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Cryptocurrency payment provider BitPay launches Bitcoin payment support via Lightning networks

Cryptocurrency payment provider BitPay launches Bitcoin payment support via Lightning networks

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Answer Cryptocurrency payment provider BitPay launches Bitcoin payment support via Lightning networks

Cryptocurrency payment provider BitPay has announced the integration of the Bitcoin “Lightning” network into its platform.

This will allow bitcoin payments to settle in faster and at a much lower cost than regular transactions.

“lightning” networks prove their effectiveness:

The “lightning” network is a solution to scaling the second layer of Bitcoin that allows individual Bitcoin owners to form private payment channels between each other.

These payment channels enable users to transact multiple times off-chain, allowing for greater transaction throughput from the underlying Bitcoin layer.

Now, BitPay merchants can receive payments from wallets that support the Lightning Network, such as Strike and CashApp. Publicly to be adopted by other wallet services as well.

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Since payments do not compete for block space on the chain, transaction fees are virtually zero when using this option.

stated Tony Gallipe, Co-Founder of BitPay:

BitPay’s integration with Lightning Networks provides customers with more options and merchants with more ways to pay by utilizing blockchain technology.

BitPay claims that its combination of on-chain and off-chain options now gives customers a comprehensive, fast, low-cost and scalable payment experience.

One of BitPay’s early partners in the merger, PacSun is a retail apparel brand with more than 400 stores across the United States.

PacSun co-CEO Michael Relish told:

The integration gives bitcoin holders an instant and cheap option to shop online.

BitPay merchants will not need to make any changes to start accepting quick payments from customers.

Instead, customers will be able to make quick payments themselves from wallets supported by Lightning Networks.

But despite all of the above, the original BitPay wallet has not yet enabled the Lightning Network.

Adoption of “lightning” networks:

The “lightning” network is often hailed as the technology that will allow Bitcoin to expand as a global medium of exchange.

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US Senator Cynthia Loomis said in a recent interview:

It will turn bitcoin from a commodity into a currency really fast.

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