What is the lightning network and why is it important
Bitcoin is an electronic cash system or a network where it is easy to send btc. Btc is the digital coin for bitcoin that doesn’t need a bank to be transferred. Furthermore, You can at any time notice, cash out your btc instead of major fiat such as dollar, euro and more..
With that being said, some early adopters and shops start to accept the btc as a payment method. Although it seems a perfect payment system. It has a major drawback which is the time needed for any transaction to be confirmed. A single transaction takes on average 10 minutes.
In other words, If you pay for your morning coffee with btc. The payment would be done more probably when your coffee gets super cold.
Visa network vs Bitcoin network
Visa credit card is able to proceed a 65000 transaction per second. Bitcoin can handle only 7 TPS or transaction per second.
Which leads that, the Bitcoin network can’t be a medium of exchange. For the reason, that it is slowly and expensive to send small payments through the network.