bitcoinworld.co.in
Peer-to-peer bitcoin exchange Paxful announced full integration with the Lightning Network, Bitcoin’s second-layer scaling solution.
Paxful is one of the leading peer-to-peer trading platforms worldwide.
This new partnership will now give access to its more than seven million users to transact bitcoin across the globe. Additionally, This will be done more quickly and cheaply.
“Bitcoin is hands down the best financial option for the people who really drive economies forward,”
says Ray Youssef, Paxful’s co-founder and CEO, during the announcement.
“But in order for it to succeed and usher in global adoption, we need to overcome the issue of scale. The industry’s greatest chance of Bitcoin scalability is through Lightning, which makes micropayments exceedingly cheaper and faster.”
Lightning will facilitate cheap and fast bitcoin transactions by leveraging smart contracts to abstract small and frequent payments away from the Bitcoin network base layer.
However, That abstraction happens in the form of payment channels. For instance, Users will connect by jointly creating 2-of-2 multisig addresses. Then, they can be use indefinitely to transfer funds to one another.
However, Only transactions that either open or close a Lightning channel will add on the Bitcoin blockchain. All Lightning transactions is to abide by the Bitcoin protocol rules.
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Indeed, Lightning is already empowering people worldwide to enjoy true financial freedom and sovereignty.
Meanwhile, people can now be able to buy drinks, breakfast, and lunch in el Salvador with BTC through the Lightning Network.
This is in effect since Sept 7 when bitcoin became legal tender in El Salvador.
Bitcoin Potential For Wild Adoption
The layer-2 solution empowers Bitcoin to fulfill its potential and become a widely adopted means for transacting value.
“At its core, Bitcoin was envisioned as a means of exchange,”
said Artur Schaback, the peer-to-peer platform’s COO and co-founder, during the announcement.
“Paxful’s seven million users now have another option to transact micropayments — one that is cheaper and faster than the traditional Bitcoin network.”
Lightning Labs will handle the Paxful’s Lightning onboarding. It’s an open-source software company with dedication to the Lightning Network.
Their CEO and co-founder, Elizabeth Stark, left a comment as regards the integration
“is a huge step forward” in bringing bitcoin to billions of people.
Additionally, Stark said that her company is “excited to onboard millions of Paxful users who can now send instant, global, low fee transactions with Lightning.”