Major cryptocurrency payment service provider BitPay has added support for Lightning Network (LN), Bitcoin’s (BTC) Layer 2 scalability solution, giving users access to a faster and cheaper method of making transactions. with your BTC.
In an ad shared with CryptoSlate Today, BitPay co-founder Tony Gallippi noted:
“BitPay’s integration with the Lightning Network gives customers more options and merchants more ways to receive payments leveraging blockchain technology.”
Lightning, what is it for?
The Lightning Network is the so-called layer 2 communication and payment protocol built on top of the Bitcoin blockchain. The solution enables transactions to be processed off-chain, removing the load from the core network and improving network scalability. As a result, payments made through LN can be processed not only faster but also cheaper thanks to lower fees.
Following integration with BitPay’s payment processing platform, merchants can now receive transactions from LN-compatible crypto wallets, including CashApp and Strike. In turn, consumers now have a “low-cost alternative” when making payments at BitPay-enabled merchants.
Notably, BitPay merchants will not need to make any changes to their existing settings to start accepting Lightning payments. However, the BitPay wallet app does not currently support LN, at least “yet”.
Another step towards mass adoption
Meanwhile, US retail clothing brand Pacific Sunwear of California (PacSun) became one of the first BitPay partners to accept BTC payments via the Lightning Network, company CEO Michael Relich noted, adding:
“Bitcoin Lightning Network provides our customers with instant payments and exceptionally low network fees, and creates more opportunities for all Bitcoin holders to shop online at [our store].”
What CryptoSlate reported, the total value of BTC locked in the Lightning Network exceeded 130 million dollars at the end of February, and that figure has already grown to just over $162 million since then.
However, despite significant growth in 2021, arguably the solution still a niche product. But with giants like BitPay adding support for it, perhaps this is about to change.
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This post BitPay Integrates Lightning Network to Enable Low-Cost Bitcoin Transactions
was published first on https://cryptoslate.com/bitpay-integrates-lightning-network-to-enable-low-cost-bitcoin-transactions/