CoinGate will finally roll out Bitcoin’s Lightning Payment system for 4000 commercial enterprises which will use its application. As a result Bitcoin’s slow and expensive transactions will become faster and cheaper thanks to Lightning Network.
The official Blog post of CoinGate quoted the CEO, Dmitrijus Borisenka “CoinGate takes every opportunity to innovate and offer cutting-edge solutions to our users. We are keen believers in cryptocurrencies as a way to transact globally, and the Lightning Network, although still a fresh new technology, fits exactly in our vision of what Bitcoin should be in the future.”
CoinGate has steadily tested the Lightning Network with one online store providing feedback in May this year followed by 100 merchants testing it in July. The July test was met with no problems and was successful.
A Twitter user tweeted screenshots of buying beer at Kasbah Pub in Oslo, Norway using Bitcoin Lightning Payment through Coingate.
— hodlonaut?⚡? (@hodlonaut) July 3, 2018
There are now over 4000 merchants who will use Bitcoin’s Lightning Payment which includes known brands such as Chronoswiss known for manufacturing renowned Swiss watches.
CoinGate is a Lithuanian company which supports more than 50 cryptocurrencies including Bitcoin, Litecoin and Ethereum with the added option of cashing cryptocurrencies into fiat such as USD and Euros.
Lightning Network was first highlighted by researchers Tadge Dryja and Joseph Poon who proposed their knowledge of it in a 2015 white paper. Lightning Network’s primary goal is to help Bitcoin in practical scenarios such as micropayments.
Lightning Network works as a layer on top of Bitcoin Blockchain which helps multiple secure transactions before adding compound transactions to the Blockchain. Hence the addition of every individual transaction to the Blockchain is avoided.
However a user on Twitter by the name of ‘MrKotter’ spoke about how merchants will keep liquidating Bitcoin into fiat currencies thus leading to a market collapse, and Bitcoin reducing in value.