A few days ago, Spain’s largest bank, Santander, published on its official website a report on Bitcoin and Lightning Network and the comparison with VISA.
The report begins with the following paragraph:
“A criticism related to Bitcoin is its inability to execute a high volume of transactions in a short time frame. Given that a block is added to the Bitcoin network every ten minutes and that the block size is limited, Bitcoin is only able to execute 5–7 transactions per second, whereas VISA executes more than 20,000 in the same time frame. The Lightning Network however is a solution to this problem.”
The bank defines the Lightning Network (LN) as a decentralized network for high volumes of instant micropayments, enabling users to make instant transactions with very low fees.
It also adds that payments on LN do not require blockchain confirmations, and in this way even payments for small amounts are actually allowed, thanks to much lower fees than those using blockchain va
We współpracy z: https://en.cryptonomist.ch/2023/07/05/santander-bitcoin-may-surpass-visa/
