Bitpay Will Support Bitcoin Lightning Network
The bitcoin payments company Bitpay CEO Stephen Pair announced that the payment platform of Bitpay will integrate the bitcoin lightning network payments in the future, reported on 04 February 2020.
As per the report, the Bitpay CEO Stephen Pair reportedly told that the Lighting Network is their top priority in order to integrate it into the Bitpay payment platform.
The lightning network is the second layer protocol on the blockchain that allows users to send or receive bitcoin (satoshis) instantly and almost with zero fees. The lightning network allows millions of transactions per second that completely solves the scalability issue of bitcoin.
Basically, the lightning network is used the multi-sign address and smart contract techniques by which payment channel is created between two parties with some certain rules that allows them to transact unlimited transactions between them with zero fees and almost instantly.
“The whole idea of the Lightning Network is to allow payments to happen off the blockchain so they don’t take up space and storage, letting them achieve higher scalability.”
– BitPay CEO, Stephen Pair
There was a Reddit discussion that already occurred a year ago on the integration of the lightning network by the Bitpay platform.
Last week, In Switzerland, the municipality of Zermatt start accepting bitcoin for the tax and other official payments from its local people.
