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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.

Analysis

Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market

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Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market
Source: Pixabay

Bitcoin’s much-awaited Golden Cross, which many analysts claimed will lead to a resurgence of a bullish market, has been confirmed. The intersection of the 200-day moving average and 50-day moving average, which indicates the Golden Cross, was achieved over the past few hours.

Earlier today, the top cryptocurrency saw a massive rise after days of sideways movement. Bitcoin’s ascendance saw it break the $5,350 resistance level, which eToro’s Mati Greenspan had previously suggested will consolidate “buying pressure.”

Source: TradingView

Additionally, a major psychological level of $5,500 was also surpassed less than three weeks after Bitcoin broke the $5,000 mark.

The Golden Cross theory holds credibility among analysts in the cryptocurrency realm as it infers that the coin’s average price is above its 200-day equivalent. For the first time in over a year, the cryptocurrency market has seen its 50-day MA move above the 200-day MA, which according to many is a sign of a bullish market.

On the opposing side of the Golden Cross indicator is the Death Cross, where two indicators cross over into a bearish market i.e. the 200-day MA moves above the 50-day MA. The Death Cross manifested in April 2018, after the prices went into a free fall following the December 2017 high.

In April 2018, BTC was priced at just over $7,000, following which it lost more than 50 percent of its price by the end of the year. The price of the king coin has recovered exceedingly well in 2019 however, winning back almost 50 percent of its lost value.

Many analysts, including Greenspan, agree that the crossing of the two moving averages is a clear testament to the return of the bull market. Although he didn’t quite use those words, Greenspan tweeted,

“Ladies & Gents… The Golden Cross!
Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). 📈
This is yet another sign that we’re back in a🐂market. 🚀🌛”

However, in an exclusive interview with AMBCrypto last week, Greenspan had stated that the Golden Cross theory is a “lagging indicator,” as the Death Cross was last seen in April 2018, months after the market took a bearish turn.



In his view, the 200-day moving average is the key indicator. On April 2, Bitcoin broke this mark for the first time since March 2018, by recording a massive 17 percent daily gain and rising above $5,000.

Based on historic price changes with reference to the Golden Cross, the last time the 50-day MA soared above the 200-day MA, price of Bitcoin rose by over 8000 percent from $246 in October 2015 to almost $20,000 in December 2017. Given past market movements, the current market scenario, and the optimism in the air, the Golden Cross may just have initiated the Bitcoin bull market.





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