Swiss Bitcoin Enables Lightning Network Payments

Swiss Bitcoin will use the Lightning Network to make Bitcoin (Bitcoin) The transaction is cheap and fast. According to people familiar with the matter, this will be the first cryptocurrency payment processor in Switzerland to integrate the technology. Press release November 10

Armin Schmid, head of Bitcoin Suisse Pay, praised this decision and pointed out that Lightning Transaction will play an important role in expanding encrypted applications and promoting mass adoption.

“Lightning transactions can achieve higher throughput per second for a fraction of a cent-making them a game-changing innovation for crypto applications.”

With the introduction of this cutting-edge second-layer Bitcoin technology, consumers and merchants using Bitcoin Switzerland and Worldline will be able to conduct faster transactions at lower blockchain costs. The announcement further stated that the decision is an important step forward for Bitcoin Switzerland in its efforts to “promote wider adoption of encryption technology.”

this Lightning Network It is a decentralized network built on the second layer of Bitcoin, using smart contract technology to build a secure network that allows small transactions Faster speed and lower costIn 2015, Joseph Poon and Thaddeus Dryja proposed the Lightning Network Protocol to solve the scalability problem of Bitcoin.

Worldline, the European counterpart of Swiss Bitcoin, will be able to process transactions using the Lightning Network. Therefore, customers and merchants will benefit from the convenience of encrypted transactions due to Lightning Network integration.

The Lightning Network has attracted attention in recent weeks because Twitter uses it to pay for tips, along with Network nationwide promotion Across El Salvador.

As reported by CointelegraphIn 2021, the total capacity of the Lightning Network will see “explosive growth”. In September, the network capacity reached a record high of 2,904 BTC, and the capacity has increased by 170% since January. Since Switzerland’s largest cryptocurrency broker has included it, the network capacity may increase even more.