CoinGate becomes the first Bitcoin payment processor to introduce Lightning for merchants
CoinGate, a Bitcoin payment processor, has released lightning wallet for merchants. The new wallet will allow merchants to accept Bitcoin in real-time.
#LightningNetwork is ready to go live on our mainnet! On July 1, we will announce the list of selected merchants! Can't be more excited to be the first #cryptocurrency processor to implement #LN for #Bitcoin (#Litecoin is coming up!) https://t.co/kX6on4vKAv
— CoinGate (@CoinGatecom) June 25, 2018
On July 1st, CoinGate’s lightning wallet will go live and will also announce the list of selected merchants. About a month ago, CoinGate had released a sandbox environment for their Lightning Wallet. The environment is called Test Shop and can be tested here.
What does Lightning Network do?
Lightning Network enables much faster and cheaper transactions in high volumes between users, without the need for network confirmations.
In simple words, LN connects users (nodes) in a web of so-called “payment channels” independent of the actual Bitcoin network. Using these channels, transactions can be made by users (nodes) “off-chain“. This enables faster transactions and improves the overall transaction speed of the network.
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