Cryptocurrency - why we're still early and why you should be excited

Recently Bitcoin hit a new all-time high price, as did the cryptocurrency market cap as a whole. At a total cryptocurrency market cap of almost $3 trillion, this is a huge accomplishment and cryptocurrency is something that is no longer being ignored. In this article I will explain why I believe that we are still early in terms of the overall cryptocurrency market maturing and developing and why you should be excited by this.

Progress is being made

Although a lot of progress has been made, as it stands the biggest cryptocurrencies are not as user-friendly as one would like. Taking Bitcoin and Ethereum as an example, fees are high and transactions can take a long time. The user experience for any regular user can be somewhat tedious. It does add to a negative sentiment telling someone that their money of the future takes $30 for a single transfer.

Attempts are being made to fix this. ETH2.0 should decrease Ethereum's fees, while Bitcoin has the Lightning Network

The Lightning Network (LN) is often put forward as a potential solution for scaling Bitcoin. Effectively the LN is an overlay network powered by Bitcoin smart contracts that enables almost instantaneous Bitcoin payments.

In it's current form LN is still in a developmental phase; although it works well there are several attack vectors that the developers are working on mitigating.

With El Salvador making Bitcoin legal tender earlier in the year and the decision to implement the LN as the payment network the development and growth overall will only increase.

The El Salvadorian government for example had to create a new app, Chivo, and this app allows the residents of El Salvador to access the LN on Bitcoin. So LN is a layer to something that sits atop Bitcoin’s layer one infrastructure. Lightning is needed here to facilitate all the small payments, and the speed of transactions is needed for something like the size of a nation to transact on top of Bitcoin.

In the month after Bitcoin was adopted as legal tender close to one-third of Salvadorans have begun using the official wallet. For