Follow Website

User Avg

Bitcoin (BTC) payments via Twitter? CEO Jack Dorsey: “A matter of time”

It is only a matter of time before the Bitcoin (BTC) Lightning Network (LN) is integrated on Twitter and BlueSky. Twitter CEO Jack Dorsey wrote this in a tweet a few hours ago. The integration of LN would mean a huge boost to both Bitcoin and the scaling solution itself.

One of the problems Bitcoin faces is scalability. Due to Proof-of-Work (PoW) on which Bitcoin runs, the network will not be able to handle large amounts of transactions at once. The result would be congestion on the network, as well as high transaction costs. The LN is a scaling solution built on top of Bitcoin.

Through the LN, people can send BTC to each other at lightning speed without the need to register these transactions directly on the blockchain. So it is a kind of direct payment channel between nodes. The transactions are eventually added to the blockchain once the payment channel is closed. This direct link makes making small bitcoin payments fast and cheap.

The number of LN nodes has steadily increased in recent years, but since the beginning of this year, the growth of the network has accelerated. The network now has 11,800 nodes, an increase of 40% since January 1. In short, it looks like the network is starting to take off!

Jack Dorsey now states that it is only a matter of time before LN will also be supported on Twitter and its blockchain brother BlueSky, which is still in development:

Exactly how this will take shape is as yet unclear. It is, however, an interesting development. For example, it is possible that bitcoin payments via Twitter will be supported, or think, for example, of tipping people on Twitter. In any case, we’ll keep a close eye on it!

Lost Password