Lightning Torch Relay: Fidelity Digital is Passed on the Bitcoin Lightning Torch

Lightning Torch Relay: Fidelity Digital is Passed on the Bitcoin Lightning Torch

Fidelity Digital Assets Services LLC, the digital asset-focused subsidiary of Fidelity Investments Inc., becomes the first financial services institution to take on the bitcoin lightning torch, as it continues to lay the groundwork for welcoming institutional investors in the crypto space

The Lightning Torch is a global peer-to-peer and emblematic activity that involves passing around $144 worth of BTC (or about 3.64 mln satoshis) to exhibit how easy and uncomplicated it is to use the layer-2 scalability solution, the Lightning Network. Each receiver will add 10,000 satoshis ($0.34) to the amount they received.

Fidelity Digital the 229th Relay Entity

On 22 February, the symbolic torch was passed to Fidelity Digital by Tokyo-based Twitter user wiz, making the digital asset platform the 229th entity to have received it.

Fidelity Digital is aiming to provide a ‘full-service, enterprise-grade platform’ particularly for the new asset class. The BTC transaction relay exposes the platform to beneficial experiences according to Tom Jessop, president of Fidelity Digital. He further said that ‘family offices, hedge funds and other sophisticated investors are starting to think seriously about this space.’ Fidelity is anticipated to launch a bitcoin custody service by March.

Last October, Fidelity Investments took the initial step for Wall Street as it announced the birth of Fidelity Digital.

Chronicle of the Torch Relay

Wiz received the torch from bitcoin proponent Charlie Shrem. In early February, Jack Dorsey, CEO of Twitter, became a bearer. The Twitter head alluded to the possibility of the social media platform implementing a BTC Lightning payments solution. Previous receivers of the emblematic torch are BitMEX Research, Changpeng ‘CZ’ Zhao, and Justin Sun, among others.

Participants of the relay are advocating Elon Musk, Tesla CEO, to paste an invoice and pick up the bitcoin torch.

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How To Send Bitcoin Lightning Payments With No Invoice

Ever wish that you could make a Bitcoin Lightning Network payment, without the rigmarole of receiving an invoice first? Well, you can… Lightning Network is one of the most exciting current developments in the Bitcoin space and gaining features all the time. But payments require the payee to first issue an invoice, which isn’t always ideal. Developers are looking at ways to address this issue, but there is a method to do it now, using a circular route. Bitcoin Sent To Me, To You, To Me The basic concept is that you invoice and pay yourself. The desired transaction amount is simply left with the intended recipient as an overpaid forwarding fee. This ‘circular routing’ method works with all current Lightning node implementations. Okay, so there is an invoice… but it is self-generated, so there is no need to wait for the payee to issue it. They are just added into the payment route for the ‘fee’ drop-off. You can find a more in-depth explanation in the video below. It’s Not All Champagne And Roses Obviously, because this is a ‘hack’ and not a feature, there are certain risks and downsides: Because of the longer route and small return payment, there will be slightly increased fees and failure probability. There is nothing to identify the money as an expected payment. To the payee, it appears just like usual fees. Both sender and receiver must be well-connected nodes with sufficient liquidity for the circular route. And the big issue is one of security. The route from A to B is likely to pass through other nodes, as is the route back from B to A. If the same malicious actor controls an intermediary node in both directions, they can steal the money, by re-routing and skipping B altogether. When Lightning? So yes, this is currently just a hack, and an imperfect one at that, but the entire Lightning Network is still just an experiment. It would be great to see a secure version of this workaround implemented as a feature. But then it will be better still when LN is secure and stable enough to not have to keep describing itself as ‘in testing’. As we discovered yesterday from another experiment, Lightning payments are crucial for Bitcoin’s mass adoption. Certainly, in the consumer market, vending-machine-type micro-payments, are one killer app that people demand. Major institutional investment has been ‘just around the corner’ for over a year now, and we still don’t know where that ‘corner’ is. Mass adoption will come quicker with a two-pronged approach, from both institutions and consumers. You ask, “When moon?” My answer, “When Lightning!” Have you tried the Bitcoin Lightning Network? Share your experiences below! Images via Shutterstock The post How To Send Bitcoin Lightning Payments With No Invoice appeared first on

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Bitcoin Boom May Take Prices to the Moon; Doomsday is Coming

Currently, everyone is positive that a bitcoin bull run is imminent. However, some analysts think that this upward trend that is gradually forming may not last long enough. It is nowadays common to hear that ‘ the bubble will burst’ in the crypto world. As much as most crypto bulls do not want to hear that, it may soon happen. The question remains; when and how is the burst going to happen? The recent surge by the most popular crypto explains why it has not yet happened. Bitcoin is currently hovering around the $8,000 handle which is fuelling the bulls to take over. In spite of all that, Bitcoin is still some kind of bubble. Although a lot is happening in the virtual currencies world, it has not yet erupted. Harsh Reality Currently, it is almost impossible to buy simple daily things like burgers and coffee using bitcoin without being suffocated with tax. Bakkt announced a new release date of this July. However, it is yet to get any regulatory approval from the United States authorities. The NYSE has no idea of when or if their new cryptocurrency exchange will receive approval. Most of the altcoins also have their pertinent issues too. Ethereum postponed a network upgrade until 2020 while Ripple’s clients said that they are just sampling the cryptocurrency. Steemit is still in beta after 3 years while Brave’s browser is not in the 10 most popular browsers despite its 6 million users. Not All is Lost Bitcoin is looking up again and despite the bad news, there is always some good news to neutralize it. Some notable good news is that Bitcoin’s Lightning Network is soaring. Moreover, the number of bitcoin wallet users is also increasing. Furthermore, some large institutions and prestigious universities admitted to purchasing some crypto. Virginia’s Fairfax County, MIT, Rockefeller family offices, University of Michigan, and Yale are some of the institutions that announced their involvement. In the past year alone, reports show that bitcoin transactions increased by 200%. Companies like Telegram, Facebook, and Samsung plan to introduce their crypto coins. Moreover, Rakuten is creating a crypto exchange. Thus, the number of transactions is expected to increase considerably in the coming years. With all these developments coming up, it sure feels like a promising future for the cryptocurrencies led by bitcoin. However, most of all that is yet to become a reality. If the bubble is still swelling, when and how exactly will it burst? What effects will it have? The answer to all these questions lies in time; only time will tell. Like what you're reading? Subscribe to our top stories The post Bitcoin Boom May Take Prices to the Moon; Doomsday is Coming appeared first on - Daily Cryptocurrency and FX News.

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