Antonopoulos Talks on Advantages of Lightning Network

Bitcoin icon Andreas Antonopoulos has been at the forefront of cryptocurrencies and the adoption of blockchain for a long time now. The Greek-British bitcoin advocate recently took part in an interview with Ivan on Tech to talk about the Bitcoin Lightning Network as well as other developments in the space. 

Addressing the Lightning Network’s advantages of Antonopoulos said:

“Because of the capability of micropayments and having instant settlements of transactions, with high security and privacy on Lightning Network, you can build some interesting applications that you can’t do today with any Layer 1 blockchain. And certainly not with traditional financial services.”

He continued, explaining that the development cycles in the crypto space are, through “fragmentation, exploration, consolidation, and inter-operability standardization,” of the Lightning Network, will at some direct some help connect several ecosystems all thanks to different trustless agreements. Furthermore, Antonopoulos went onto call out those calling for the green light of exchange-traded funds (ETF), citing that it’s bad for the crypto space. This is because “owning and controlling Bitcoin with your own keys gives you a whole set of capabilities. Among other things, you have the right to choose the fork of Bitcoin to exercise economic activity on, fees on a transaction to prioritize, it or which consensus to opt to.”

Investing in Bitcoin via ETFs, according to Antonopoulos takes away control from users in order to decide the above “rights” as the users do not own the key to their Bitcoin investments. He added, “ETF is not a bad idea for Bitcoin. It is a bad idea for the people who buy ETF.”

It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!