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Bitcoin’s Lightning Network gets exposed to 300+ merchants: Incoming wave of adoption and BTC scalability

Anirudh VK

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Bitcoin's Lightning Network gets exposed to 300+ merchants: Incoming wave of adoption and BTC scalability
Source: Unsplash

Bitfury, a blockchain technology service company, recently announced that they would be partnering with a payment services company known as Paytomat. This partnership is focused on bringing payments on the Lightning Network to Paytomat’s wallet and merchant apps.

The Lightning Network has long been called unfinished and not a suitable solution for scaling the Bitcoin blockchain. However, partnerships such as this demonstrate that the solution works, and can be used in real-world scenarios.

This technology is said to bring higher transaction throughput to the Bitcoin chain, as an upgrade from its current 5-7 transactions per second. Moreover, it will also reduce the fees that become exorbitant upon the clogging of the network, as the LN is mainly focused on micropayments.

With this partnership, users and merchants on the Paytomat network can send and receive Bitcoin payments over the Lightning Network, with payments occurring almost instantly. Moreover, Bitfury has a dedicated and specialize in-house engineering team for developing on Lightning known as LightningPeach. The head of this team, Pavel Prikhodko, stated on the partnership:

“The launch of the Lightning Network allows consumers around the world to use cryptocurrencies to make everyday purchases. Through partnerships like Paytomat, we are one step closer to making every point of service terminal cryptocurrency-friendly and Lightning Network-enabled.”

This also proves to be an important development in the Bitcoin space, as Paytomat has systems that can plug into the existing merchant’s POS system, availability of mQR technology for low-tech merchants and POS modules. The service has already been adopted by over 300 merchants, resulting in a big push for the adoption of the Lightning Network.

They also accept 18+ cryptocurrencies, including Bitcoin [BTC]. Bitcoin Cash [BCH], Dash [DASH], Ethereum [ETH], Zcoin [ZEC], NEM [XEM], Nano [NANO], EOS [EOS], Decred [CRED], Waves [WAVES], Litecoin [LTC]. Horizen, Bitcoin Gold [BTG], and Digibye [DGB].

The Founder and CEO of Paytomat, Yurii Olentir, stated:

“Businesses are willing to accept Bitcoin as a payment method, and crypto-enthusiast are willing to pay using it. We’ll give an opportunity to do it both of them. We’re happy to develop the future of crypto-market together making the fast crypto-payments real.”





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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Bitcoin

Bitcoin’s volatility – an indication of growth or regression?

Biraajmaan Tamuly

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Bitcoin's volatility indicated to be a key aspect of its current success
Source: Pixabay

Market volatility plays a huge role in the financial ecosystem of assets and cryptocurrencies are regularly linked to its predominant effect. Whenever Bitcoin exhibits a rapid price movement in the market, the majority of the critics tagged the digital currency with extreme volatility and state that it would eventually lead to its downfall, since crypto assets cannot be trusted on a long term basis.

This assumption was recently widely questioned as data showed that over the last few months, the volatility rate had actually decreased for Bitcoin but the community continued to talk against the coin’s development solely on the basis of the crash witnessed by BTC after the bull run of 2017.

Pierre Rochard, a bitcoin enthusiast, recently spoke about the situation and stated, that the volatility might actually be one of the reasons why Bitcoin was starting to find prominent success in the market.

It was suggested that Bitcoin had been accumulating value over the years through various implementations and at specific time frames, short-term traders were causing an effect on the price, which would cause the “incidental price surge”. The price surge would then undergo correction and witness a fall but the price would continue to grow at a progressive rate.

The aforementioned reason can be backed by the fact that Bitcoin had indeed outperformed the likes of commodities like gold in the recent market analysis, and it was released that Bitcoin attained more profit in the long-term returns and risks asset trade in comparison to the S&P 500.

A recent data also exhibited that since 2013, any investment that included 5 percent Bitcoin to 95 percent fiat currency gathered more returns and lesser risk than the S&P 500; which also witnessed losses in 2017.

Twitter user @1Mark Moss indicated that Bitcoin was growing at it’s natural growth rate and stated,

“The volatility is the difference between perception and reality. And the reality is BTC continues to progress, just not as fast as the perception makes it seem sometimes… just part of the natural evolution.”

However, another user @JordiMorris1 explained that the people had more to do with the volatility and anything else. He said,

“The relationship of people towards Bitcoin is volatile. Bitcoin is predictible by nature, its production is stable independently of how crazy people go about Bitcoin. No sense to blame on Bitcoin.”





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