BitPay – a popular cryptocurrency payments provider – has now integrated Bitcoin’s lightning network into its platform. This will allow Bitcoin payments to settle much faster, and cost far less, than ordinary transactions.
Lightning Network Effective Immediately
The lightning network is a Bitcoin ‘layer 2’ scaling solution that allows individual Bitcoin holders to form private payment channels between each other. These payment channels enable users to transact multiple times off-chain, allowing for transaction throughput orders of magnitude higher than Bitcoin’s base layer.
Now, BitPay merchants can receive payments from wallets that support the lightning network, such as Strike and CashApp. The latter introduced layer 2 Bitcoin payments after Block created its lightning network dev kit, which is shared publicly for other wallet services to adopt as well.
Since payments don’t compete for on-chain block space, transaction fees are virtually zero when using this option.
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