{"id":230343,"date":"2022-04-06T22:30:05","date_gmt":"2022-04-06T21:30:05","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=230343"},"modified":"2023-05-25T02:14:00","modified_gmt":"2023-05-25T01:14:00","slug":"bitpay-integrates-lightning-network-to-enable-low-cost-bitcoin-transactions","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitpay-integrates-lightning-network-to-enable-low-cost-bitcoin-transactions\/","title":{"rendered":"BitPay integrates Lightning Network to enable low-cost Bitcoin transactions"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Major cryptocurrency payment service provider BitPay has added support for the Lightning Network (LN), Bitcoin\u2019s (BTC) Layer-2 scalability solution, granting users access to a faster and cheaper method of transacting their BTC.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In an announcement shared with <\/span><i><span style=\"font-weight: 400;\">CryptoSlate<\/span><\/i><span style=\"font-weight: 400;\"> today, BitPay co-founder Tony Gallippi noted:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cBitPay\u2019s integration with the Lightning Network offers customers more choice and merchants more ways to be paid leveraging blockchain technology.\u201d<\/span><\/p><\/blockquote>\n<h2>Lightning, what is it good for?<\/h2>\n<p><span style=\"font-weight: 400;\">The Lightning Network is a so-called Layer-2 payment and communication protocol built on top of the Bitcoin blockchain. The solution allows transactions to be processed off-chain, taking the load off the mainnet and improving the network\u2019s scalability. As a result, payments made via the LN can be processed not only faster but also cheaper thanks to lower fees.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Following the integration with BitPay\u2019s Payment Processing Platform, merchants can now receive transactions from crypto wallets that support the LN, including CashApp and Strike. In their turn, consumers now have a \u201clow-cost alternative\u201d when they make payments at BitPay-enabled dealers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Notably, BitPay merchants won\u2019t need to make any changes to their existing setups to start accepting Lightning payments However, BitPay\u2019s wallet app does not currently support the LN\u2014at least \u201cyet.\u201d<\/span><\/p>\n<h2>Another step toward mass adoption<\/h2>\n<p><span style=\"font-weight: 400;\">Meanwhile, American retail clothing brand Pacific Sunwear of California (PacSun) has become one of the first BitPay partners to accept BTC payments via the Lightning Network, the company\u2019s CEO Michael Relich noted, adding:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cThe Bitcoin Lightning Network provides our customers with instant payments and exceptionally low network fees, and creates more opportunity for all holders of Bitcoin to shop online at [our store].\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">As <\/span><i><span style=\"font-weight: 400;\">CryptoSlate<\/span><\/i><span style=\"font-weight: 400;\"> reported, the total value of BTC locked on the Lightning Network <\/span><a href=\"https:\/\/cryptoslate.com\/bitcoins-tvl-on-lightning-network-now-worth-over-1-million\/\"><span style=\"font-weight: 400;\">exceeded $130 million<\/span><\/a><span style=\"font-weight: 400;\"> in late February\u2014and that figure has already grown to <\/span><a href=\"https:\/\/www.defipulse.com\/projects\/lightning-network\"><span style=\"font-weight: 400;\">just over $162 million<\/span><\/a><span style=\"font-weight: 400;\"> since then.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, despite significant growth in 2021, the solution arguably <\/span><a href=\"https:\/\/cryptoslate.com\/despite-major-growth-in-2021-the-lightning-network-still-remains-a-niche-product\/\"><span style=\"font-weight: 400;\">still remains a niche product<\/span><\/a><span style=\"font-weight: 400;\">. But with giants such as BitPay adding support for it, perhaps this is about to change. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Major cryptocurrency payment service provider BitPay has added support for the Lightning Network (LN), Bitcoin\u2019s (BTC) Layer-2 scalability solution, granting users access to a faster and cheaper method of transacting their BTC. In an announcement shared with CryptoSlate today, BitPay co-founder Tony Gallippi noted: \u201cBitPay\u2019s integration with the Lightning Network offers customers more choice and [&hellip;]<\/p>\n","protected":false},"author":472,"featured_media":230372,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,77497,78564,60208],"tags":[60786],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BitPay integrates Lightning Network to enable low-cost Bitcoin transactions<\/title>\n<meta name=\"description\" content=\"The crypto payments processor now allows its customers to use \u201ca low-cost alternative when paying with Bitcoin at BitPay-enabled merchants.\u201d\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitpay-integrates-lightning-network-to-enable-low-cost-bitcoin-transactions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BitPay integrates Lightning Network to enable low-cost Bitcoin transactions\" \/>\n<meta property=\"og:description\" content=\"The crypto payments processor now allows its customers to use \u201ca low-cost alternative when paying with Bitcoin at BitPay-enabled merchants.\u201d\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/bitpay-integrates-lightning-network-to-enable-low-cost-bitcoin-transactions\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-06T21:30:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-25T01:14:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/04\/bitcoin-lightning.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Liam Frost\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Liam Frost\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/bitpay-integrates-lightning-network-to-enable-low-cost-bitcoin-transactions\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/bitpay-integrates-lightning-network-to-enable-low-cost-bitcoin-transactions\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/liam-frost\/#person\",\"name\":\"Liam Frost\",\"url\":\"https:\/\/cryptoslate.com\/author\/liam-frost\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/liam-frost\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/liam-frost\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/03\/author-liam-frost-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/03\/author-liam-frost-300x300.jpg\",\"caption\":\"Liam Frost\"},\"jobTitle\":\"Reporter\",\"description\":\"Liam Frost is a freelance journalist and editor with over 15 years of experience working for various media outlets across the world. 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