thecoinrepublic.com
El Salvador created headlines when it declared Bitcoin a legal tender in September 2021.
Now, the country is in the nascent stage of forming its own financial identity. There is no doubt that El Salvador is leading the Bitcoin movement in Latin America, though other countries like Argentina and Costa Rica too are following its steps.
El Salvador has embraced the lightning network, proving to be quite successful there. The reason behind its success is the country’s reliance on remittances. Personal remittances contribute to 24% of El Salvador’s gross domestic product (GDP), according to a World Bank Report,
The Lightning Network contributes to making the world a more open and interconnected economy. This has led to companies like Bitfinex, BottlePay, CoinCorner, and La Haus, along with investors such as Freston Ventures and Arcane Crypto, who have supported the development of the Lightning Network and its ecosystem of apps by providing resources.
Bitfinex has issued grants to various projects since 2019, including RGB and OmniBolt. These projects are working towards expanding the capabilities of the Lightning Network.
Bitfinex also intends to keep supporting the growth of truly peer-to-peer payment technology.
Bitfinex Market Analysts have provided a commentary on Bitcoin as a means of payment, which is as follows:
“Bitcoin’s Lightning Network is quietly emerging to manifest Satoshi Nakamoto’s prophesy of a decentralized, peer-to-peer payment network. A case in point is El Salvador, where the country’s adoption of bitcoin as legal tender has made the nation a laboratory for Lightning usage with global corporations integrating the technology. Today, El Salvadorians are purchasing their morning coffee with bitcoin. The rest of the world will surely follow. Lightning is a payment network that is not linked to the price of a digital token. As critics of the space rejoice in a crypto winter, the digital token economy mimics a natural system in the form of Lightning, growing from strength to strength.”
Bitfinex is a leading crypto exchange that offers crypto trading services to cryptocurrency holders and global liquidity providers worldwide. Founded in 2012, Bitfinex also provides access to peer-to-peer financing, the OTC market, and financed trading for various cryptocurrencies. Meanwhile, the Bitfinex Trading Team is passionate about crypto and has years of valuable experience in it.
Recently, an ex-Meta executive for Facebook Messenger, David Marcus, launched his new company, Lightspark. The focus of Lightspark will be on building and exploring the Bitcoin Lightning Network.