Commentary: Bitfinex market analysts on Bitcoin as a means of payment

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El Salvador made headlines when it declared Bitcoin legal tender in September 2021.

Today, 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, although other countries like Argentina and Costa Rica are also following in its footsteps.

El Salvador has adopted the Lightning Network and has proven to be quite successful there. The reason for its success is the country’s reliance on remittances. Personal remittances contribute 24% of El Salvador’s gross domestic product (GDP), according to a World Bank report,

The Lightning Network helps make the world a more open and interconnected economy. This has led to companies like Bitfinex, BottlePay, CoinCorner, and La Haus, as well as investors like Freston Ventures and Arcane Crypto, supporting the development of the Lightning Network and its app ecosystem by providing resources.

Bitfinex has awarded grants to various projects since 2019, including RGB and OmniBolt. These projects aim to expand the capabilities of the Lightning Network.

Bitfinex also intends to continue supporting the growth of truly peer-to-peer payment technology.

Bitfinex market analysts 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 prophecy 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 country a laboratory for the use of Lightning with global companies integrating the technology. Today, Salvadorans buy their morning coffee with bitcoins. The rest of the world will surely follow. Lightning is a payment network that is not tied to the price of a digital token.While critics in the space are cheering for a crypto winter, the digital token economy is mimicking a natural system in the form of Lightning, growing ever larger.

Bitfinex is a leader crypto exchange that offers crypto trading services to cryptocurrency holders and global liquidity providers around the world. Founded in 2012, Bitfinex also provides access to peer-to-peer funding, OTC market and funded trading for various cryptocurrencies. Meanwhile, the Bitfinex trading team is passionate about crypto and has years of valuable experience in this field.

Recently, a former Meta exec for Facebook Messenger, David Marcus, launched his new venture, Lightspark. Lightspark will focus on building and exploring the Bitcoin Lightning Network.

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