February 21, 2019

This 9-Year Old Sells His Drawings Via Bitcoin’s Lightning Network

On a quest to raise enough money to buy himself a Nintendo Switch, 9-year old Dennis takes advantage of the Lightning Network to sell his art masterpieces.

9-Year Old Sells Sketches for Satoshis

A simple, WordPress-powered website called Lightning Pictures is selling unique sketches to anyone around the world.

While the above might not sound impressive, the fact that the artist behind the whole thing is a 9-year old boy called Dennis, certainly is.

And what Dennis loves to do, according to his own website is “drawing, computer games, and doing bitcoin stuff with dad.”

Apparently, the little fellow really wants to buy a Nintendo Switch. The console, however, retails for about $300 and Dennis’ dad has told him that he has to earn the money himself.

And since Dennis loves painting, what better way to earn some money than to sell some unique, custom-made sketches.

Elaborately, the kid is selling two types of sketches. The first one is a quick sketch and it only costs a dollar.

The second one is Dennis’ premium seller – the Awesome sketch.

“You want a seriously awesome picture?” Denis asks. If you do, you’d have to pay $10 for it. Pictures are sent on email or through the regular post but the recipient pays for shipping.

Payments are made using OpenNode and all of it is made possible by bitcoin’s second-layer – the Lightning Network.

Another Seriously Cool Example of LN Use Case

Dennis’ quest to raise money for his Nintendo Switch is just another very interesting example of LN’s use case. But it’s definitely not the only one.

In late 2018, Bitcoinist reported that an artist has managed to auction off a tiny piece of art to the lowest bidder in order to display the micropayment capabilities of the Lightning Network.

Amazingly, the piece sold out for just 1 milli-satoshi or $0.000000037.

As people begin to discover newer ways to make use of bitcoin’s second layer designed for cheaper and faster online payments, Lightning Network has already reached a capacity upwards of 710 BTC.

The number of nodes has been climbing rapidly currently at 6,481, while the number of active channels is now over 29,000 with over $2.8 million in capacity at current market prices.

What do you think of Lightning Pictures? Don’t hesitate to let us know in the comments below!

Images courtesy of Shutterstock

Published at Thu, 21 Feb 2019 21:00:18 +0000

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December 16, 2017

Bitstamp Currently Receives Over 100,000 new User Registrations per day

Cryptocurrency exchanges have seen major user growth in 2017. In some cases, this also means their services are subject to degraded performance. Bitstamp seems to be doing quite well in both aspects, though. Not only is their platform pretty solid, they also welcome around 100,000 new users every day. An astonishing number, to say the very least.

There are few exchanges out there which can handle an increased workload. Coinbase has struggled quite a bit throughout 2017 in this regard. Kraken has a bad infrastructure, but an upgrade is on the way. Even non-fiat currency exchanges struggle from time to time Poloniex has seen multiple outages this year alone. Not to mention the number of DDoS attacks performed against these platforms on a regular basis. Cryptocurrency is very hot right now and exchanges are struggling a bit. Bitstamp, on the other hand, seems to do relatively fine in most cases.

Bitstamp is Coping With Major Our Growth

More specifically, their platform seems to hold up quite well without issues. No major problems have been reported with performance, orders going awry, or anything like that. Getting your account verified, on the other hand, is a waiting game in its own regard. It is not uncommon for people to wait a week or longer to complete this process. It causes some friction, but there’s a good reason for these days. Around 100,000 new users register for Bitstamp every single day right now.

Please understand that we currently have over 100,000 new accounts opened daily. It is challenging to cope with such surge. We are expanding our capacity to on board clients faster but this takes a bit of time.

— Nejc Kodrič (@nejc_kodric) December 16, 2017

https://platform.twitter.com/widgets.js

This is quite an interesting statement by the Bitstamp CEO. Most companies aren’t as transparent regarding such delays or new user signups. The demand for bitcoin and various altcoins has been surging as of late. It is evident this demand will not slow down anytime soon either. Given the recent value increases of all major cryptocurrencies, people are going crazy for anything in this industry right now. For Bitstamp, this means a lot more users who have yet to sign up for this platform in the very near future.

At the same time, using a third-party service provider for user verification may be an option worth exploring. Veteran cryptocurrency users don’t want their information in the hands of too many entities right now These KYC and AML procedures are a necessary evil in the world of cryptocurrency exchanges. At the same, it may only be a matter of time until centralized platforms become obsolete. These are incredibly exciting times in the world of cryptocurrency, to say the very least.

Header image courtesy of Shutterstock

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February 22, 2019

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