- Over the next decade, as the Bitcoin industry evolves, the ecosystem is expected to expand – with cryptocurrencies like Bitcoin rising in popularity
- Countries worldwide are beginning to accept Bitcoin as legal tender; El Salvador was one of the first to offer cryptocurrency over fiat
- In rural areas, where COVID-19 created extreme job loss due to a drop in tourism, entrepreneurs are using cryptocurrency as a means of income
- The global cryptocurrency market was valued at US $1.49 billion in 2020 and is now projected to reach US $4.94 billion by 2030, growing at a CAGR of 12.8%
The next decade will be significant for Bitcoin evolution. Mainstreaming Bitcoin as a mechanism for payment will require technological improvements in the ecosystem. To be a viable investment asset or payment, Bitcoin’s blockchain should have the capacity to handle millions of transactions in a short period, and as the industry evolves, the Bitcoin ecosystem is expected to expand. Technologies like the Lightning Network promise to scale these operations. Ripple CTO David Schwartz predicts that the next decade will “bring an explosion of low-cost, high-speed payments that will transform value exchange the way the Internet transformed information exchange” (https://ibn.fm/R2prJ).
Bitcoin is already gaining more acceptance around the world, including governments relaxing their stance on whether to accept the cryptocurrency as legal tender or even creating their own native currency. El Salvador was the first country to make Bitcoin its legal currency, and it is only the first nation to implement ways to use Bitcoin and other coins to make tax payments and other retail transactions.
Case-in-point, countries that would not normally be considered a “hotbed” for cryptocurrency are earning attention – like Mozambique. The village of Bomba was devastated by the COVID-19 pandemic, stripping the area of its tourism revenue, leaving those who depended on the tourism revenue to survive without options. One resident, “Jorge,” took to cryptocurrency to survive (https://ccw.fm/27BIL). Although very few understand the industry, it takes very little to get started – just a phone and an internet connection. Jorge buys and sells phone credits on Bitefill, easily swapping ZAR (South African Rand) and MZN (Mozambiquan Metical). According to Jorge, “It’s the easiest way of exchanging between ZAR and MZN. It’s instant, and I’ve actually managed to gain more clients this way.”
Examples like Jorge show that even those in areas with lower levels of Bitcoin popularity can prosper through its use. And while the Bitcoin network itself only supports five transactions per second, this can be mitigated through the use of the Lightning Network, a layer 2 payment protocol that facilitates lower fees and faster transactions. Companies like LQwD FinTech (TSX.V: LQWD) (OTCQB: LQWDF) are already leveraging the Lightning Network to improve transaction times and lower fees, as part of their mission to drive Bitcoin adoption.
LQwD launched its Lightning Network platform as a service (“PaaS”) protocol in November 2021; at the same time with its first node on the Network, US-West. Since then, the company launched nine additional nodes for a total of 10 active nodes on the Lightning Network at the moment: France, England, Sweden, Singapore, Italy, Indonesia, Germany, Ireland, the US, and, most recently, India. Altogether, LQwD already has a capacity of over 10 BTC and is growing consistently.
Since the launch of its PaaS platform – https://lqwd.tech/, the company has focused on scaling the Lighting Network and making Bitcoin transactions possible on a global level with lower fees and faster settlement times, amid growing interest in cryptocurrencies and the Lightning Network worldwide.
The global cryptocurrency market was valued at $1.49 billion in 2020 and is projected to reach $4.94 billion by 2030, growing at a CAGR of 12.8% (https://ccw.fm/uvGDx). The industry’s growth is likely to be fueled by the necessity for operational efficiency and more transparency in financial payment systems.
For more information, visit the company’s website at www.LQwDFinTech.com.
NOTE TO INVESTORS: The latest news and updates relating to LQWDF are available in the company’s newsroom at https://ccw.fm/LQWDF
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