A mumble rap icon, Lil’Pump, recently announced that his fans will be able to pay for his products using Bitcoin. Lil’Pump’s fans will now use the Bitcoin lightning network to buy clothing items from the artists’ “Unhappy” fashion line.
With 1.24 million followers on Twitter plus another 17.8 million on Instagram, the 18-year-old artist is bound to bring awareness to Bitcoin.
Bitcoin has struggled for the better part of 2018. However, new surveys are showing a growing interest. Most of the interest is coming from young people like Lil’Pump’s followers who are open to using Bitcoin.
This move by the artist is set to cement crypto in the public psyche.
Other artist and entertainers getting into crypto
It is hardly surprising that a hip-hop musician would embrace Bitcoin. The dominant theme in the music genre is based on a disdain for centralized authority. Other rappers like Eminem (an award-winning rap artist) and Soulja Boy have also incorporated Bitcoin into their music. This just shows how the cryptocurrency is gaining traction among the youth.
Beyond the world of music, other entertainment icons have also edged closer to crypto. A good example is PewDiePie. As the world’s biggest YouTube star, he has signed an exclusive deal with a video streaming platform built on Blockchain.
According to Forbes, the move by PewDiePie resulted from his “fractious relationship with mainstream services.”
The new Blockchain-based streaming service will compensate content creators in crypto. PewdiePie’s move is likely to also add up to the awareness that Bitcoin will receive going forward.
How the Lightning Network helps with Bitcoin adoption
Despite the hype around Bitcoin, support for the cryptocurrency remains at an all-time low.
A Chainalysis report indicates that companies accepting Bitcoin payments only account for a paltry 0.3 percent of all Bitcoin transactions.
To solve this problem, the Lightning Network offers a micropayment scaling solution. This network was first proposed by Thaddeus Dyria and Joseph Poon in 2015. The lightning network solution allows online and real-world stores to accept Bitcoin payments.
The lighting network works by creating a layer on top of the main Bitcoin Blockchain network. Through this top layer, transactions continue to happen before they are added to the underlying Blockchain.
This allows the Bitcoin network to scale and process more transactions. The lightning network does not compromise Bitcoin’s security or its gold-like features.
So far, the Bitcoin Lightning network has had a great year. Notable personalities like Jack Dorsey (Twitter CEO) are using the network to send and receive payments. This will further prove the network’s capabilities.