Lithuanian payment solutions provider CoinGate is introducing lightning network payment processing to their merchants. CoinGate currently has over 4,000 businesses that actively accept Bitcoin through the CoinGate platform in which these merchants will gain access to lightning network payments. Current holders and investors looking to buy Bitcoin will soon be able to use the lightning network for shopping payment.
The Lightning Network is an overlay network to the Bitcoin protocol which aims to improve the efficiency of transactions. A faster payment speed made scalable with the capability of millions of transactions per second across the network. Transactions through the lightning network benefit from lower costs making micropayments more feasible. Traders conducting many trades to buy and sell Bitcoin will benefit from the Lightning Network.
The Lightning Network provides users with a means of making instant payments with low fees and merchants with the reassurance to mitigate risks of chargebacks and fraud. CoinGate is aiming to reduce the technical barriers on the merchant’s side to increase the functionality of Bitcoin. Many investors currently buy Bitcoin as a store of value however we could see a change as more people buy Bitcoin as a payment vessel.
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