MicroStrategy Plans Bitcoin Lightning Network for 2023
American entrepreneur and co-founder of MicroStrategy Michael Saylor has revealed that his company is planning to roll out Bitcoin Lightning payment solutions in 2023.
Saylor made a brief statement about the company’s plan in a recent audio conversation on Twitter.
Here Comes MicroStrategy
Saylor referred to Lightning Network as the “Internet of Money,” saying that Microstrategy is looking to explore the solutions next year.
Lightning Network is more about technology investment. The idea is to create an enterprise deployable Lightning wallet and Lightning server used to monetize enterprise websites.
By integrating Lightning Network solutions, the company aims to enable consumers to process bitcoin transactions faster, cheaper, and more efficiently.
As part of the plan, MicroStrategy also posted new recruitment for a software engineer position to build a Bitcoin Lightning Network-based SaaS platform.
First introduced in 2015, the Lightning Network is a promising solution for the scalability issue of Bitcoin, allowing it to scale as a Peer-to-Peer network. The layer-2 payment protocol provides an accessible way for users to participate in off-chain payments quickly and reliably.
Apart from that, Saylor also mentioned how the Lightning Network can be beneficial for enterprises. The former CEO of Mircostratgy suggested the idea of using Lightning solutions to increase customer engagement.
For example, businesses can offer a small number of satoshis when they register for certain online services, or different rewards campaigns to attract millions of users.
Better Security?
An important feature of the Lightning Network wallet is cybersecurity. Saylor believed it had the potential to make the Internet a safer place.
The executive proposed a concrete use case in which visitors visiting suspicious websites may deposit 100,000 satoshis to safeguard themselves from cyber risks. Once the user has completed their site visit, the content will be restored.
Saylor also pointed out the current limitations of credit cards during the Twitter Roundtable:
“The problem with credit cards is that you couldn’t reasonably post $20 to 100 websites each day and then you get the $20 back in one second, could you?”
Michael Saylor has long supported the Lightning Network. MicroStrategy’s executive has a strong belief that Bitcoin and Lightning Network are the solutions for DeFi, rather than Ethereum.
Saylor could be biased but it’s undeniable that the Lightning Network has gained more popularity in recent years.
El Salvador, the first country to accept Bitcoin as legal tender, is also open to the idea of a Lightning Network. Furthermore, the payment platform Strike, the social giant Twitter also accepted the Lightning Network.
Bet On Bitcoin
MicroStrategy is well-known for being a major Bitcoin holder. And the majority of the purchases are motivated by Bitcoin advocate Saylor. Saylor has been buying enormous amounts of Bitcoins with funds obtained via stock and bond offerings since 2020.
Earlier this week, the software analytics firm announced that it has recently added about 810 BTC, which were bought at an average of $16,845 at the time of acquisition, after selling 704 BTC on December 22.
The company now has 132,500 BTC in Bitcoin. Despite the risks and critiques, Saylor remains confident in his strategy and Bitcoin.
Despite Michael Saylor’s decision to make some changes in his leadership, it is clear from these moves that the software development firm will continue to push the edge in terms of crypto investment.
Michael Saylor decided in August to step aside from his job as CEO of the company and instead take on the position of executive chairman.
Saylor’s maximalism to Bitcoin does not appear to be affected by the catastrophic collapse that occurred in the cryptocurrency market in 2022, in conjunction with Bitcoin’s loss of nearly 64% of its value.
MicroStrategy has not wavered in its commitment to maintaining the status quo concerning the long-term investment strategy it has adopted for Bitcoin.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Nicholas Say, @Khareem Sudlow