Bitrefill CEO Sergej Kotliar Says BTC Lightning Network Has Tradeoffs

    Sergej Kotliar, the Chief Executive Officer of Bitrefill, says that the Lightning Network has been getting some attention in recent months. Bitrefill is one of the first companies to integrate near-zero fee lightning network payments for a mobile phone top-up service.

    Bitrefill began selling gift vouchers for Amazon and many other brands, moreover it effectively opened Bitcoin Lightning Network (LN) payments to most of the items.

    Indeed, Bitrefill was one of the first companies in the market that embraced LN and its promise of close to zero fees and instant payments.

    During an interview with Bitcoinist, he mentioned that implementing the LN, was very straightforward. He said that LN would be the best way to scale bitcoin to the masses.

    He commented that Lightning is not the only thing they have done to improve payment experience. Indeed, they’ve optimized bitcoin payments, wallet management and integrated of different altcoins.

    Mr. Kotliar commented about Lightning Network:

    “What Lightning does for UX is that it separates away most of the tricky stuff like getting transactions confirmed etc. from the merchant – all hat is handled inside the wallet. So when the user comes to us all trouble has already been solved so to speak, and their experience with us is simple. This is to be compared to traditional cryptocurrency payments where issues can happen due to the sending wallet, the state of the network, or due to something within our control.”

    Lightning Network is similar to bitcoin because anyone can run it, it has an open protocol, it does not need other coins, deals or consortiums. It is very simple to set up if someone has the technical knowledge.

    The Lightning Network is currently growing at very fast rates. At the moment of writing there are more than 3,200 nodes, 11,400+ channels, and the network has a capacity of 87 BTC.

    For Sergej Kotliar, the current state of the LN is ready enough for early adopters. For example, he mentions the experience with the Android wallets that are now available on the market. It is possible to make improvements in different areas such as desktop and iOS wallets.

    Exchanges will soon be able to start using the Lightning Network, this is why Kotliar is expecting this to happen in the near future.

    He noted that they keep an eye opened to track the most important metrics in the Lightning Network. His company is currently able to track its own metrics, and that’s very positive.

    Of course, with the Lightning Network it is possible to implement several new possibilities such as cross-atomic chain swaps or submarine swaps. But Kotliar is very excited about simple payments and providing a good user experience for bitcoin users.

    According to him, if the issue about payments is sorted out and solved, then, the community should be focused on helping people earn and receive Bitcoin.

    Kotliar said that that he is surprised that exchanges are not integrating lightning transactions in order to improve fees and user experience.

    “I’m actually surprised that they haven’t gone live with it already. Being able to instantly get your funds in and out of your account is a huge feature,”

    he explained about it.

    Sergej Kotliar said that the Lightning Network would work in the same areas as Bitcoin is currently working. However, LN will be solving several problems that Bitcoin is now facing.

    He explained that Lightning has trade offs as well. Furthermore, he does not think that the entire solution for Bitcoin’s problem is the LN. But that could be a good way to grow between 10 to 100 times until someone finds a new way to optimize the network even more.

    The last question is related to why other companies such as the Blockchain Wallet did not integrate SegWit to offer better services.

    He answered:

    “It’s hard for me to speculate about other companies. Maybe they have different priorities, or their customers don’t value that quality more than other things.”

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Bitcoin Exchange Guide News Team
    B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Bitwise Plans To Target Retail Investors With Its Crypto Index Fund

    Bitwise has revealed that plans are underway to allow the retail market to participate in its large-cap index service. According to CoinDesk, Bitwise is working...

    Binance's Educational Platform Opens Up Government Approved Office in Shanghai

    Binance, one of the most popular crypto exchanges in the crypto-verse which also has many subsidiaries including Binance Academy (a blockchain and crypto-centred educational...

    XRP Trying to Retrace Months of Underperformance But Remains in a “Corrective” Structure

    XRP is up 12.5% but could still jump another 23%, A clean break above $0.21 would be “very bullish” Ripple granted an exemption...

    23k BTC on CME Futures and 50k BTC in Options Expiring Today

    Bitcoin is currently down 0.05% in the past 24 hours trading around $6,640 after hitting $6,872 last night, yet again rejected at $7,000 level....

    Microsoft Files Patent To Mine Cryptocurrencies With Verified Body Activity Data

    Giant software manufacturer, Microsoft is seeking to capitalize on the new crypto hype. The firm is seeking to introduce its own cryptocurrency that will...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.