Bitcoin Suisse to enable Lightning Network payments Bitcoin | NFT / BTC / DEFI News 📣
Bitcoin Suisse to enable Lightning Network payments
Bitcoin Suisse will use Lightning Network to make Bitcoin transactions cheaper and faster. According to a press release published on Tuesday, it will be the first cryptocurrency payment processor in Switzerland to integrate this technology.
Armin Schmid, head of Bitcoin Suisse Pay, highly appreciated this decision, noting that Lightning transactions will play an important role in scaling cryptographic applications and stimulating mass implementation.
“Lightning transactions provide higher bandwidth per second at a price of a cent, which makes them a revolutionary innovation for crypto applications.”
With the launch of this advanced Bitcoin second-tier technology, consumers and sellers using Bitcoin Suisse and Worldline will be able to conduct faster transactions with lower blockchain costs. The statement also says that this decision is a significant step forward in Bitcoin Suisse’s efforts to “promove wider implementation of crypto technologies”.
Lightning Network is a decentralized network built on the second layer of Bitcoin, which uses smart contract technology to build a secure network and allows small transactions worth at higher speeds and lower cost. In 2015, Joseph Boone and Thaddeus Dridge proposed the Lightning Network protocol to solve the problem of Bitcoin scalability.
Worldline, the European equivalent of Bitcoin Suisse, will be able to process transactions made using Lightning Network. Thus, customers and sellers will benefit from the simplicity of cryptocurrency transactions as a result of the integration of Lightning Network.
In recent weeks, Lightning Network has attracted attention as a result of Twitter’s use of it for tipping, as well as in connection with the nationwide deployment of the network in El Salvador.
According to Cointelegraph, the total bandwidth of the Lightning Network in 2021 underwent an “explosive growth”. In September, the network’s bandwidth reached a record high of 2,904 BTC, an increase of 170% since January. The network’s capacity is likely to increase even more now that it has been connected by the largest cryptocurrency broker in Switzerland.
