Bitcoin Wallet Electrum Will Soon Add Lighting Network Support, Founder Reveals

Francisco Memoria

The popular Electrum bitcoin wallet is reportedly going to soon add support for the flagship cryptocurrency’s layer-two scaling solution, the lightning network, as part of a “major release.”

According to Russian cryptocurrency news outlet Forklog, Electrum founder Thomas Voegtlin revealed during an ongoing conference in Odesa, Ukraine, that the popular cryptocurrency wallet is going to add lightning network support.

This shortly after Electrum, one of the oldest bitcoin wallets out there, announced the release of its 3.3.7 version, which included “various bugfixes and improvements.”

The move will make Electrum one of the most popular bitcoin wallets adding support the BTC’s lightning network, a technology that allows for microtransactions off-chain and helps the cryptocurrency scale. The lightning network’s growing adoption has, according to some analysts, contributed to bitcoin’s recovery this year.

The layer-two scaling solution gained a lot of attention earlier this year after a trust-based game in which users passed a ‘torch’ through the lightning network saw fidelity Digital Assets, Twitter CEO Jack Dorsey, and other prominent industry personalities participate. It ended in a charitable donation to Bitcoin Venezuela.

According to 1ML data, bitcoin’s lightning network currently has 8,956 nodes and a total capacity of 937.87 BTC, worth over $10.5 million. In March of this year, its capacity surpassed the $3 million mark. The growth isn’t just related to adoption, as bitcoin’s rally so far this year contributed to its USD capacity increase.

Electrum itself is a well-known bitcoin wallet. Earlier this year popular video-sharing platform YouTube promoted an illegitimate version of the wallet, as scammers were looking to scam users out of their BTC.

Bitcoin’s Price Should Now Be Over $100,000, According to John McAfee's 2020 Prediction

Francisco Memoria

The price of bitcoin should now be of over $100,000 to follow the price prediction of eccentric cybersecurity expert John McAfee, which claimed it would be at $1 million by the end of 2020.

According to a website tracking the performance of the flagship cryptocurrency against McAfee’s prediction, BTC is currently down by 90% against where it should be to follow the price prediction.

Currently, one bitcoin is changing hands for around $10,150, but according to McAfee’s prediction it should be at around $102,500.

A graph of BTC's price vs. McAfee's predictionSource: Bitcoin Price Prediction Tracker

McAfee’s prediction was made back in 2017 when the cryptocurrency was trading at little over $2,200. The website adds BTC had to steadily grow at a rate of 0.484% a day to get to $1 million. The initial prediction foresaw a $500,000 bitcoin by the end of 2020, but McAfee revised it as his initial modes “predicted $5,000 at the end of 2017.”

BTC got a high of nearly $20,000 before the end of 2017, but soon started dropping. Over 2018 it went down to a $3,200 low before recovering in what has become known as the “crypto winter.” McAfee has been standing by his $1 million price prediction as time goes on, despite the 2018 bear market.