Blockchain News

Lightning, the Bitcoin’s trick up the sleeve

Lightning, the Bitcoin’s trick up the sleeve
Aug 10, 2018 by Rico Wise

Some people saw Bitcoin as a sort of PayPal 2.0, or, in other words, as the one to become an ultimate payment mode. Nevertheless, as soon as Bitcoin encountered a number of technical difficulties, the hype quickly faded away. However, the concept may now return in a trendy manner, as applications are being created on the lightning platform, which is a layer-two tech that entered beta-testing earlier this year, and they already display such a good performance that any conventional modes of payment are not able to compete.

This way the tech may enable the digital currencies to outrun the card platforms and other payment projects that use conventional methods. The app that handles absurdly small online transactions is the one to steal the limelight. This is achievable because online payments can be costly, even despite being performed directly to the customer.

Even though micropayments might not look convincing, according to the analysts, they do have the potential to create a wide range of new businesses, the models of which would be centered around this technology.

This increases the chances to finally get the upper hand against conventional centralization existing with all the major businesses in the industry by proving that these micropayments have practical application in apps in a lot of different ways.