Traditionally sending money has always been a pain, with centralized institutions charging very high fees. Therefore, Bitcoin’s Lightning Network is considered one of the most revolutionary inventions in the field of payments.
The latest data from analytics firm Glassnode has revealed that Lighting Network have cheaper fees than all other payment methods.
Lightning Network is 1,000 times cheaper
Glassnode data reveals that the media fee rate for sending value over the Lightning Network is 0.0029%. In comparison, this is 1,000 times cheaper than the payment systems of the two ‘giant’ is Visa and Master Card.
According to a post by crypto analyst Dylan LeClair on social media protocol Nostr, it was found that the rate charged is significantly lower than the fees imposed by major credit card companies. .
The problem with popular payment platforms like Visa and MasterCard is that their fees are relatively higher, around 2-3% per transaction. Glassnode principal analyst, James Check, says that the rate of communication fees on Lightning Network is 2,000 satoshi. For comparison, it only costs $0.84 in fees to send $28,800 worth of funds, which equates to a fee of about 0.0029%.
Lightning Network is a blockchain-based network that facilitates fast peer-to-peer transactions, reducing costs and reducing traffic congestion. The Lightning Network exists separately from the main Bitcoin network.
See also: What is Lightning Network? Bitcoin network scaling solution overview