Reports have it that new user-friendly Lightning wallets including Bluewallet are looking to make the future of payments better. The new framework allows users to send and receive their Bitcoin Lightning payments from their mobile devices. The ramifications of the new set up could be revolutionary for conducting online payments.
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Bitcoin Lightning Wallets Have Set a High Standard
After the first review of the Bluewallet in the last week, new features have been added to the wallet app as it now supports generating invoices. Which means users can start receiving Lightning Network payments on their mobile devices.
Another option is the Wallet of Satoshi a user-friendly’ application for the Australian market, which supports similar functionality as Bluewallet. With the Wallet of Satoshi users can send Bitcoin (BTC) via the Lightning Network to buy products or pay bills at participating merchants in Australia.
Viable Online Micro-Transactions a Reason for the New LN Standard
Founded in 2013, online micro transactions allows Bitcoin users to transfer micropayments across multiple social media sites. Unfortunately, the service wasn’t economically viable. This is primarily due to the on-chain transaction fees as well as the confirmation wait times that made for the products user-experience inconvenient, particularly when it comes to sending smaller amounts of funds.
Which lead to the unavoidable end of the service by 2016 after Airbnb acquired it. But wallets like Bluewallet and Wallet of Satoshi mentioned above might be a glimmer of hope to facilitate the adoption of the concept because LN transactions are now completed instantly at nearly no cost.
Tippin is an excellent example of such a promising application to facilitate online micropayments. It is similar to ChangeTip but it harnesses LN payments for better user-experience. Meanwhile, a second similar service called LN tipbot has being used on Reddit already. The LN tipbot allows users tip on the platform with text commands.
The entire process is swift and takes just a few seconds after you have mastered how to use the service. What’s more? The rates are extremely cheap and the process works flawlessly when users transact smaller amounts of funds.
Bitcoin (BTC) Now Capable of Scaling Beyond VISA
The advent of these new generation of LN payments mobile wallets gives use a glimpse of what the future of online payments will be. For now, the Lightning Network will continue to grow rapidly. It now boasts no more than 5,000 nodes with the capacity to transact over $2 million USD.
This second layer been developed on top of the Bitcoin (BTC) is poised to enhance the future of cheap and quick online payments while boosting the potential to make altcoins, work for quicker and cheaper transactions. Before the Lightning Network was introduced, Bitcoin could handle about seven transactions per second, which many critics back then argued would stop it from competing with VISA and others which can process 45,000 transactions per second.
However, Bitcoin’s LN promises to handle millions of transaction every second and enables transferring fractions of a penny to anyone around the world. This development should definitely bolster Bitcoin adoption in the future and presently. The ramifications of the technology could be revolutionary many other ways as well.