- Paxful has integrated Bitcoin Lightning Network to achieve wider utility its platform
- The integration will allow Paxful’s users to transact easily with BTC within seconds for minimal charges
- Bitcoin Lightning Network fulfills Satoshi’s vision by making microtransactions a reality
- Paolo Ardoino believes more firms like Paxful will integrate the BTC sidechain
Paxful is a leading Peer-to-Peer cryptocurrency exchange. Recently, the platform has integrated the Bitcoin Lightning Network to solve the scalability concerns on the Bitcoin blockchain. Lightning Network is a side chain that provides Layer-2 transaction capabilities that remain separated from the main chain. Hence, the integration will now allow Paxful’s 7 million users, access to the near-instant BTC transfers. On the other hand, Paolo Ardoino, CTO at Bitfinex cited that more resources are being put towards the BTC networks, it seems like more firms will integrate with it.
Paxful users can now transact BTC faster with lower fees
On Tuesday, P2P exchange Paxful announced that it solved the scalability concerns with its latest integration of the Lightning Network. The firm further explains that the new feature provides its users the ability to transact BTC from their Paxful wallet in a matter of seconds. Moreover, the latest integration also reduces transaction fees
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Indeed it is clear that the Lightning Network’s integration will achieve wider utility on the Paxful trading platform.
Lightning Network makes microtransaction a reality
Currently, the global micro-payments market was valued at roughly $34 billion. It is estimated that the market will grow at a compound annual growth rate of 10% over the next four years. Notably, the game and virtual goods industry are becoming a major catalyst for the growth of the micropayments industry.
Bitcoin’s Lightning Network is being created to facilitate payments, and allow users to transact more easily. The BTC sidechain helps reliably engage in off-chain transactions through a second layer.
According to Ray Youssef, the co-founder, and CEO of Paxful, Bitcoin is the best financial option. However, he also underscored that scalability issues could be hindering its adoption. Hence, Lightning Network is BTC’s greatest chance of achieving the scalability need to make microtransactions a reality.
Lightning Network fulfills Satoshi Nakamoto’s vision
BTC has carved out a robust niche as an investable asset class. When Satoshi Nakamoto first introduced the Bitcoin white paper, he visioned to create a decentralized electronic cash system. Indeed, the Lightning Network is solving all the issues to complete Satoshi’s vision. In the current scenario, the network boasts more than 26,500 nodes for a network capacity of about 2468.93 coins.
According to Paolo Ardoino, CTO at Bitfinex, the Bitcoin network is a truly resilient P2P payments solution. As we see more resources being put toward its development, he believes more firms, like Paxful, will integrate with it to enable individuals to pay for goods and services all around the world.