- An estimated 80 million crypto users now have access to Bitcoin’s Lightning network
- This is an 79,900% growth from one year ago when the figure stood at 100,000
- The increased access to the Bitcoin Lightning network is due to several applications integrating the payment option
- Hyperbitcoinization is not the only way the Lightning Network can flourish
- The provision of cheap fiat-to-Bitcoin conversions will make it the preferred network for crypto users
One year ago, access to the Bitcoin Lightning network stood at 100,000 crypto users, thus signifying an incredible 79,900% increment in access in the stated period.
The report by Arcane Research explains the increased access to the Bitcoin Lightning network is due to an increased number of payment applications integrating the payment service, as described in the following statement and accompanying chart visualizing user growth.
We estimated that just over 100,000 users had access to Lightning payments globally last summer. In March 2022, we estimate that more than 80 million people had access to Lightning payments on an installed application. The majority of these users come from a select few applications integrating Lighting payments, but the number of users on already existing applications has also risen significantly.
Usage of the Bitcoin Lightning Network is Growing Rapidly
Regarding the Bitcoin Lightning Network usage, the report highlights its popularity as a payment option is multiplying. Furthermore, the number of payments on the Bitcoin Lightning Network ‘has roughly doubled over the last year, while the value of the payments has increased by more than 400%, measured in US dollars.’
Additionally, the Lightning Network ‘will become more capacity efficient as infrastructure solutions develop, and public metrics will likely underestimate growth in the future.’
Hyperbitcoinization Will Not Be The Only Way for the Bitcoin Lightning Network to Flourish
Moreover, hyperbitcoinization will not be the only way for the Bitcoin Lightning Network to flourish. According to the team at Arcane Research, the facilitation of ‘seamless and low-cost conversion between fiat currencies and bitcoin’ by infrastructure providers of the Lightning Network will create ‘a superior payment rail even without people knowing or caring that they use bitcoin on the Lightning network.’