We all know the mantra.
"Bitcoin is too slow and costly to ever be used as a payment system."
The system is not designed for quick payments. This opened the door for other cryptocurrencies to enter the mix for title of "digital money".
We might want to hold the horse on that one. There are plenty of smart people working on that blockchain who are trying to scale it up.
One approach is to implement the Lightning Network.
Now we are seeing a major step in the verifying if this will work.
The Chubu Electric Company is exploring how to use the Lightning Network as a way to pay for charging up electric vehicles with Bitcoin.
While this is nothing more than a test, it is a means of trying to open the door for other uses such as parking meters. The fact that the Lightning Network performed well shows there is the possibility for Bitcoin fulfilling micropayments.
Chubu is looking at the bigger picture of how Bitcoin and the IOT can work together.
What is attention grabbing about this is the size of Chubu. It is Japan's third largest electric company. Lightning Network is something it is committed to experimenting with going forward.
https://www.coindesk.com/japans-third-largest-electric-provider-testing-bitcoin-lightning/
The last two months saw a great deal of FUD especially around Bitcoin. We know most of this originates with the banksters who then feed the MSM. We are still in the early stages of the entire crypto realm where development is still the most important component. Seeing some promising news come out about the most well known cryptocurrency is helpful.
We know markets are their own entity and operate according to whatever whims drives them. There is often a disconnect between what is going on with development and price action. Nevertheless, this news shows that Bitcoin is far from dead.
Perhaps all the FUD was a bit misplaced.
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