Willy Woo, a known Bitcoin proponent, recently Tweeted his experience with Bitcoin Lightning Network, highlighting how the initiative saves not only time but also eliminates the factor of human errors.
With billions of daily transactions, the BTC Lightning Network has the ability to scale Bitcoin. Lightning network transactions are faster, cheaper, and more easily confirmed on the bitcoin blockchain. This has long been a drawback for BTC, where transactions are slow and scalability low.
However, it can only be done through centralized banking centers. As a result, it is not suited for users who seek complete financial freedom and control.
Willy’s experience with Bitcoin Lightning Network
According to the Tweet, Willy has been accepting Bitcoin (BTC) as a merchant, and in the last eight months has received 1474 BTC payments.
Of the 1474 transactions, 14% of them were done using Bitcoin Lightning. Willy said that these transactions were seamless without any errors. However, the BTC on-chain transactions were, in his words, “a sh*t show”.
Willy’s support team spent significant amounts of time each week to deal with over and underpayments. Many consumers, they claim, pay by withdrawing money from their exchange accounts without taking into account the exchange withdrawal cost. One person had even sent 4 BTC by accident, worth around $200K at the time.
To eliminate human error, BTC’s Lightning Network employs invoices and automates the payment process.
About Bitcoin’s Lightning Network, Willy says,
“It’s well thought out.”
Willy cites an example to show the shortcomings of BTC on-chain transactions by saying that accepting BTC on-chain is similar to having a teller accept cash from a customer at the checkout. Unless they have already left the store if they give you the wrong amount.
The capacity of the BTC lightning network is the quantity of bitcoin that may be stored on the platform at any given time. Scaling would have to be quite high if it were to be used by billions of people all over the world. Due to its present size and bandwidth constraints, this is not viable.
At the time of publication, BTC was trading at $42,306.91.