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Bitcoin [BTC]: Lightning Network payments app charges no-fees for first $10,000 in transactions

Biraajmaan Tamuly

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Bitcoin[BTC]: Bitcoin lightning network offers $10000 worth of free received transactions
Source: Pixabay

The Bitcoin universe has not seen a flurry of positive news in the last few months due to its stint in the longest bearish market in the history of cryptocurrencies. The silver lining that has kept all the Bitcoin ‘HODLers’ engaged in the bitcoin community has been the Lightning Network, a scaling system or a side change which can facilitate a maximum of 628 BTC worth $2.14 million, at the time of writing.

One of the key applications of the Lightning Network is the payment processing app named OpenNode. OpenNode released their public beta last October with the objective to simplify the gap between Bitcoin and everyday life.

According to CryptoNinjas.net, the team behind the payments app recently announced that it will be reducing transaction fees by offering incentives to the new/existing users an amount of $10,000 worth of free received transactions.

The payments app teamed is optimistic that the announcement will garner a lot of attention from the committee considering on paper it has the potential to effectively increase the popularity of the Lightning Network which can be used for instant and low-cost Bitcoin transactions.

The OpenNode team stated that:

“We believe these credits will benefit those who need it the most: growing teams who need a platform to build great products on a reasonable budget or developers who are looking to experiment with bitcoin’s newest technology.”

The regular activities which will be executed after-no fee credits will also cost a minimum fee of just 1% per authorized transaction.

Marty Bent, the Bitcoin-centric content creator, recently tweeted on the potential of the side chain. He remarked that he had sent a sum of $90 in cryptocurrency in an instant with no-fee or intermediary with a minimum chance of being censored.

Source: Twitter

A sum of $50,000 worth of free credits was also offered by OpenNode to projects and non-profit entities that need the assistance.

The app team stated:

“We hope these changes show how serious we are in showing the world that bitcoin can be used for every day. Our goal is to continue building the simplest products in payments and show the accepting bitcoin is better, more affordable alternative than anything that currently exists.”



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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

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