Bitcoin Suisse will use the Lightning Network to make Bitcoin (BTC) transactions both cheaper and quicker. A press statement published Nov. 10 will be the initial digital currency payment processor in Switzerland to implement the technology.
The move was hailed by Armin Schmid, the CEO of Bitcoin Suisse Pay, who noted that Lightning transactions would help scale cryptocurrency applications and drive widespread usage.
“Lightning transactions enable higher throughput per second at the price of a fraction of a cent — making them a game-changing innovation for crypto applications.” says the company.
Thanks to the debut of this cutting-edge second-layer Bitcoin technology, consumers and businesses utilizing Bitcoin Suisse and Worldline will be able to conduct quicker transactions with reduced blockchain fees. According to the release, the move is also a big step forward in Bitcoin Suisse’s attempts to encourage the acceptance of cryptocurrency technology, according to the release.
The Lightning Network is a decentralized network based on Bitcoin’s second layer that uses smart contract technology to create a secure network and enable small-value transactions to be completed quicker and at reduced prices. In an attempt to overcome Bitcoin’s scalability problem, Joseph Poon and Thaddeus Dryja introduced the Lightning Network protocol in 2015.
The European equivalent of Bitcoin Suisse, Worldline, will be able to conduct Lightning Network transactions. As a consequence of the Lightning Network integration, consumers and merchants will benefit from the convenience of cryptocurrency payments.
The Lightning Network has gotten a lot of attention recently, both to Twitter’s usage of it for tipping and the network’s statewide launch in El Salvador.
According to Cointelegraph, the Lightning Network’s overall capacity has witnessed an exponential increase in 2021. In September, the network’s capacity hit an all-time peak of 2,904 BTC, a 170 percent increase from January. Moreover, the network’s capacity is set to grow much more now that Switzerland’s biggest digital currency broker has joined it.
