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Litecoin’s Lee: Bitcoin’s Lightning Network usage will see a rise

Rakshitha Narasimhan

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Lightning Network usage on Bitcoin will rise in future : Litecoin founder
Source: Unsplash

The Bitcoin ecosystem has been looking at the Lightning Network as a solution to its scalability problem for a long time now; the layer 2 payment protocol is known to facilitate fast transactions. Interestingly, Bitcoin’s Lightning Network makes way for smaller bitcoin payments to be sent more quickly and cheaply.

In a recent interview, Litecoin‘s founder Charlie Lee spoke about Lightning Network and had a similar opinion. He noted that the lightning network would indeed help solve Bitcoin’s scalability issue.

He stated,

“The lightning network saves a lot on fees and enables instant transactions. We’re seeing more and more usage. I’m excited about where we’re going with the lightning network. It is slow and takes some time to perfect the system but I think we’ll start to see a lot more lightning network usage on Bitcoin in the coming days.”

Further commenting on Litecoin’s lightning network, he said that although Litecoin had a lightning network in place, Bitcoin had a much larger need for it as Bitcoin was “more congested”.

Lee was also asked about the mobile wallets that people could download if they wanted to use Litecoin lightning network transactions. In response, Lee noted there were a few wallets but the system wasn’t completely developed yet.

Expanding on the same, he stated,

“We are working hard on getting that out. There are going to be more and more wallets supporting lightning on Liteocin. There are quite a number of wallets supporting lighting on Bitcoin already and those wallets, when there are more and more people using Litecoin lightning might also start adding support for Litecoin.”

A Psychology and Journalism graduate, Rakshitha focuses on UK and Indian markets. As a crypto-journalist, her interests lie in blockchain technology adoption across emerging economies.