst

Akash Anand

Published

on

'Bitcoin [BTC] will take another 22 years to regain its all-time high', says research analyst
Source: Pixabay

Bitcoin [BTC]’s rise and fall has been a consistent event that has grabbed headlines in the cryptocurrency space. According to the latest financial analysis conducted by UBS research analyst Kevin Dennean, the fans of the cryptocurrency will have to wait for over 22 years to climb back to its earlier heights of $19,000- $20,000.

Dennean made these claims comparing the pattern of Bitcoin and the cryptosphere with the trends of other financial system crashes like the Dow Jones crash of 1929, the NASDAQ slide in 2000 and the Oil tumble of 2008. The UBS analyst pointed to how a lot of the cryptocurrency’s proponents stated that Bitcoin is en route to a bull surge because ‘other assets did that in the past’. He laid the foundation for the delayed rise of Bitcoin by saying:

“We’re struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are.”

Dennean was also of the opinion that not every bubble that bursts recovers its old highs, taking the example of the Nikkei crash, which after 30 years of its fall, has still not managed to reach its earlier peak, currently trading at around half its all-time highs. The Japanese asset price bubble was an inflated economic bubble in the late 80s where the real estate and the stock market prices were greatly volatile. In 1992, the price bubble burst and Japan’s economic machine came to a standstill.



Another figure used by Dennean was the fact that all the asset classes, including Bitcoin, fell by 75 percent with Bitcoin breaching the 80 percent barrier. After the crash, only the Dow Jones and the NASDAQ provided a reprieve to users after rising back to its earlier highs.

At the time of writing, Bitcoin was trading for $5292 with a market cap of $93.423 million. The 24-hour trading volume was clocked at $12.985.





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending