Bitcoin Lightning Network capacity strikes 5,000 BTC

cointelegraph.com:

Bear markets are for building out capacity on the layer-2 Lightning Network. Despite macroeconomic headwinds and sluggish price action, the Lightning Network, the layer-2 payments solution fo Bitcoin (BTC), continues to flourish.

The Bitcoin Lightning Network reached a milestone capacity of 5,000 BTC ($96 million). In effect, more and more Bitcoin is being introduced to Lightning Network payment channels worldwide, as Bitcoiners continue to support the growth of the network.

The Lightning Network allows users to send Bitcoin (or satoshis, the smallest amount of a Bitcoin) to send or receive money faster and with lower fees. The more capacity on the network, the more liquidity is on hand. As a result, users can experience faster payment speeds and potentially larger transaction volumes. 

First created in 2018, the Lighting Network has come under fire recently. Bitcoin influencers such as Udi Wertheimer have discussed the network’s “failure,” claiming that no one uses the network. Nonetheless, the network hit 4,000 BTC capacity in June and over the past four years, it has become a reliable payment network and is popular in El Salvador, the Isle of Man and Gibraltar:

Nourou, of Bitcoin Senegal, explains why the LN is so important. He told Cointelegraph, "In Senegal, we have an economy of 50 FCFA. That is to say that the Senegalese of the working and proletarian class, who represent the majority of the population, buy, for their breakfast, 50 FCFA (0.07€) of milk, sugar, coffee, water, and many other basic products."

Nicolas Burtey, CEO at Galoy, was one of the first to celebrate the 5,000 Bitcoin achievement. Burtey told Cointelegraph that the adoption of Bitcoin in El Salvador was the tipping point for the Lightning Network.