0
📰 News
1274 views

Bitcoin Lightning Network Payments Now Accepted by Amazon, Uber and Other Retailers

  • Alex Dovbnya
    📰 News

    🕴🙏Cryptocurrency startup Fold promises fast Bitcoin payments after integrating Lightning network functionality💳🛠

Bitcoin Lightning Network Payments Now Accepted by Amazon, Uber and Other Retailers
Cover image via u.today
Contents

Cryptocurrency payment app Fold has added Bitcoin’s Lightning Network support, thus allowing its customers to make instantaneous payments. The app is supported by such retail giants as Amazon and Uber.

👉MUST READ

Bitcoin Stolen from Binance Gets Moved Again, Whale Alert Reports

Bitcoin Stolen from Binance Gets Moved Again, Whale Alert Reports

The ugly side of Bitcoin

Fold, the startup that appeared on the market back in 2014, is considered to be a trailblazer in the realm of cryptocurrency payments. 

After its initial success, the company hit a snag when Bitcoin broke into the mainstream. The network became too congested and the fees became too high for Fold to function properly.

Long confirmation times and, especially, high on-chain fees made it unworkable for most consumer and retail situations,” claims Fold CEO Will Reeves.

The startup wasn’t alone — a similar issue was faced by numerous other merchants that started accepting Bitcoin. Steam, the largest gaming market, jumped ship “due to high fees and volatility,” which was considered a smart move by Valve.

👉MUST READ

Bitcoin Cash Splits Up with Lightning Labs to Release Crypto Wallet with Extra Level of Privacy

Bitcoin Cash Splits Up with Lightning Labs to Release Crypto Wallet with Extra Level of Privacy

The solution is here

Merchants pulling the plug on Bitcoin prompted the need for a viable scaling solution, and Lightning Network, a “Layer 2” protocol of the Bitcoin network, came to the rescue. 

Reeves is certain that the recently introduced solution will actually make Bitcoin payments work. Back in February, Fold launched Lightning Pizza to test out the new payment option.

We launched Lightning Pizza to test a hypothesis that if Bitcoin payments were as easy and rewarding as using a credit card, people would change their habits around spending”

Despite offering fast and cheap transaction, Lightning Network mostly remains under the radar. However, its adoption has so far witnessed a steady growth in 2019. Electrum, for instance, is set to become the first major cryptocurrency wallet to integrate it later this year.

In this Telegram channel you’ll find fresh news, interviews, infographics, forecasts & other helpful stuff. Join U.Today's channel.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

👓 Recommended articles

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings