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In Latin America The Growth of Bitcoin Lightning Is Low


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bb01da8976e117e1320d62e0a2924827Cryptocurrency33 minutes ago (Dec 21, 2021 08:01AM ET)


In Latin America The Growth of Bitcoin Lightning Is Low

  • The number of Latino users taking advantage of the payment network is very low compared to in other regions of the world.
  • In Latin America, only 0.83% of the nodes of the global Lightning network are being utilized.
  • By routing payment nodes, operators can generate passive income.

Despite the constant growth of the Lightning Network throughout the world, the same can not be said of the growth in Latin America. When comparing the number of operating public nodes by region, it has been observed that the use of the Lightning Network in the subcontinent is currently much lower.

So far, around 38,800 nodes for the Lightning Network have been counted globally. Of these, 17,136 are nodes with a public IP, according to the data handled by ACINQ, the French startup that implemented the Eclair software, the Phoenix wallet, and is one of the largest companies working on BTC scalability.

The data collected by the ACINQ explorer may not be 100% accurate, as clarified by the company itself on its website, but it does offer a global panorama that closely represents reality in terms of the number of operating nodes on each continent.

Most of the operational nodes of the Bitcoin Lightning Network are located in North America, which has 44.8% of the total number, with another 43.1% being operated in Europe, according to the results of a research published by specialists from the University of Vienna and Blockstream.

The remaining nodes are operated in Asia (6.2%) and Oceania (2.2%), with South America operating only 0.8%, just ahead of Africa which handles 0.6%.

Brazil leads the Start-Up of Lightning in Latin America

In the geolocation map of the Lightning Network nodes, Brazil leads the list in South America with 9 nodes and 120 operating channels, followed by Mexico with 3 nodes and 46 channels, and Colombia with another 2 nodes and 46 channels.

Other notable operators are Venezuela with 3 nodes and 8 channels in operation, and Argentina with 7 nodes and 9 channels. For its part, Chile has 4 nodes and 4 channels, while in Peru there is only 1 operating node with 2 channels.

If all of Hispanoamerica is included, Spain appears as the country with the most Lightning nodes in operation. The European nation has 29 nodes with 131 channels in operation, according to data provided by 1ml.com.

On The Flipside

  • It seems contradictory that, in a region where bitcoin adoption has flourished over the past two years, the same is not the case with the number of active public nodes.
  • The only explanation is that users do not have enough information about the benefits of operating Lightning Network nodes for generating passive income.

Why You Should Care?

  • Both individuals and businesses can potentially generate profit by routing payments on the network. Managing a well-connected node can generate generous passive income.

According to the web portal criptonoticias.com, Alex Bosworth, one of the liquidity leaders at Lightning Labs, has made up to $30,000 in six months through payment routing alone. By having a larger number of connections he increases the chances of routing payments.

A greater connection of nodes, guarantees the more efficient routing of payments and a decrease in routing costs.

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