Key Takeaways
- BitPay has added assist for the Lightning Community, permitting retailers to simply accept Bitcoin funds on this approach.
- This integration will cut back Bitcoin transaction charges under one cent and improve the pace of transactions.
- BitPay is without doubt one of the largest cryptocurrency fee processors, with reported volumes of $1 billion yearly.
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BitPay has added assist for the Lightning Community, a Layer 2 scaling answer for the Bitcoin blockchain.
BitPay Provides Lightning Assist
BitPay co-founder Tony Gallippi introduced the combination of Lightning Community at this week’s Bitcoin 2022 convention in Miami.
In line with a press release from the corporate, retailers that use BitPay can now obtain funds from Lightning-enabled wallets corresponding to Money App and Strike, plus over 100 different wallets.
Although the Lightning Community helps each Bitcoin and Litecoin, BitPay says that it’s going to solely assist Bitcoin at the moment.
Retailers is not going to must take any further steps to configure assist for the Lightning Community. Prospects will see the choice to pay with a Lightning-enabled pockets after they make a purchase order.
The Lightning Community settles Bitcoin transactions off-chain, which means that it reduces charges and improves transaction instances. BitPay famous that charges on the Lightning Community are sometimes below one cent (whereas Bitcoin’s common transaction charge is at present $1.72).
PacSun, a California clothes and footwear firm, will likely be one of many first corporations to assist BitPay Lightning funds.
Different Platforms Assist Lightning
BitPay claims to be the biggest crypto fee processor. Stories counsel that it handles $1 billion in transactions per 12 months.
This makes it one of many highest-volume platforms to combine Lightning to this point, although varied different fee processors have built-in Lightning Community in earlier months and years.
Coingate was one of many first fee processors so as to add Lightning Community in 2018. Swiss processor Bitcoin Suisse additionally built-in the know-how in 2021, whereas Jack Dorsey’s Money App introduced the addition of Lightning Community in January 2022.
Different corporations have additionally added assist for Lightning Community, together with Twitter, Substack, Chainalysis, Bitfinex, and Kraken.
At the moment’s information comes simply at some point after Lightning Labs introduced a brand new protocol known as Taro to deliver stablecoins to Lightning.
Disclosure: On the time of writing, the creator of this piece owned BTC, ETH, and different cryptocurrencies.
