CoinGate has announced that they are rolling out the platform to be utilized by the 4000+ BTC merchants and their clients. The new platform will proffer convenience, transparency and commercial sense to all users in their respective capacity as traders or clients.
The Bitcoin Lightning Network is an integral component of the of the Bitcoin protocol. It speeds up Bitcoin transactions as the name suggests, makes BTC transfer on peer-to-peer transactions cheaper, and facilitates ease of use where even first-timers can use the BTC in the marketplace.
The Lightning Network Is A Game Changer
Plans for rolling out this network are underway and Bitcoin Blockchain engineers and developers are in full action to realize the ambitious goal. The developers of the new platform have been working towards incorporating security aspects in the network to curb fraud. Secondly, they have worked to enhance instantaneous transactions for faster confirmation of transactions. They have also worked to create efficiency in on-platform activities to make the payment process cheaper and meaningful with lower and meaningful fees.
The Bitcoin Has Shortcomings That Negatively Impact Merchant Market Transactions
Does it make financial sense to buy goods and services when the fees for transferring the currency is higher than the cost of goods and services? Is it meaningful to use the BTC when the time taken to transfer the BTC to the merchant is as much as 30 minutes? Would anyone use the BTC in merchant transaction payment when they don’t know how to operate a Bitcoin Wallet?
These are the main questions that most individuals ask themselves when they are about to start using the BTC as a mode of payment to the 4000 merchants who have been accepting the BTC. Unfortunately, the answers are always on the negative, hence, hampering the efforts of mass BTC adoption.
Crypto Businesses Are Being Given A Shot In The Arm
The Bitcoin Lightning Network will feature a digital assets section. It will entail a simplified version of BTC wallet where users can participate in peer to peer BTC transactions without the energy consumption reminiscent of the mainstream Bitcoin mining. In this regard, the transactions will have miniscule fees and be instantaneous, an advantage to all parties. This is because the buying time will be shortened and the merchant will be able to serve more people in a short span of time as is the case in the traditional fiat money business setups.
From another perspective, BTC merchants will be able to order and ship their merchandise instantly without backlogs and the risks of fraud or chargebacks. This will increase profitability and make BTC businesses competitive.
The End Goal Is To Mainstream The Bitcoin
Dmitrijus Borisenka, CoinGate CEO and Co-Founder, is positive that the Bitcoin Lightning Network will revolutionize the BTC to a day to day currency. Coupled with the other benefits of the BTC such as price appreciation, the BTC will edge out fiat money in real time. Borisenka is banking on the new ability of small purchases using the BTC. Borisenka gave an example of the Kasbah bar in Oslo where the Lightning Network is enabling people to buy beer.