Limitless payments on the Bitcoin Lightning Network take off
The Bitcoin Lightning Network has several advantages over traditional card networks. More merchants and suppliers are witnessing the real benefit of the network.
Launching the instant borderless gateway on the Bitcoin Lightning Network represents a significant milestone in the evolution of cryptocurrencies. The Lightning Network is a second-layer protocol built on the Bitcoin blockchain that enables fast, cheap and scalable transactions. With this technology, users can send and receive Bitcoin payments instantly and without the need for intermediaries.
The launch was met with widespread excitement and anticipation from the cryptocurrency community. The lightning network has been under development for several years. And the launch of this feature is a significant step forward in adopting Bitcoin as a mainstream payment method.
A significant increase in the use of Lightning Network nodes and channels accompanied the launch of this feature. Many businesses and individuals began setting up Lightning Network nodes and channels that enable them to send and receive Bitcoin payments instantly, and at a fraction of the cost of traditional payment methods.
Why choose Lightning Network?
One of the main advantages of the Lightning Network is its ability to enable micropayments. This means that users can send and receive minimal amounts of Bitcoin. Previously impossible due to the high fees associated with on-chain transactions. With the Lightning Network, users can send and receive payments as small as a few satoshis. Make it possible to pay for things like articles, videos and other digital content with Bitcoin.
Another important advantage is scalability. The Lightning Network enables millions of transactions per second, making it possible to process large volumes of transactions without slowing down the network. This scalability is essential to the widespread use of Bitcoin as a common payment method. It ensures that the network can handle the transactions needed to support global commerce.
The launch of instant borderless payments on the Lightning Network has also significantly impacted the Bitcoin ecosystem as a whole. It has increased the utility of Bitcoin, making it more attractive to businesses and individuals who want to send and receive payments quickly and affordably.
More Utility Helping Network
According to data from Bitcoinvisuals, a Bitcoin (BTC) on-chain tracker, the number of nodes on the Lightning Network has now reached 18,024, compared to 3,000 in 2019. Unique channels also increased to 75,533, while duplicate channels are at 4,732. Integrations from Strike, among others, have helped the network reach new heights.
At the same time, the number of Bitcoins locked in the Lightning Network (LN) skyrocketed from 1,089 BTC in 2021 to 5,508 BTC. The locked bitcoins are currently valued at $1.48 billion.
This increased utility has in turn driven up the price of Bitcoin, as more people are willing to buy and hold the cryptocurrency as a store of value and medium of exchange. The Lightning Network in particular has played a crucial role in enabling faster and cheaper transactions on the Bitcoin network. As a result, leads to increased adoption.
Bringing the Lightning Network to the world
El Salvador’s decision to adopt Bitcoin as legal tender has also contributed significantly to the growth of the network, as it has increased the mainstream adoption of cryptocurrencies. Chivo Wallet, the government’s official Bitcoin wallet, has leveraged the network to provide fast and affordable transactions to its users.
In Africa, the use of cryptocurrencies, including Bitcoin, has been driven by the challenges associated with the US dollar, such as inflation and currency devaluation. Bitcoin and the Lightning Network have enabled Africans to conduct cross-border transactions more easily and cheaply.
The integration of the Bitcoin Lightning Network with platforms such as Cash App and Twitter has also contributed to its growth. Cash App, for example, has leveraged the Lightning Network to provide faster and cheaper transactions to users. Twitter’s launch of its tips service for creators has also increased the visibility and use of the network.
Helping users with Bitcoin payments
Various companies and platforms work actively to bring/showcase the real tools to said network. One of the leading names, Strike, partnered with Clover to allow customers to pay with Bitcoin using any Lightning-enabled app.
Similarly, ZEBEDEE, a payment processor built on the open Bitcoin Lightning Network, launched instant borderless payments led by Pouch.ph (Philippines) and Bipa (Brazil). The respective team shared the announcement with BeInCrypto.
André NevesCTO and co-founder of ZEBEDEE told BeInCrypto,
“For Bitcoin to take its place as the original money of the Internet, which really means the main form of money for the modern age, we need to make it so intuitive and easy to use for the average person that it ceases to be. about Bitcoin, it is just global money.”
Later added that such developments will allow users to “select high-quality global suppliers at the touch of a button and send instant transactions worldwide in seconds.” Various companies now use the network. According to the latest data, around 300 merchants have incorporated it.
Some challenges need attention
Despite the many advantages of the network, some challenges must be addressed. One of the main challenges is the need for broad adoption. While many businesses and individuals have adopted the Lightning Network, it still needs to be more widely used and many people need to familiarize themselves with its capabilities.
Another challenge is the need for a better user experience. Although Lightning Network is fast and cheap, it can be difficult for non-technical users to set up and use. This has been a barrier to adoption for some users. More user-friendly interfaces and tools will be needed to make the Lightning Network more accessible to the public.
Overall, the launch of instant borderless payments represents a significant step forward in the development of cryptocurrencies. It could revolutionize how we send and receive payments. Makes it possible to send and receive money immediately and affordably across national borders. Although there are still challenges to be solved, the network is a promising technology that could play an important role in the future of global trade.
Disclaimer
All information on our website is published in good faith and for general information purposes only. Any action the reader takes on the information contained on our website is strictly at their own risk.
