For many, the Lightning Network has been viewed as Bitcoin’s answer to altcoins focused low transaction fees. It has the potential to provide the best of both worlds to cryptocurrency users in terms of payment functionality and liquidity.
There are solid reasons to believe the Lightning Network could completely replace the need for potentially-unsecure altcoins that allow for cheap on-chain transactions, and the first signs of this theory becoming reality have been found at online retailer Bitrefill (see this post for an explanation of the Lightning Network and how it may impact the altcoin market).
Bitrefill is a business that allows their customers to buy gift cards, prepaid phone minutes, and other digital goods with cryptocurrency. More recently, they’ve been helping build the infrastructure around Bitcoin’s Lightning Network.
In a recent appearance on The Bitcoin News Show, Bitrefill’s John Carvalho revealed that the Lightning Network now accounts for more payments to Bitrefill than any of the altcoins they accept.
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The Kraken exchange has followed several other exchanges in the decision to delist Bitcoin Cash SV (BSV), a move that has accelerated since Craig White’s decision to send legal notices to Twitter users and the likes of Vitalik Buterin and Peter McCormack.
The UK-based company is teaming up with the IOTA Foundation for an initiative that will catapult cryptocurrencies into the limelight.