Have you ever heard of Jamie Dimon? The man is a notorious anti-Bitcoin person, but he’s the CEO of JPMorgan, one of the most important financial companies in the world.

Now, Jamie Dimon’s company is set to launch a JPMorgan-branded digital currency. Michael J. Casey has written on Coindesk about whether the community will accept this new token or “torch” Jamie Dimon.

On the article, Casey, which from the board of directors of Coindesk, talks about the new initiative from the bank at the same time that he highlights just how interesting the Bitcoin Lightning Network, which is currently having its promotional Bitcoin Lightning Torch event. He uses the two events in order to juxtapose the new token launched by JPMorgan and more decentralized options.

The new JPMorgan-branded currency has been receiving a lot of attention from the media. It will be set on the company’s own distributed ledger and will mainly be used for large-scale corporate and institutional clients which operate within the banks’ operations.

Part of why the project has been receiving so much attention is because Dimon is an open Bitcoin hater and his company is now launching what is being called by the media as a cryptocurrency (but it is actually not, just something similar). This currency will be called JPM Coin.

The Lightning Network, on the other hand, is an off-chain solution that is being used in the Bitcoin network in order to scale more its services and make it faster. Now, the community has started the Lightning Torch movement on January 19 as a part of a large promotional case.

Initially, people sent 0.0001 BTC to each other in order to “pass the torch”. The value went up with time and now the torch is with Meltem Demirors, the Chief Strategy Officer at CoinShares. At the time, the value is way higher, at around $156 USD. Once the final value is reached, the money will be donated to charity.

On one side, you got a centrally managed platform from the private initiative which moves a huge amount of money every day. On the other one, you got a small but strong decentralized community making exchanges of value.

Despite the fact that JPM Coin uses a sophisticated protocol and moves a lot of money around, some people are ready to argue that the Lightning Network is a much more important initiative which will solve more important problems because it maps the framework of the crypto world for instantaneous payments that are really decentralized.

While JPM Coin is just a part of another private service, the Lightning Network will let people move their money around without depending on a bank, which is way more revolutionary.

JPMorgan made its services faster and more reliable with this new technology and that is far from actually being irrelevant, but the article writer pointed out that the system depends on JPMorgan, which makes it far from a decentralized system.

While the heavy structure of a bank makes it prohibitive to actually make small payments. However, with a structure like the LN, you can use them and this kind of transaction will be the most important ones in the future.

The article finishes by defending the idea of the Lightning Network. According to it, there is no guarantee that the Lightning Network will succeed, but the Layer 2 option could improve scaling and costs for Bitcoin and this would make the network much more efficient.

As the developers need real-world functionality for their products, like the Lightning Torch end up being so important because it shows how the product actually works in real time. This way, the developers can find new bugs and the community can see the product in action.

Low-stakes transactions are important because they can demonstrate the functionality of the product without risking to lose a big amount of money. This can help to engage people without risking a lot, which is ideal for this kind of situation and will help to make transactions more common.

All of this, in the long term, can help to bring Bitcoin closer to people and to find new routes which can be used to finally make the Bitcoin prophecy come true and really bring us the decentralized financial system that Satoshi promised.

Bitcoin (BTC), Ethereum (ETH), XRP (Ripple), and BCH Price Analysis Watch (Feb 18th)

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