Comparing Bitcoin’s Lightning Network to legacy credit card processing makes it clear that Lightning settles payments much more efficiently and affordably.
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The traditional use of the Bitcoin network for on-chain settlement is extremely efficient by settling transactions approximately every 10 minutes. Bitcoin might be most closely related to the Fedwire Funds Service which only settles about 200 million transactions per year compared to Bitcoin’s trailing 1-year figure of 98.5 million transactions.
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As it stands today, the Bitcoin network is on pace to settle $3.5 trillion worth of change-adjusted value over the course of 2023, for costs of just $198 million, an equivalent fee rate of 0.006% for the averag
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