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Bitcoin’s [BTC] Lightning Network breaches the 600 BTC mark in terms of network capacity

Jibin M George

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Bitcoin's [BTC] Lightning Network breaches the 600 BTC mark in terms of network capacity
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In welcome news to Bitcoin enthusiasts everywhere, the Lightning Network on Bitcoin passed a capacity of 600 BTC for the very first time. This milestone marks a significant moment for a cryptocurrency that has struggled with issues of efficiency and scalability since its inception.

In data recorded by 1ML.com, a monitoring website, the milestone was achieved early on 30 January, with the mainnet lightning network capacity added to by a significant 21 BTC over the past 24 hours. This is over and above the 15 percent growth rate the Lightning Network’s capacity has grown by over the past month. The Lightning Network has a present capacity at 601 BTC, which is valued at over $2 million.

However, network capacity isn’t the only positive metric that points towards the growing success of the Lightning Network. At the time of press, there has been a nearly 16 percent growth in the number of nodes in the network while the number of channels has risen by a staggering 35 percent.

The milestone comes soon after the success of the ‘Lightning Torch’ initiative, under which a lightning payment was passed between nodes, with every recipient user being awarded a set amount of Satoshis. This effort was meant to test the Lightning Network’s strength and scalability while nodes and users of the initiative added to the size of the network.



Although still far from a success story, the Lightning Network’s achievement is slowly contributing to Bitcoin, the world’s largest cryptocurrency’s efforts to scale on a larger scale so as to cater to the ever-rising number of cryptocurrency users. Over resolving the scalability issues, the Lightning Network also offers a new degree of speed and efficiency with respect to micro-payments, something Bitcoin has been lacking for quite some time now. The LN adds to Bitcoin’s blockchain and allows users to create a channel between users who can then use it to transfer money in a two-way fashion with minimal or no fees at all.

There have even been suggestions that the Bitcoin Lightning Network may be performing at a quicker pace than the altcoins that originated to overhaul BTC’s slow processing speeds. In fact, Bitrefill has suggested that not only have Lightning Network payments been growing daily but, they also account for more payments than any other altcoins, maybe even double their volume of payments. If true, LN would account as a genuine threat to the existence of altcoins.





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HitBTC responds to allegations of insolvency, refutes claims made by Redditors

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HitBTC responds to allegations of insolvency
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HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:



“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”





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