Bitcoin Lightning Network is 1,000x cheaper than Visa and MasterCard: Data
Glassnode data demonstrates that the Lightning Network outcompetes traditional payment networks in terms of commission costs. Fresh data from Glassnode demonstrates that Bitcoin's (BTC) Lightning Network is significantly cheaper to use than legacy payment networks. The median fee rate, or the cost of sending value across the Lightning Network, is 0.0029%, 1,000 times cheaper than that of MasterCard of Visa payment processors. James Check, lead analyst at Glassnode, told Cointelegraph that the median fee rate, or the fee charged per 1 BTC sent across the Lightning Network, is currently 3,000 Satoshis (the smallest unit of Bitcoin). That is “equivalent to $0.84 to send $28,800 worth of value [...] which is a fee of 0.0029%.” “Pretty remarkable when you think about it.” In a post on the Nostr social media protocol, Bitcoin analyst Dylan LeClair noted that this rate is many times less than that charged by major credit card companies. The Lightning Network, a layer-2 Payments soluti...