Bitpay Avoids Usage Of Lightning And Liquid Networks

May 29, 2020   (0)   Jyoti Singh

Bitpay, the service provider for the crypto payments, has unveiled that in the recent time also, the Bitcoin is showing great performance, as it still dominates payments. The company that has been pioneering in crypto payments services, further notified that currently, it has decided to not use the second layer solutions like Lightning networks or Liquid Networks.

Bitcoin Transaction Volume Increases On Bitpay

On other platforms, Bitcoin has been criticised so many times because of its slow and expensive payment method, but on Bitpay, it is the preferred one.

Regarding the Bitcoin’s performance, the Chief Marketing Officer at Bitpay, Bill Zielke, said that in March, Bitpay experienced a 95 percent surge in the transaction volume of Bitcoin. He further mentioned that Bitcoin remained the largest and the most popular crypto asset for the platform.

Zielke added, “Bitcoin Cash ranks second representing nearly 2%. Bear in mind, BitPay has been processing Bitcoin for almost 9 years and stablecoins for less than one year”.

The aim of the processor is basically to automatically transform the crypto payments into fiat for the merchants.

When it comes to Bitcoin payment processing, Bitpay is the most popular name in the market. One could find thousands of merchant in the Bitpay’s network.

Comparison Between Lightning And Liquid Network

In the year 2011, Bitpay was introduced as a Bitcoin payment service provider company, but as time passed, it integrated Bitcoin Cash, XRP, ETH and many stablecoins too, and now its clients can accept any of these cryptocurrencies.

Bitpay’s chief marketing officer has recently mentioned that as of now, they are not thinking of using any additional protocol layers for transferring Bitcoin.

It is to be noted that, compared to the blockchain of Bitcoin, alternative options have very different tradeoffs.

Zielke, while comparing the Lightning Network and Liquid Network said that the former one is used to start an instant and almost a free payment and later one, develop a permissioned Bitcoin sidechain with the help of different associated exchanges which are present in the Bitcoin space.

Articles You May Read.

Jyoti Singh
Jyoti Singh

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.