Bitrefill, popular cryptocurrency payment company, has launched its service on Amazon China, adding the country to the over 170 countries it was already rendering services too.
Scalability No Longer An Issue
Bitrefill is a cryptocurrency company that allows cryptocurrency holders to easily make everyday transactions such as gift cards, eGifts and mobile bills with their digital currencies. Supporting Bitcoin (BTC), Ethereum (ETH) and other cryptocurrencies, the company is working to break the weakening convention that digital currencies might not be suitable for small transactions, and thus an impossible alternative or replacement of the fiat money.
Bitcoin for one, despite being the most popular and the biggest cryptocurrency in the world by market capitalization, has often had issues and criticisms regarding scalability levied at it. While top payment companies such as Visa and MasterCard support thousands of simultaneous transactions in a second, Bitcoin’s is far worse, barely processing ten transactions within the same timeframe.
It’s scalable ability is inferior to even popular coins such as Ethereum and Ripple, with the latter capable of supporting more than 1500 transactions per second. It is no surprise that its flagship product xRapid is rising in popularity among banks and financial institutions.
The lightening network might still be in its nascent stages but its rate of adoption has had early complainers begin to see just how Bitcoin is here to stay: its potential of becoming mainstream only just got better.
Bitcoin might be struggling to process 7 transactions in a second, but the emergence of the Lightning network has made it possible to process a threshold of transactions that is a thousand times more. The lightning network, which only just came to the fore of the public, last year, is a second layer solution to micropayments that is built on Bitcoin’s blockchain. With the lightning network, more than 7000 transactions can now be made simultaneously on the blockchain.
Bitrefill is one of the few companies that have quickly seized the Lightning network platform to provide a better experience to its customers. Bitrefill’s partnership with Amazon to provide Chinese users an alternative to making purchases with digital currencies has not been made official yet.
However, a Twitter user provided a source link via Weibo which confirms the ongoing development.
[Bitrefill Has Launched Gift Cards On Amazon China.]
— Ramadita (@Ramadit73993290) May 21, 2019
“Bitrefill Has Launched Gift Cards On Amazon China,” the user—Ramadit73993290— tweeted.
The latest development is only one of the many positive landmarks that are being set in 2019 as regards cryptocurrency adoption.
As more and more financial technological institutions integrate cryptocurrencies into their systems, the future of a decentralized financial ecosystem gets closer to realization.