Banco Santander published an article on the advantages offered by the Bitcoin (BTC) Lightning network, with which it demonstrates a change of position on the first of the cryptocurrencies, something that the community that revolves around the ecosystem is celebrating.
In its article, the Spanish group Santander makes available to its community a extensive content in which highlights how the decentralized system of Lightning Network allows process “large volumes of instant micropayments”.
“The Lightning Network is a decentralized network for high volumes of instant micropayments, which would allow the user to make immediate transactions with very low fees.”
Banco Santander on Lightning Network.
Later, the post notes that the Lightning network is a promising answer not only for the scalability problem of Bitcoin“but also for other cryptocurrencies and, potentially, for fiat currency payments.”
Banco Santander recognizes that many traditional companies “have jumped on the bandwagon of this payment system”, such as Walmart. And he adds that, at the State level, El Salvador is doing it by making the system available to citizens for sending remittances
He mentions some disadvantages such as the fact that “even its creators do not recommend using Lightning for transactions involving large sums of money, but ultimately it presents this Bitcoin second layer network as a great solution for scalability, while eliminating the risk of delegating custody to third parties.
The Bitcoin community applauds Banco Santander
For a bank to highlight the benefits that a decentralized network offers is something of a surprise, as pointed out by the community. “The next cycle will be for banks and traditional finance players,” it states a Twitter user identified as Bitcoin24ORE.
The community member refers to Bitcoin adoption cycles. The cryptocurrency is already used by millions of people in the world and now it is suspected that comes a wave of acceptance by traditional financial institutions.
His analysis does not sound far-fetched, especially if one takes into account that organizations, institutions, and States have been making their position more flexible with respect to the decentralized Bitcoin network.
In fact, Banco Santander itself, with its recent publication demonstrates that you changed your view on peer-to-peer e-cash. This is because just seven months ago, the Santander bank subsidiary that operates in the United Kingdom imposed limits on bitcoin transactions, as reported by CriptoNoticias at that time.
On the other hand, it is noteworthy that other giants in the world of traditional finance, such as BlackRock are adapting their systems to integrate services with bitcoinwhich makes it clear that they already see and want to benefit from all the potential it offers.
In any case, it is not clear if the Santander bank considers offering a service with BTC, but now the community feels that it is an advance that a traditional financial institution start educating about the advantages offered by Bitcoin technology.