For many users and Bitcoin (BTC) enthusiasts, the Lightning Network has been regarded as Bitcoin’s answer to calls for altcoins to focus on lower transaction fees. The network has the potential to offer the best solutions to crypto users regarding liquidity and payment functionality.
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There are a number of solid reasons why crypto enthusiasts believe that the Lightning Network could be set to completely replace the need for altcoins that allow cheap on-chain transactions which may potentially be insecure. Now the initial signs of this theory have started to become a reality at online retailer Bitrefill.
Bitrefill is a business that lets their users or customers buy gift cards, and prepaid phone minutes, as well as other digital goods using digital currency. In a more recent development, Bitrefill has been helping to build the infrastructure of the Bitcoin (BTC) Lightning Network.
As per the report in Bitrefill’s John Carvalho in a recent appearance on The Bitcoin News Show, it is revealed that the Bitcoin (BTC) Lightning Network reportedly now accounts for more payments on the average to Bitrefill than any other altcoin the platform accepts from its users.
Lightning Network Payments are Growing Vastly at Bitrefill
Still speaking on the issue of ways in which the Lightning Network has increased Bitcoin transactions on Bitrefill Carvalho said:
“Lightning Network payments are increasing every day.”
Carvalho went on to add that roughly 4% of the daily sales on Bitrefill are now made using the Lightning Network. And this according to Carvalho is more than any other altcoins on most days. He added:
“Lightning Network payments is actually double that of payments done with most of the other altcoins we accept.”
Do not forget that on-chain Bitcoin (BTC) transactions typically still account for the majority of payments that are received by Bitrefill despite the impact of the Lightning Network.
However, it has to be said that Bitrefill is only one among a handful of online retailers currently accepting Bitcoin (BTC) payments through the Lightning Network. This means the total number of Lightning Network transactions may be higher than it would have been in a situation where the acceptance of the Lightning Network payments was a bit more ubiquitous.
Creating Tools for Users on the Lightning Network
From the report, Smartereum understands that Bitrefill has been working on a number of products and services based on the Lightning Network for users on the platform. Earlier in the month, Bitrefill announced Thor, a service that is designed to open a Lightning channel with the company’s well-connected node for only a small rate. This allows users to receive payments via the Lightning Network. According to the company regarding Thor:
“If anyone is looking to receive payments in Bitcoin (BTC) as tips or earnings, Thor is a quick and straightforward tool to get started with. Bitrefill’s node is firmly interconnected with the Lightning network.”
Carvalho also insists that Bitrefill is interested in creating more products and services that will be built around the Bitcoin Lightning Network. In his word:
“We have more plans. We are trying to determine more ways to offer users products like this along with new ways to gain access to the network.”