Vaultoro has earned a reputable name for being the first one to create a cryptocurrency to physical gold exchange. To add to its endeavors, Vaultoro has announced that it has become the first ever bitcoin exchange that has implemented the Bitcoin Lightning Network as a mean of payment. The notion of “Lightning” is to stimulate faster transactions.
Vaultoro is an exchange that allows investors to trade Bitcoin and physical gold at reasonable, if not, the best prices possible. It has attracted a lot of attention from investors and traders earlier on, as the settlements are said to be instant. Every gram of gold is also of pure quality, 99.9 per cent to be exact. Most importantly, the exchanges have been attainable without having to deal with excessive bank fees.
Lightning Network is a mean of payment that is supposedly “lightning-fast”. Currently, when one makes a purchase and decides to send it to another exchange, the process is not as immediate, as users need to wait for confirmations. Vaultoro’s implementation of the Lightning Network, according to CEO, Joshua Scigala, eliminates confirmations altogether to promote a payment speed that ranges between milliseconds and seconds.
He also believes the following: “Lightning makes Bitcoin fast enough that if you want to buy an order out of Vaultoro’s order book, it is as simple as holding the bitcoin in a wallet, setting the order on Vaultoro, getting a QR code to send through the Lightning Network and directly purchasing the order.” Clearly, trades are instant and will no longer sit in “hot-wallets”, which is believed to increase the chances of third party involvement and associated risks.
The best option users have at the moment, in terms of a wallet that supports the Lightning Network is Eclair. The procedure is believed to be as simple as installing Eclair, sending whatever Bitcoin one might hold to this respective wallet, loading the Lightning Channel, generating a QR code and, finally, scanning away!