Bitcoin Lightning payments soon also in local stores available thanks to Bitfury
Home News Bitcoin Lightning payments soon also in local stores available thanks to Bitfury
Marcel Knobloch –
Payments on the Bitcoin Blockchain are as a rule carried out quickly and at low cost, however it can be used in weddings to transaction congestion and rising fees. The Lightning network (LN) solves exactly this Problem. Bitfury wants to bring the LN in local stores around the world.
Bitfury has entered into a cooperation with the block-chain based payment processing system Paytomat, whereby this access to payments in the Lightning-receive network. Paytomat users will be able to handle Bitcoin transactions nearly in real time over the LN. All the actors not only benefit from the speed, but also of the security of the Blockchain.
The LN is an Off-Chain scaling solution for Bitcoin, which makes it possible to process a large number of transactions, without the Main-Chain will be charged. The payments are posted in an open Payment Channel that can be left over a specific period open. Only when both parties indicate that the transaction is completed, will be written the total amount and the balance in the Blockchain, and the channel closed.
The platform uses an already existing POS System of a merchant, in order to realize all payments through the shop. Currently, hundreds of retailers in Italy, Ukraine, Spain and the Netherlands, from Espresso Bars to Restaurants to sports clubs to be equipped with it. Once the Integration is fully completed, payments can be real-time processed.
The gradual transition is carried out by the LN-a developer team from Bitfury called lightning peach. Pavel Prikhodko, technical Director of the team, that the benefits of LN coming soon for a lot of end users around the world (freely translated):
With the introduction of the Lightning network, the consumer can use on the world crypto-currencies for their daily shopping. Through partnerships such as Paytomat we are one step closer to make each endpoint of the Service terminal crypto-currency friendly and Lightning network capable.
The CEO of Paytomat, Yurii Olentir, also adds that companies have already been ready to Bitcoin as a legitimies a means of payment, but the adaptation must not proceed further before it is widely available (for free):
Companies are willing to accept Bitcoin as a payment method, and crypto-enthusiasts are willing to pay for it. We give you the opportunity to do both. With the Bitfury partnership and the implementation of the Lightning network in our Ecosystem, this opportunity is, however, very quickly and efficiently. We look forward to developing the future of the crypto market together, and to realize fast crypto payments.