The largest bank in Spain, Santander, recently began a Digital Assets 101 series to inform its clients and potential investors about cryptocurrencies. Supporters of Bitcoin have praised Santander for its coverage of the Lightning Network. The Lightning Network enables quick and affordable Bitcoin transactions.
In contrast to standard card payment networks like VISA, which can only process 20,000 transactions per second. The Lightning Network can process over a million transactions per second, according to a Santander report. Famous businesses like Starbucks and McDonald’s have already implemented the Lightning Network. This was in response to El Salvador’s legislation making Bitcoin legal tender.
Curious about the groundbreaking phenomenon of #Bitcoin? 🌍✨ 💡💰
We delve deeper into this world on our #DigitalAssets101 series, breaking down the fundamentals, benefits, and implications of this transformative technology. 🚀🔑
— Santander (@bancosantander) June 9, 2023
The CEO of Amboss, Jesse Shrader, said that organizations like MicroStrategy and Santander are adopting the Lightning Network. They are doing so based on its technology rather than only for regulatory compliance. Executive chairman Michael Saylor has designated Bitcoin as the primary treasury reserve asset at MicroStrategy. In 2023, the company intends to introduce enterprise Lightning infrastructure and solutions.
The Lightning Network addresses scalability and efficiency, which are two major problems facing Bitcoin. The Lightning Network has the potential for the wider adoption of Bitcoin by increasing its suitability for micropayments and making it more accessible to a larger user base. As the development of the Lightning Network moves forward, we anticipate that its usage will increase. It is also expected to be approved as a preferred payment option.
Significant advancement in Bitcoin has occurred recently, including numerous ETF applications and upward price moves. Santander’s recent interest in the Lightning Network shows changing attitudes toward Bitcoin. This could indicate increased institutional demand and a promising shift in the cryptocurrency industry.