Bitfury Blockchain Company Spreads Bitcoin (BTC) Lightning Network Merchant Adoption
Via an announcement made earlier this week, an executive spokesperson for Bitfury (a blockchain- based service company), said that his firm had officially entered into a partnership with global payment provider ‘PaytoMat’ so as to help bring Lightning Network payments to the masses.
Ever since the initial hype surrounding the Lightning Network (LN) died down a little, a lot of people have been saying that the technology is “half-baked” and cannot be used to scale the native Bitcoin blockchain network effectively. However, this partnership clearly showcases the use of LN within real-world, commercial scenarios.
In terms of the technical capabilities of the Lightning Network, it is said that the digital framework of the system can help increase the native transaction throughput of the Bitcoin blockchain from its current rate of 5 TPS. Not only that, it can also help unclog the BTC network so as to make micropayments more streamlined.
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With the signing of this partnership, customers making use of Paytomat’s different payment portals can quite easily send and receive Bitcoin payments over the Lightning Network (in an almost instantaneous fashion). If that wasn't enough, it is also being said that Bitfury has deployed a “dedicated team” of in-house engineers to work on their own iteration of LN known as ”LightningPeach”.
Talking about the aforementioned development, Pavel Prikhodko of Paytomat mentioned that:
“The launch of the Lightning Network allows consumers around the world to use cryptocurrencies to make everyday purchases. Through partnerships like Paytomat, we are one step closer to making every point of service terminal cryptocurrency-friendly and Lightning Network-enabled.”
Lastly, in regards to the deal, it is also worth mentioning that Paytomat is all set to bring its BTC payment services to more than 300 merchants across the globe. This will not only help spur the adoption of Bitcoin but will also spread more awareness about the digital asset market to the masses.
Closing out this article, it would be apt if we quoted Paytomat CEO, Yurii Olentir, from one of his recent press conferences:
“Businesses are willing to accept Bitcoin as a payment method, and crypto-enthusiast are willing to pay using it. We’ll give an opportunity to do it both of them. We’re happy to develop the future of crypto-market together making the fast crypto-payments real.”