No it's not. It's now used primarily as a vehicle for speculation.
No it's not. It's now used primarily as a vehicle for speculation.
Gambling. It’s gambling. A significant fraction of the American economy continues to gear towards gambling. Whether it be short-term dopamine hits from ad-fuelled social media or trading crypto, it’s a similar pattern of decay across a common although growing demographic stripe.
Number of nodes is rising, number of wallets is rising, number of hash-power is rising.
Also, please look into the "Lightning Network". It's the second layer on top of Bitcoin and that's where the whole ecosystem scales (in terms of numbers of transactions per second). Cheap, scalable and fast transactions.
Adoption is happening in many places.
I check LN every 6 months or so and situation is not looking so great.
As it was with Bitcoin itself in early 2010s the shops advertising crypto acceptance are doing it mostly for publicity/ideological reasons or actually have stopped existing.
So I check: https://acceptlightning.com/map.html
Random selection:
* http://paraeasy.ch/joomla/ - Adobe Flash Player not supported ...
* https://www.kaeserei-lustnau.ch - unclear if the shop actually takes any payments
* https://shop.energy-kitchen.ch/#/shop - application not taking requests at this endpoint
* http://www.room77.de/ - SMTP-packets to port 25 (info[at]room77.de) may very likely get a response just as much as electrons sent to our telephoney landline-device (+49.30.31102260). Single static page.
* https://acceptlightning.com/rummels-acoustics.com - standard Bootstrap page - page not found
Finally I find - https://www.livingroomofsatoshi.com/graphs This looks like a serious operation - and lighting network is used quite a bit for smaller transactions.
Unfortunately, this is something that would be of interest only to someone who already owns BTC or some other crypto.
If you are Joe Sixpack you have very little reason to pay with crypto because it will be more expensive than paying with Visa/MC/Paypal etc.
So where are the successful use cases that utilize Lighting Network?
It's been pretty successful as a sword to destroy the original value proposition of bitcoin.
A channel between 2 entities is backed by real bitcoin and a scheme to manage the ledger based on bitcoin primitives (multisignature).
Lightning is just a series of channels + routing, so in effect it's a path of channels between you and the party you are transacting with + ledgers of those channels updating with the value that is being moved. At any point in time you can close any channel and materialize however bitcoin you have on your side.