Cryptocurrency News, Price And The Latest About Blockchain and IT.
First Real Payments Via Coingate On The Bitcoin Lightning Network

First Real Payments Via Coingate On The Bitcoin Lightning Network

CoinGate makes payments via the Bitcoin Lightning Network, possible with a new implementation. This relieves the bitcoin blockchain, especially in the area of microtransactions.

Bitcoin is still struggling with scaling. “Why”, so the common objection, should I pay with Bitcoin? That takes too long. In addition, the transaction fees are too high. Especially in the field of micro-transactions that is nonsense. The answer to these objections: the Lightning Network.

First came the implementation of SegWit in August of last year, which made it possible to solve initial scaling problems. However, it brought the Lightning Network on the way. Because with the payment channels of the Lightning Network, transactions can take place outside the Bitcoin Blockchain without affecting it. In short, Bitcoin transactions are faster and more efficient with the Lightning Network, without burdening the Bitcoin blockchain. But you still had to wait for the implementation.

The payment provider CoinGate makes this possible. By implementing the software, you can now pay with numerous crypto currencies such as Ether, Litecoin, Dash or even Bitcoin through the company’s software. With a small but very important button you can now also use the Lightning Network for example to pay for your beer in Norway.

Coingate has been testing their implementation for about a month in a sandbox environment. The fact that the network will enable not only Atomic Swaps but also faster and cheaper transactions creates euphoria in the Bitcoin community.

The ability to use the network for smaller payments, also helps make bitcoin more suitable for everyday use.