With a new implementation CoinGate makes payments possible via the Bitcoin Lightning Network (Live). This relieves the Bitcoin blockchain especially in the area of micro transactions.
Bitcoin is still struggling with scaling.
Why, so the common objection, should I pay with Bitcoin formula?
That takes far too long. In addition, the transaction fees are too high. This is nonsense, especially in the area of Bitcoin formula microtransactions. The answer to these objections: the Lightning Network.
The first step was the implementation of SegWit in August last year, which made it possible to solve initial scaling problems. However, it was the Lightning Network that got it going. With the Lightning Network’s payment channels, transactions can take place outside the Bitcoin block chain – without affecting it.
In short, Bitcoin transactions are faster and more efficient with the Lightning Network, without loading the Bitcoin block chain. (Read more here).
But what has been a long time coming: the implementation
The payment provider CoinGate now makes this possible. By implementing the software, it is now possible to pay via the company’s software with numerous crypto currencies such as Ether, Litecoin, Dash or Bitcoin. 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 its implementation for about a month in a sandbox environment. The fact that the network not only allows Atomic swaps, but also faster and cheaper transactions, is creating euphoria in the Bitcoin community. This is also the case with Coingate. You can read on their homepage:
“Our main reason for implementing the Lightning Network is our strong belief that this technology will have a big impact on Bitcoin.