Published
11 months agoon
Leading peer to peer marketplace for the trading of giftcard and cryptocurrency Paxful has announced the integration of Lightning Network into its platform.
Lightning Network is a second layer added to the Bitcoin’s blockchain that enables super-fast and cheap transactions. These transactions happens off-chain thus, when scaled; it can allow millions of micro transactions.
It is no news the bitcoin’s grows expensive as the price goes up. Transaction cost at the early days used to be less than a cent but are now much higher and sometimes over $50 to make a transaction.
Paxful users have also been complaining of the rising fee and even after Paxful has tried to make the platform better, users would also complain and this is due to the growing price of bitcoin.
Paxful has now integrated Lightning Network to enable its users send bitcoin fast and cheap and this could open doors to more volumes as users begin using the new feature.
Read also:
Banks have no choice but to pay attention to DeFi – Ray Youssef, Paxful CEO
Paxful Partners with Award Winning Band, Sauti Sol to Promote the firm & Crypto in East Africa
Paxful Users Can Now Sell Their Bitcoin For Gold
Paxful’s Charity Initiative, #BuiltwithBitcoin to Fund Water Project in Rwanda
Paxful published a tweet announcing the adoption of Lightning Network. The leading crypto P2P platform revealed that Lightning Network is only supported on its mobile web app.
Community Reception
With the growing fees on the Paxful marketplace as a result of bitcoin’s high rising price, users have been having issues and this adoption may just be what will spur higher trading activity on the platform.
A user named Basile responded to the post saying “Bye bye Western Union and Co..”
Another named Miguel said “Wow! Much respect guys, you’re literally changing the world for the better here” DrFayaa said “Sent and received. Works great. Keep it up!”
MicroStrategy CEO, Michael Saylor also commented on the Paxful’s adoption of Lightning Network, he said “Soon, no #bitcoin wallet or #crypto exchange will be competitive if they don’t support #Lightning.
Soon, no #Bitcoin wallet or #Crypto exchange will be competitive if they don't support #Lightning⚡️. https://t.co/NQo4zFzuc1
— Michael Saylor⚡️ (@michael_saylor) September 14, 2021
Just a week ago, Paxful CEO, Ray Youssef spoke about DeFi in an interview in Nigeria. He said Banks have no choice but to pay attention to DeFi. He also said Africa is held back by unequal access to financial system.
What do you think of this story? Share your comments below.
You may like
Latest Episode on Inside Blockchain
Crypto News Update
Crypto Street
Trending
How To Open a Huobi Account and Make Your First Trade.
Huobi is a crypto exchange where users can buy, sell and borrow cryptocurrencies, creating a complete ecosystem for knowledgeable crypto...
Gala FIlms: Web3 meets Films
Gala Film Nodes are services provided by the Gala team where anyone can purchase a Node to grant access to...
List of African Countries That Have and Will Launch CBDC
African countries are exploring the virtual form of their currency which can improve their approach to exchanges and cash flow...
A comparison of Aptos and Sui
Last year, functional Layer 1s had great fundamentals that facilitated ecosystem pumps. The pumps were associated with L1s that had...
A detailed insight into Nomad bridge protocol exploit
The Nomad bridge was recently exploited for over $190m. While the complete story of the hack keeps unfolding gradually, we...
[…] post Paxful now supports Lightning Network appeared first on CryptoTvplus: DeFi, NFT, Bitcoin, Ethereum Altcoin, Cryptocurrency & […]