Faster transaction for Bitcoin payment

Bitcoin Lightning Network was recently made available on XPOS. The inclusion of Lightning Network promises to make crypto transactions through XPOS efficient and increasingly make Bitcoin accessible. Its integration into XPOS brings Pundi X one step closer to its goal of bringing decentralization to the masses.

But what exactly is Bitcoin Lightning Network?

The Bitcoin Lightning Network was introduced in 2016 by Joseph Poon and Thaddeus Dryja, with Lightning Labs currently working behind it. The network is a “layer 2” protocol layered on top of Bitcoin. Its main goal was to help speed up bitcoin transactions, especially as the cryptocurrency gained popularity in recent years. It aimed to tackle the problem on multiple fronts: the energy needed to complete a transaction, the speed it took, any errors made, etc.

The Lightning Network is a decentralized network that facilitates quick, ‘lightning-fast’ transactions between parties outside the Bitcoin blockchain network. These fast transactions are made possible because Lightning Network does away with the need for transactions to be approved by the main blockchain. Instead, Lightning Network uses nodes capable of routing transactions by combining individual payment channels between the concerned parties.

More and more people are transacting through the Lightning Network. Research shows that Lightning Network payment volume increased 410% year-over-year for the first quarter of 2022. This information indicates the network’s bright future as a payment solution.

With Lightning Network gaining prominence each day, consumers will see that there are solid alternatives to traditional banks for their transactions. With XPOS working to introduce Lightning Network to people all over the world, decentralization for all is closer to reality than ever.

Below is the video to show how an XPOS merchant accept BTC payment from a user with a 3rd party Bitcoin wallet app supporting Lightning Network by using Cashier Pro module.