Bitpay Lightning
Bitpay, the service provider for the crypto payments, has unveiled that in the recent time also, the Bitcoin is showing great performance, as it still dominates payments. The company that has been pioneering in crypto payments services, further notified that currently, it has decided to not use the second layer solutions like Lightning networks or Liquid Networks.
Bitpay has decided to avoid the usage of Lightning and Liquid Networks because currently, the Bitcoin is dominating in payments. Stephen Pair, the CEO of BitPay, recently dropped some hints about the future of his platform. He said that the platform might soon integrate Bitcoin Lightning Network (LN) and add support for.
May 29, 2020 Lightning is not in our current plans. Zielke said that for now, BitPay has no plans to utilize second layer, alternative options for transferring Bitcoin such as the Lightning Network or the Liquid sidechain. These additional protocol layers have different tradeoffs than the base Bitcoin blockchain.
Bitcoin Transaction Volume Increases On Bitpay
On other platforms, Bitcoin has been criticised so many times because of its slow and expensive payment method, but on Bitpay, it is the preferred one.
The top cryptocurrency payment processor Bitpay says the company won’t be leveraging the Liquid project or the Lightning Network any time soon. Both projects are offchain solutions that have been touted as the answer to BTC ’s scaling issues. However, both projects have seen little adoption compared to the Ethereum chain’s solutions. Download the BitPay App to securely send, receive and store cryptocurrency. Buy and exchange crypto all in one app.
Regarding the Bitcoin’s performance, the Chief Marketing Officer at Bitpay, Bill Zielke, said that in March, Bitpay experienced a 95 percent surge in the transaction volume of Bitcoin. He further mentioned that Bitcoin remained the largest and the most popular crypto asset for the platform.
Zielke added, “Bitcoin Cash ranks second representing nearly 2%. Bear in mind, BitPay has been processing Bitcoin for almost 9 years and stablecoins for less than one year”.
The aim of the processor is basically to automatically transform the crypto payments into fiat for the merchants.
When it comes to Bitcoin payment processing, Bitpay is the most popular name in the market. One could find thousands of merchant in the Bitpay’s network.
Comparison Between Lightning And Liquid Network
In the year 2011, Bitpay was introduced as a Bitcoin payment service provider company, but as time passed, it integrated Bitcoin Cash, XRP, ETH and many stablecoins too, and now its clients can accept any of these cryptocurrencies.
Bitpay’s chief marketing officer has recently mentioned that as of now, they are not thinking of using any additional protocol layers for transferring Bitcoin.
It is to be noted that, compared to the blockchain of Bitcoin, alternative options have very different tradeoffs.
Bitpay Lightning Charge
Zielke, while comparing the Lightning Network and Liquid Network said that the former one is used to start an instant and almost a free payment and later one, develop a permissioned Bitcoin sidechain with the help of different associated exchanges which are present in the Bitcoin space.
Bitpay Lightning App
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