Recently, Bitcoin’s layer 2 scaling solution, the Lightning Network, has increased payment volume by over 400% as actual adoption grows.

One of the new reports highlights how the Lightning Network has grown in popularity to transfer digital assets quickly and efficiently around the globe. 

Recently, CNBC told the story of Alena Vororbiova who is a Ukrainian refugee who is seeking sanctuary in Poland. So, Vorobiova used Lightning to transfer $100 worth of Bitcoin from Miami, and he then withdrew it from an ATM in the equivalent Polish currency. This process was completed in the span of three minutes. 

That’s the high speed and low cost that has seen the transaction that has seen the layer-two scaling solution for the Bitcoin and grown 410% over the past year.

What the Report Has to Say? How is Chivo App Contributing?

According to the report published by Arcane Research, the number of payments that surfaced on the Lightning Network in the previous years doubled while the total value of those payments quadrupled.

Furthermore, the report warned that the widely-cited public metrics used to measure Lightning Network adoption. It is the most commonly total value locked (TVL) and underestimates the size of the network; they fail to count private channels and invisible nodes. 

Additionally, the metrics don’t reflect real-world Lightning Network usage. However, looking explicitly at payment volume paints a clearer picture of real Lightning adoption.

A partial explanation for the surge in payment is owing to the enormous increase in the number of users. These users are those who have recently gained access to the Lightning Network. This happened due to apps like El Salvador’s Chivo Wallet app and US-based payment application, CashApp.

Moreover, the report also found that roughly 50% of the value of all payments came from direct transactions between individuals that are Peer-to-Peer (P2P) transactions. Almost one-third of the payment value came from exchange withdrawals and deposits. However, the remaining 20% comes from purchases made through some form of the vendor.

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President Nayib Bukele who has been at the forefront of making Bitcoin a legal tender in the country has said users can buy Petrol at discounted prices when they choose the state-operated Bitcoin Chivo wallet to pay. 

Taking to Twitter, the President said that it is very positive news that will take the burden off the pockets of common El Salvadorans. “The state company Chivo negotiated with the largest gas station companies in our country so that starting tomorrow, their stations will sell each gallon of fuel $ 0.20 cheaper, with Chivo wallet,” he explained. 

Pushing For Mainstream Bitcoin Adoption

Bukele is confident that the new discounts will be gaining popularity and also help accentuate the adoption of Bitcoin. He also said that the discounts will bring relief to the people and significantly reduce the “ transportation costs in supply chains.” 

“Those 20 cents will come from all of us, right? The gas station does not lose, there goes the refund after paying with the taxes of even those who walk on foot,” he asserted.

The opposition has lashed out at the President’s decision and said that the Bitcoin Petrol discount is simply whimsical and a desperate attempt to make the leading cryptocurrency popular in the country. 

While El Salvador became the first country in the world to legalize Bitcoins and make them a legal tender, the country is battling adoption and technical challenges. The state-operated Bitcoin Chivo Wallet has been reported to have many bugs. It has been suspended many times for maintenance already. In addition, there are still many who have no idea of how Bitcoin and cryptocurrencies work.

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With the complaints pouring in, the government suspended the wallet for five hours but restored it after reportedly fixing the bugs. President Nayib Bukele had also asked the countrymen to report any issues with the Bitcoin Chivo Wallet. 

However, on Monday the President once again said that there were problems persistent with the App – but they are just 5%. Currently, the new registration has been temporarily suspended. Also, any new downloads are disabled if one tries to download for new smartphone models. The president has said that all of it will be enabled once the issues are fully fixed. He added that the Bitcoin Chivo Wallet team expects to fix the bugs by this week. 

“The technical errors of the Chivo wallet have been 95% fixed. In the next few days, it will be working at 100%,” Bukele wrote on Twitter. He also said that currently, there are 200 Bitcoin wallets working perfectly in the country.  

“Launching everything in three months was too much of a challenge and we made mistakes, but we are already fixing them and hundreds of thousands of Salvadorans can already use Chivo with no issues,” he explained.

The state-run Bitcoin Chivo Wallet App has already been downloaded many times and has about half a million registered users.

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