Making Bitcoin a viable mainstream payment solution will not be easy. One hurdle to overcome is the incredibly low transaction throughput.
While several solutions are in development, external input is always welcome.
The Future Looks Bright for Lightning Payments
Lightning Labs, a Bitcoin payments startup, may have a new solution.
The company raised $10 million in funding to grow its existing payments network.
Ideally, the company wants to build the “Visa for Bitcoin” network.
That network will process thousands of transactions at a low cost.
Moreover, it will make it very easy for merchants – both online and offline – to integrate Bitcoin payment capabilities.
Lightning Labs also launched a new product.
Known as Lightning Loop, it aims to monetize the Lightning Network running on the Bitcoin blockchain.
Through this product, startups can accept Bitcoin payments in a convenient manner, without relying on centralized payment processors charging a fee.
All of these developments paint a bright picture for the cryptocurrency industry.
It is due time that Bitcoin payments are taken more seriously by the mainstream.
Under the current circumstances, that is challenging.
No one likes a network that processes a handful of transactions and requires 60 minutes or more to fully confirm payments.
This is why the Lightning Network can be a major game changer for Bitcoin.
Getting more parties to adopt this technology will not be easy, though.