BitPay integrates Lightning Network to enable low-cost Bitcoin transactions

Major cryptocurrency outgo work supplier BitPay has added enactment for the Lightning Network (LN), Bitcoin’s (BTC) Layer-2 scalability solution, granting users entree to a faster and cheaper method of transacting their BTC.

In an announcement shared with CryptoSlate today, BitPay co-founder Tony Gallippi noted:

“BitPay’s integration with the Lightning Network offers customers much prime and merchants much ways to beryllium paid leveraging blockchain technology.”

Lightning, what is it bully for?

The Lightning Network is simply a alleged Layer-2 outgo and connection protocol built connected apical of the Bitcoin blockchain. The solution allows transactions to beryllium processed off-chain, taking the load disconnected the mainnet and improving the network’s scalability. As a result, payments made via the LN tin beryllium processed not lone faster but besides cheaper acknowledgment to little fees.

Following the integration with BitPay’s Payment Processing Platform, merchants tin present person transactions from crypto wallets that enactment the LN, including CashApp and Strike. In their turn, consumers present person a “low-cost alternative” erstwhile they marque payments astatine BitPay-enabled dealers.

Notably, BitPay merchants won’t request to marque immoderate changes to their existing setups to commencement accepting Lightning payments However, BitPay’s wallet app does not presently enactment the LN—at slightest “yet.”

Another measurement toward wide adoption

Meanwhile, American retail covering marque Pacific Sunwear of California (PacSun) has go 1 of the archetypal BitPay partners to judge BTC payments via the Lightning Network, the company’s CEO Michael Relich noted, adding:

“The Bitcoin Lightning Network provides our customers with instant payments and exceptionally debased web fees, and creates much accidental for each holders of Bitcoin to store online astatine [our store].”

As CryptoSlate reported, the full worth of BTC locked connected the Lightning Network exceeded $130 million successful precocious February—and that fig has already grown to just implicit $162 million since then. 

However, contempt important maturation successful 2021, the solution arguably still remains a niche product. But with giants specified arsenic BitPay adding enactment for it, possibly this is astir to change.