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Bitcoin Lightning Network is a sidechain of the BTC network that helps the blockchain to scale. Since the sidechain has been launched, the adoption of the flagship cryptocurrency has significantly surged. Notable count of different platforms has begun to accept coins designed by Satoshi Nakamoto in exchange for goods and services. It is incredible that such platforms are stepping in the ecosystem. According to experts, we should thank the Lightning Network that brings mainstream attraction.
Bitcoin Lightning Network has a major role to play
Bitcoin has emerged as one of the most evolutionary payments infrastructure. Amid the global COVID-19 pandemic, several investors globally have considered the asset as one of the most secure stores of value. Moreover, many believed that the asset has the potential to protect our funds from inflation.
Although everyone sees BTC as one of the most potential asset classes, no one suggests using the asset for payments. Hence, the high transaction fees and slow pace were the major factors hindering BTC from being adopted for micropayments.
Following the concerns, developers established the sidechain, named as the Bitcoin Lightning Network. Notably, the solution helped the blockchain to scale and process more transactions with low fees and high speed.
Global retail firms accepts BTC payments
Since the beginning of this year, merchants and consumers have all seen the boom of digital assets. Some surveys have noted insightful details regarding cryptocurrency payments options. Whatsapp, one of the leading social messaging platforms, has been scrutinizing crypto payments using Meta’s Novi wallet. Besides, Elon Musk, one of the biggest influencers in the crypto market has announced to accept DOGE for some of its upcoming merchandise.
Besides, several other sectors like the travelling industry have been seeking to accept Bitcoin payments. According to experts next year would witness such payments services as a key adoption driver for the ecosystem. Indeed, Bitcoin Lightning Network enables instant payments across a network of participants.
Crypto payments for decentralized work
Following the significant power of the Bitcoin Lightning Network, Paolo Ardoino, the CTO at Bitfinex shared a statement. Ardoino believed that the adoption of BTC payments will be inevitable. Large institutions like Travala and RadioShack would bring the next wave of utilization of decentralized technologies, as a step in the ecosystem. Ultimately, he underscored that the sidechain is going to play a dominant role in decentralized payments, decentralized applications (dApps) and solutions.
