CoinGate makes a new implementation of payments over the Bitcoin Lightning Network (Live). This relieves the burden on the Bitcoin Blockchain, especially in the area of the Miktrotransaktionen.
Bitcoin has to struggle with the scaling. Why, the common objection, should I pay with Bitcoin? That will take much too long. In addition, the transaction fees are too high. Especially in the area of micro-transactions, it’s bullshit. The answer to these objections: the Lightning Network.
First of all, the implementation of SegWit came in August of last year – already this has made it possible to solve the first scaling problems. However, it brought the Lightning Network on the way. Because the payment channels of the Lightning Networks transactions outside of the Bitcoin Blockchain can take place without affecting them. In short: Bitcoin transactions are Lightning Network faster and more efficiently without polluting the Bitcoin Blockchain. (Read more here). What had previously, however, to wait for the implementation.
The payment provider CoinGate makes this now possible. Through an implementation of the Software, you can now pay via the company’s Software in a number of crypto-currencies such as ethers, Litecoin, Dash, or Bitcoin. A small, but very important Button you can pay now also use the Lightning Network – for example, his beer in Norway:
Buying beer with bitcoin #lightning at Kasbah Pub in Oslo, Norway. They use Coingate as payment provider. Works absolutely flawless, confirmed in 1 second!
— [$1MM BTC]hodlonaut⚡ (@hodlonaut) July 3, 2018
Coingate tested their implementation for about a month in a sand box environment. The fact that the network is not only Atomic Swaps, but also faster and cheaper transactions are possible causes euphoria in the Bitcoin Community. So also in the case of Coingate. On their Homepage it reads:
“Our main reason to implement the Lightning Network, is our strong Believe that this technology will have a major impact on Bitcoin.”
Payments over the Bitcoin Lightning Network on BTC-ECHO
By the way: BTC-ECHO is a Partner of Coingate. So you can make right now in our Online store Bitcoin payments on the Lightning Network.
The possibility to use the network also for smaller payments that will help Bitcoin in the end, to make something better for everyday use. For this purpose, Mark Preuss, CEO and founder of BTC-ECHO:
“We are delighted that we can handle in our store now, Bitcoin payments over the Lightning Network. In cooperation with Coingate, we contribute to the Bitcoin Ecosystem is a big step forward.“
If you want to know whether the payments by the Lightning Network actually work, so like to look at us in the Shop. There is the current crypto compass, the new edition of the Bitcoin Bible, and much more – check it out.