For many, the Lightning Network has been viewed as Bitcoin’s answer to altcoins focused low transaction fees. It has the potential to provide the best of both worlds to cryptocurrency users in terms of payment functionality and liquidity.
There are solid reasons to believe the Lightning Network could completely replace the need for potentially-unsecure altcoins that allow for cheap on-chain transactions, and the first signs of this theory becoming reality have been found at online retailer Bitrefill (see this post for an explanation of the Lightning Network and how it may impact the altcoin market).
Bitrefill is a business that allows their customers to buy gift cards, prepaid phone minutes, and other digital goods with cryptocurrency. More recently, they’ve been helping build the infrastructure around Bitcoin’s Lightning Network.
In a recent appearance on The Bitcoin News Show, Bitrefill’s John Carvalho revealed that the Lightning Network now accounts for more payments to Bitrefill than any of the altcoins they accept.
Bakkt, an Atlanta-based subsidiary of the Intercontinental Exchange (ICE), an American firm that owns the New York Stock Exchange, will begin user acceptance testing for its Bitcoin futures contracts on July 22, 2019.
St. Louis Federal Reserve President James Bullard told reporters on Friday that cryptocurrencies will cause a significant shift in the U.S. financial system. In fact, at its current pace, the cryptocurrency revolution may end up normalizing non-uniform currency relations.
Bank of America has filed for a patent for a settlement system citing the Ripple ledger, according to a filing on Google Patents.
The focus of the hearing between Facebook’s David Marcus and the Senate on the Libra cryptocurrency was trust—or the lack thereof.
A court in Hangzhou, China, upheld Bitcoin’s status as “virtual property.” The ruling reaffirms that Bitcoin is legal to own in China and indicates to holders that they will be protected by the country’s legal system in disputes.