Can the Lightning Network Lead to “Hyperbitcoinization?”

Source: Ludwig von Mises Institute
by Peter St. Onge

“I spent the last week at the Bitcoin Lounge nestled cozily amid the Free State Project’s annual Porcfest in New Hampshire — named for the Porcupine, the libertarian mascot, and located just 7 miles from the infamous Bretton Woods as the crow flies. As we enjoyed the mild New Hampshire summer, people wandered over to buy $2 sodas with Bitcoin, paying instantly and with zero transaction fee. I watched patient bitcoiners explain the Lightning network to newbies, taking them from zero to a Lightning wallet full of fresh hot ‘satoshis’ in literally 5 minutes. It was the iconic ‘buy a coffee with Bitcoin’ on steroids. It was an on-the-ground confirmation of what the statistics are already saying: the Lightning Network has arrived. Confirmation that the Bitcoin developer ecosystem has now built the holy grail: Bitcoin as a true medium of exchange.” (07/02/21)