- The Lightning Network is a widely used layer 2 scaling option for Bitcoin.
- MicroStrategy has spent $4.17 billion amassing 140,000 BTC.
Bitcoin advocate and MicroStrategy co-founder Michael Saylor now uses a business email account connected to the Bitcoin Lightning Network. A snapshot of certain Bitcoin transactions received to “saylor@microstrategy.com” in the form of Satoshis or “Sats,” the lowest denomination of Bitcoin, was posted by the company’s co-founder with his 3 million Twitter followers on April 17.
So @MicroStrategy converted my corporate email address into a #Lightning⚡️ address and people keep sending me 21 sats…🧡 pic.twitter.com/FHde6RtA6N
— Michael Saylor⚡️ (@saylor) April 17, 2023
Whether or not MicroStrategy implemented the functionality into all company-wide emails remains unknown. The Lightning Network is a widely used layer 2 scaling option for Bitcoin, as it can handle 1 million TPS at a minimum cost of 1 Satoshi (about four cents). BOLT stands for “Basis of Lightning Technology” and is the governing standard by which lightning functions.
Utilizing Internet Identifier
The Lightning Address protocol makes MicroStrategy’s integration possible by eliminating the need to manually copy wallet addresses or utilize QR codes. This enables users to instead use an “Internet Identifier” such as an email address.
Moreover, Michael, now the company’s executive chairman, conceived the plan to invest in Bitcoin that would bolster MicroStrategy’s financial position.
Since it first started purchasing in March 2021, MicroStrategy has spent $4.17 billion amassing 140,000 BTC. Buy Bitcoin Worldwide reports an average purchase price of $29,800 for the company. MicroStrategy has lost just 1.3% of its initial investment while Bitcoin’s price is now at $29,400. When Bitcoin surpassed $30,000 last week, though, the company briefly returned to profitability.
According to CMC, the Bitcoin price today is $29,725.44 USD with a 24-hour trading volume of $17,120,883,296 USD. Bitcoin is down 0.52% in the last 24 hours.
