Bitcoin’s Lightning Network has been one of the most sought-after scaling solutions since its inception. The addition of the second-layer protocol payments system was lauded as a solution to major Bitcoin complications in terms of fees and transactions speed. However, a Bitcoin millionaire has refused to get on the hype train and has in fact, criticized the technology.
Erik Finman, in a recent twitter rant, bashed the Lightning Network and its functionality. He said that it was not entirely decentralized, which in theory defeated the whole philosophy behind cryptocurrencies and the decentralization approach.
He explained that the Lightning Network was effectively transforming the largest cryptocurrency in the world into an internationally centralized payment network like Visa and Mastercard. These were the two original corporations that Satoshi Nakamoto wanted to eradicate when he created Bitcoin.
He opened his explanation with the statement “Bitcoin is dead,” and indicated that the Lightning Network will fundamental to its demise. He added that the use of Bitcoin via Lightning Network benefited people in the Silicon Valley, while ignoring the hardworking miners, and node operators, among others.
The teen Bitcoin millionaire explained that although the Lightning Network is not completely centralized like the Federal Reserve institutions, it has decreased the decentralized aspect of the cryptocurrency. Finman is just one of the influencers and users within the ecosystem who believe that Lightning Network defeats Bitcoin’s scalability issues.
One of the most prominent supporters of the Lightning Network is Twitter CEO Jack Dorsey. Dorsey recently revealed his intention of adding the technology to his mobile payments company Square app, presumably to improve Bitcoin’s merchant adoption.
Subscribe to AMBCrypto’s Newsletter