Is the Lightning Network the key to Bitcoin becoming a global currency?

When the mysterious Nakamoto first publicized Bitcoin, his goal was to eliminate government and bank control over people's currency and hand it back to users.

Since then, Bitcoin has begun its own journey of life, and its potential has far exceeded that of Nakamoto. The world's first cryptocurrency is subverting the financial world and technology. It has been predicted that the value of this currency is likely to reach $100,000, or even "millions of dollars", and is ultimately regarded as a global currency by top entrepreneurs.
Recently, a lightning network developer conducted a trip to China. He witnessed the potential of this cryptocurrency on a global scale and shared his experience with the world.

Bitcoin as a global currency: cross national borders and break down barriers

Jack Mallers is a Zap developer and Zap is a lightning-based wallet solution. The lightning network developer has just returned from China, where he promoted his services and discussed "bitcoin, lightning networks, and what the future might look like."

1. I've been in China the last week talking all things Bitcoin, Lightning, Zap and what future may look like. The reception has been amazing and made this experience something I will never forget.

Mallers concluded that although there are huge cultural differences between us, such as different opinions, hobbies, and even different languages, the language of Bitcoin is "global." The bitcoin code is its core math, which is another common language.

2. Bitcoin is the worlds first global language. All of us don't natively speak the same language, eat the same food, enjoy the same hobbies, but we all gravitate to projects like Bitcoin, Lightning and Zap because they represent a better world.

In addition to overcoming "all language barriers," this market-leading cryptocurrency is not affected by "government restrictions, public humiliation, social attacks, and corporate enemies." "It has been completely banned in some countries, and its name has been dragged into the quagmire by financial giants, bank executives and politicians, but it is still very strong."

Because Bitcoin is decentralized and encrypted, it is not subject to any restrictions, government, distance or other factors. This technology can be used to promote cross-border transactions and as a “pedal” for those who do not trust banks or governments.

3. Bitcoin is not software that is lacking consumer adoption, an app that is not meeting performance benchmarks, or a business that needs a change in leadership. Bitcoin is a global phenomenon. An idea and a movement that represents a more connected and free world

4. The force of Bitcoin overcomes all language barriers, government restrictions, public shaming, social attacks, and corporate enemies. It is something you don't truly understand until you see it, use it and interact with it.

This effect is most pronounced in countries where economies such as Venezuela are in trouble. There, Bitcoin is helping economically disadvantaged citizens enjoy the same basic freedoms as ordinary citizens around the world. Without cryptocurrencies, these citizens would only be subject to government control of their country's legal currency, Bolivar.

Is the Lightning Network the key to Bitcoin becoming a global currency?

At the peak of the previous bull market, bitcoin transactions surged and the network became quite congested. High costs and slow transactions indicate that the cryptocurrency is not yet ready for large-scale public consumption, and certainly not the size necessary to become a global currency.

But the second layer of technology that Jack Mallers is working on for further development may be the key to unlocking Bitcoin's full potential as a global currency. The Lightning Network is designed to speed up bitcoin transactions and reduce costs. Segregation verification (SegWit) has had a huge impact on transaction costs and speed, and Lightning Networks will further optimize these aspects.

Bitcoin bulls Jack Dorsey is one of the top entrepreneurs who claim that Bitcoin may eventually become the world's global currency. He has recently been more involved in lightning network-related activities to help Bitcoin move to the top.

The Twitter and Square CEO recently conducted a trading experiment called Lightning Torch and even started running their own lightning network node to show support.

The outspoken bitcoin advocate said that it was only a matter of time to embed the Lightning Network into his Square Cash app, and he also supported Twitter-based Bitcoin tipping on Twitter. In the eyes of the public, the more measures a large company (such as a company run by Dorsey) supports Bitcoin, the sooner this leading cryptocurrency becomes the world's first global currency.