Bitcoin moves towards Satoshi’s payment dream

New York, The Gulf Observer: Satoshi Nakamoto would be proud, Adolescent bitcoin may finally be repaying its creator’s faith.

The 15-year-old cryptocurrency has filled many roles – from source of speculation to hedge against inflation – but has struggled to find a clear identity. Now there are growing signs it’s edging towards its intended purpose: payments.

“The development in terms of building out crypto payments has continued apace, even if it’s gone somewhat unnoticed because of the volatility in the broader market,” said Richard Mico, U.S. CEO of Banxa, a payment-and-compliance infrastructure provider.

The amount of bitcoin stored on the Lightning Network – a payment protocol layered on top of the blockchain – has jumped by two-thirds over the past year to hit an all-time high of 5,580 coin, according to crypto data firm The Block.

Crypto payment specialists have also seen strong volumes.

U.S.-based BitPay said transaction volumes jumped 18% last year versus 2021. CoinsPaid said volumes in the fourth quarter of 2022 rose 32% compared with a year before.