Twitter CEO Jack Dorsey Shows off Bitcoin Lightning Network Node

Francisco Memoria

Twitter co-founder and CEO Jack Dorsey has recently shown off a recently received Bitcoin Lightning Network full node he got from Casa, further showing the entrepreneur’s commitment to the flagship cryptocurrency and its layer-two scaling solution.

The node Jack Dorsey showed off on Twitter is one being sold by Casa for $300, that already comes with a gold membership on the company’s platform, and is already pre-synced to make it easier to set up.

The Casa Node, a plug-and-play solution, is built with Raspberry Pi 3B+ and comes with cables that help users get going. Running a full Bitcoin node helps validate the cryptocurrency’s blockchain, contributing to its decentralization and security.

Since Casa’s node allows Dorsey to participate in the Lightning Network (LN), the cryptocurrency’s layer-two scaling solution, the entrepreneur may also contribute to its liquidity. The LN’s capacity surpassed 50 BTC late last year, and is now over 733 BTC.

Dorsey, who’s also the CEO of Square, the company behind the Cash app, which lets users buy and sell bitcoin, has notably invested in the LN last year, helping it become a reality. Last month, he backed a ‘trust game’ based on it that saw users pass a ‘torch’ worth hundreds of thousands of satoshis to one another.

As CryptoGlobe covered, data from cryptocurrency analytics platform Data Light has shown that 74% of all Bitcoin nodes are located in only 10 countries, with the US alone having over 2,600 nodes.

Behind the US are Germany and France, with 2,016 and 698 Bitcoin nodes respectively. The countries with the greatest Bitcoin nodes per capita were Singapore and the Netherlands, at 17,700 and 32,000 citizens per node.

$8.5 Billion: Coinbase's Bitcoin Holdings Could Surpass 1 Million BTC Next Month Report

San Francisc-based cryptocurrency exchange Coinbase could soon hold over 1 million bitcoin on its cold wallets, showing bitcoiners are still storing funds on trading platforms en masse.

According to a report published by data source Longhash, Coinbase’s cold wallets contained roughly 970,000 BTC, worth about $8 million, at the beginning of this year. A graph shared with Longhash’s readers shows that the exchange’s bitcoin holdings have been growing steadily.

Coinbase's BTC wallet holdingsSource: Longhash

In comparison, the bitcoin holdings of other cryptocurrency exchanges’ bitcoin holdings haven’t grown exponentially last year, with no other trading platform having over 250,000 BTC in cold storage.

Coinbase is estimated to have over 30 million registered users, and if Longhash’s data is correct it’s also the cryptocurrency trading platform with the largest bitcoin holdings. It has managed to keep on gaining exposure over the years, even launching a trading app for its Coinbase Pro platform late last year.

While in September 2019 data from CryptoCompare’s Exchange Review showed that both Coinbase and Binance were seeing a massive surge in web traffic, the BTC holdings Binance had in cold storage remained relatively flat, while those of Coinbase kept surging.

Longhash points out that Coinbase has been serving institutional investors with its services, offering offering support for Maker contract voting and XTZ baking on its Coinbase Custody platform.

Coinbase’s apparent dominance and steady growth may be because it attracts a large share of long-term/institutional investors, who are less concerned with short term price swings.

Coinbase Custody, it’s worth noting, is estimated to have had $1 billion in assets under management 12 months after launching. As CryptoGlobe reported, Bitfinex recently moved $1.1 billion worth of bitcoin for an $80 fee, presumably while managing its cold storage wallets.

Featured image via Unsplash.