The Lightning Network, a layer 2 protocol for Bitcoin, is aptly named for its lightning-fast speed. People love the Lightning Network for its potential to help solve Bitcoin’s scaling problems. However, some are skeptical that it can solve all of Bitcoin’s issues. As one person put it, Maybe the Lightning Network isn’t the way Bitcoin can enable fast, cheap, casual, peer-to-peer transactions.
The Lightning Network has been pitched as a solution for high transaction fees, small blocks, slow blocks, and government censorship. But not everyone believes it can solve all of these problems. There is a growing pragmatic view that the Lightning Network is or probably will be good for certain types of payments, but not all types of payments.
The Lightning Network is still an experimental technology, and proponents warn to exercise caution when committing funds to it. Despite this, it has spurred many promising Bitcoin startups. Some proponents have even positioned the layer 2 protocol as a way to make Bitcoin accessible to billions.
However, not everyone agrees that Bitcoin can scale to billions. There are no panaceas, not the Lightning Network, not Stratum V2, not any other Bitcoin spinoff. Investing in false gods never works. Bitcoin requires decentralized diversity of thought, and it’s okay to champion the Lightning Network or any other project.