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Bitcoin [BTC]: Lightning Torch gains momentum as Binance’s CZ and Erik Voorhees participate

Biraajmaan Tamuly



Bitcoin [BTC]: Lightning Torch gains momentum as Binance's CZ and Erik Voorhees participate
Source: Pixabay

The cryptocurrency ecosystem has recently been very active in the development and growth of Bitcoin’s Lightning Network. The introduction of Lightning Network has been getting more and more attention due to ever-increasing support for an improved rate of adoption.

Changpeng Zhao, CEO of Binance exchange recently tweeted through his support for the implementation of Lighting Network through his Twitter.

He tweeted:

The wider adoption of Bitcoin’s Lightning Network has been assisted by the ‘Lightning Torch,’ a social experiment that has generated a lot of attention for the network.

According to the LN developers, Bitcoin’s Lightning Network offers significant improvements over major issues that plague common payment systems. The LN is supposed to enable users to transfer capital across the globe without the involvement of a third party, unlike MasterCard or PayPal.

With the help of the social platform Twitter, the experiment has caught enough momentum and people are passing the “torch payment” from one person to another after adding 10,000 satoshis [valued at $0.357 at press time] to the payment, before passing it further forward.

The experiment has got a lot of high-profile personalities to participate in the BLT [Bitcoin Lightning Network] experiment, including the CEO of Twitter, Jack Dorsey who openly participated and by extension, promoted the Bitcoin LN. Jack Dorsey had recently dubbed Bitcoin as the future “native currency” of the internet.
Regarding the experiment he had stated,

Source: Twitter

The Lightning Torch was recently passed on to Changpeng Zhao and the founder of Binance exchange was also happy to engage in the experiment and demonstrate his support for the cause.

Zhao has passed on the lighting torch to the Tron Foundation’s CEO Justin Sun who was delighted to be part of the experiment as well.

He tweeted that,

Source: Twitter

Justin Sun’s shout out and endeavour to pass on the Lightning Torch failed however as Tesla CEO Elon Musk and NBA player Kobe Bryant failed to respond and participate.

The Lightning Torch is now in the possession of Shapeshift exchange’s CEO, Eric Voorhees who recently tweeted on the subject.
He tweeted,

Source: Twitter

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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 [BTC]: Debating on king coin’s transaction speed is a red herring argument, says Charlie Shrem

Akash Anand



Bitcoin [BTC]: 'Debating about BTC's transaction speed is a red herring arugument', claims Charlie Shrem
Source: Pixabay

The debate around Bitcoin [BTC] and its effectiveness in the current financial atmosphere has been a long ensuing debate in the cryptocurrency industry. The supporters and naysayers of the world’s largest cryptocurrency have locked horns on various aspects of the coin, be it the coin’s characteristic as a store of value or the amount of time it takes to settle Bitcoin transactions.

In a recent tweet, Charlie Shrem, the Founder of and one of the most popular Bitcoin proponents, spoke about the topic, directly addressing critics who had a problem with settlement times. His tweet read:

““Transaction speeds” when debating #bitcoin vs other faux-crypto’s is red herring argument. There were plenty of fast ways to move money before bitcoin. That’s not why we’re here. We’re building a censorship resistant value network that can-never be controlled by a single party.”

Bitcoin proponents had always made it a point that the cryptocurrency was never meant for fast transactions, but rather to compete with Gold as the standard for a ‘store of value’. Even Samson Mow, the CSO at Blockstream had earlier claimed that BTC was never meant to be fast by adding:

“If you want money, it does not need to be very fancy, and a lot of the altcoin projects; I don’t wanna go into it but they are just based on gimmicks. What you really want is sound money, something which is reliable and bulletproof.”

The ‘BTC is not effective’ camp had responded voraciously many a time by stating that something aimed at changing the financial dynamic should be nothing short of fast or else there was no way it could become an effective form of value. This rebuttal for this argument was that Bitcoin’s goal was to create a cryptocurrency integrated mainstream structure and even though it was not lightning fast, the transaction speed of Bitcoin was still faster than that of current methods like Visa and MasterCard.

Charlie Shrem was also in the news recently when he stated that when Mt Gox imploded, the market created the first “token as debt”. The statement was made in connection with the massive loss of funds which occurred following the hack of the then largest cryptocurrency exchange.

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