Bitcoin Suisse will use the Lightning Network to make Bitcoin (BTC) transactions cheaper and faster. According to a press release on November 10, it will be the first cryptocurrency payment processor in Switzerland to integrate this technology.
Armin Schmid, Head of Bitcoin Suisse Pay, applauded the decision and noted that Lightning transactions will play an important role in scaling cryptocurrencies and mass adoption.
“Lightning transactions provide higher throughput per second by a fraction of a hundred, making it an innovative innovation for cryptographic applications.”
With the launch of the revolutionary Layer 2 Bitcoin technology, consumers and merchants using Bitcoin Suisse and Worldline will be able to execute faster transactions at lower costs than the blockchain. The statement also said that the decision is an important step forward in Bitcoin Suisse’s efforts to “promote the broader use of cryptographic technologies.”
The Lightning Network is a decentralized network built on top of other Bitcoin teams that uses smart contract technology to design a secure network and allows small transactions to take place at faster speeds and lower costs. In 2015, Joseph Boone and Tadeusz Draya proposed the Lightning Network protocol in an attempt to address the scalability problem of Bitcoin.
Worldline, the European equivalent of Bitcoin Suisse, will be able to process transactions made using the Lightning Network. Thus, buyers and sellers will benefit from simple cryptocurrency transactions as a result of the integration of the Lightning Network.
The Lightning Network has gained traction in recent weeks thanks to Twitter’s use of it for advice as well as the network’s nationwide rollout in El Salvador.
According to Cointelegraph, the overall capacity of the Lightning Network will “rise” in 2021. In September, the network’s capacity reached an all-time high of 2,904 BTC, a 170% increase from January. The capacity of the network is likely to increase even more now that the largest cryptocurrency broker in Switzerland has connected it.