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.

The post Chivo App Help Drive Lightning payment Volume up 400%- Report appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

The Chivo Bitcoin Wallet is a native wallet developed and operated by El Salvador for its citizens to store the leading cryptocurrency. However, after it was launched and made available for public use, many started facing problems. The government took down the Chivo Bitcoin Wallet wallet app for five hours. It said the app was taken down for bug-fixing and maintenance. 

Commenting on why the Chivo Bitcoin Wallet app was taken down, President Nayib Bukele confirmed it was for maintenance. He also confirmed that the current issues reported are fixed. “We have finished today’s maintenance of the Chivo wallet. Report any malfunction here, in the comments,” he announced in a tweet. 

El Salvador is the first and the only country in the world to make Bitcoins a legal tender. Following the approval from the government, Bitcoin as a legal tender came into effect earlier this week. After it was effectively made a legal tender, the Government released a state-run Chivo Bitcoin Wallet app for both Android and iOS users on the Google Play Store and the App Store respectively. 

Following multiple reports of people facing issues with the newly launched Chivo Bitcoin Wallet, the President announced: “We will disconnect the system from 1 am to 6 am to make these adjustments. Our teams are ready. We hope tomorrow is much better.”

The bugs are fixed. However, the android app will only be accessible on two Samsung mobile devices viz: Samsung Galaxy S20 and Samsung Galaxy S21. The government officials have asked users to actively report any issues they face as it would help “improve everyone’s experience.”

A significant percentage of the population in El Salvador are not crypto-savvy. A recent report finds the majority are not happy with the government’s decision to make Bitcoin a legal tender. However, the current President of the Central American country believes that making Bitcoin a legal tender will attract investments and help address the country’s economic woes. Fixing issues with the Chivo Bitcoin Wallet app is a welcome move.

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