- Countries facing high rates of fiat currency devaluation are considering the purchase of cryptocurrency as a more stable alternative
- The Lightning Network facilitates faster transactions for cryptocurrency and is also a low-fee alternative for sending and receiving payments
- LQwD has ten public nodes on the Network: in the U.S., India, Ireland, Germany, Indonesia, Italy, Singapore, Sweden, England, and France
- Highest capacity node is in the U.S., with 5.689273640 BTC (U.S. $224,452.01) and a channel count of 106 (established November 2021)
- The cryptocurrency market, although volatile, is estimated to reach U.S. $32,420 billion by 2027
Even before the war between Russia and Ukraine, currencies worldwide began experiencing devaluation. Devaluation is the official lowering of the value of a country’s currency, and as more states are facing this issue, many of them are seeking out cryptocurrency as an alternative. In terms of devaluation, the countries hit the hardest include:
- Brazil – 217.65% devaluation against the U.S. dollar 2011-2021
- South Africa – 102.74% devaluation against the U.S. dollar 2011-2021
- Mexico – 63.71% devaluation against U.S. dollar 2011-2021
- India – 58.58% devaluation against the U.S. dollar 2011-2021
These four countries are also estimated to be the four most likely candidates to purchase cryptocurrency within the next year, with percentages close to 50% (https://nnw.fm/riyIy). According to Gemini’s 2022 Global State of Crypto report, 41% of those who purchased crypto in 2021 were first-time buyers, with ownership of crypto stemming from countries like Brazil (51%), Hong Kong (51%), and India (54%). Ultimately, the report expressed that inflation and devaluation of currencies are primary factors driving the growth of cryptocurrency (Bitcoin, Litecoin, Ethereum, etc.) worldwide.
When implementing cryptocurrency as legal tender in any country, the facilitation of the transactions is crucial to the currency’s success. Traditional blockchain transactions are slow and often require higher fees per transaction, but the Lightning Network changes how these transactions are completed, offering faster transaction times and lower fees.
The Lightning Network is a layer 2 payment protocol layered on top of a blockchain-based cryptocurrency and was created to solve the overall bitcoin scalability problem. Many companies have begun creating solutions that facilitate payments on the network, and one such company is LQwD FinTech (TSX.V: LQWD) (OTCQB: LQWDF). LQwD released its platform-as-a-service offering (PaaS) https://lqwd.tech/ in November 2021, at which time they also launched their first Lightning Network node in the U.S., which now has a capacity of 5.689273640 BTC (U.S. $224,452.01) and a channel count of 106.
Additionally, LQwD has released Lightning Network nodes in Ireland, Germany, Indonesia, Italy, Singapore, Sweden, England, India and France. The company is leveraging the Network with the goal of becoming a crucial player in the quest for bitcoin adoption worldwide.
Despite recent volatility, the cryptocurrency market is still expanding. The market reached a value of U.S. $1,782 billion in 2021 and is expected to grow at a CAGR over the forecast period of 2022 to 2027, resulting in a value of U.S. $32,420 billion by 2027 (https://nnw.fm/LChlC). The driving factors for this growth include the increase in technology and digitization across industries, the legalization of cryptocurrency as legal tender in countries around the world, and the minimized risk of fraudulent, unwanted, or erroneous payments within the infrastructure.
For more information, visit the company’s website at www.LQwDFinTech.com.
NOTE TO INVESTORS: The latest news and updates relating to LQWDF are available in the company’s newsroom at https://nnw.fm/LQWDF
About NetworkNewsWire
NetworkNewsWire (“NNW”) is a financial news and content distribution company, one of 50+ brands within the InvestorBrandNetwork (“IBN”), that provides: (1) access to a network of wire solutions via InvestorWire to reach all target markets, industries and demographics in the most effective manner possible; (2) article and editorial syndication to 5,000+ news outlets; (3) enhanced press release solutions to ensure maximum impact; (4) social media distribution via IBN millions of social media followers; and (5) a full array of corporate communications solutions. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience comprising investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
To receive SMS text alerts from NetworkNewsWire, text “STOCKS” to 77948 (U.S. Mobile Phones Only)
For more information, please visit https://www.NetworkNewsWire.com
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
NetworkNewsWire (NNW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
Editor@NetworkNewsWire.com
NetworkNewsWire is part of the InvestorBrandNetwork
No comments:
Post a Comment