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CoinGate Allows 4,000 Merchants to Be Paid in BTC Instantly

CoinGate Allows 4,000 Merchants to Be Paid in BTC Instantly

The Lightning Network has just accepted Bitcoin (BTC) payments. This allows over 4,000 merchants to now to be paid for their goods and services in BTC. Lightning payments are implemented through CoinGate, which is a cryptocurrency payment gateway. It’s a scaling solution for BTC which allows faster and much cheaper transactions for cyrpoy payments and can speed up mainstream adoption and improve its chances of everyday currency.

CoinGate is based in Lithuania and has been leading the Lightning Network ingrtagion which was created by Lighting Labs with 100 merchants in a test group.

Shoppers can buy regular purchases that are settled instantly and have minimum fees because payments on LN don’t need any blockchain confirmations. They use smart contracts that enforce security and allow merchants to ship instantly without any chargeback or fraud risk. While BTC’s blockchain enforces a large minimum output size and a fixed fee, LN allows minimal payments down to 0.0000001 BTC. Micropayments allow BTC to be rationalized into virtual currency to power a new range of transactions.

CoinGate says:

“The pilot phase allowed CoinGate to evaluate potential risks associated with the off-chain payment method. As LN is still due to be fully tested for live usage, CoinGate had to make sure transactions were secure and if a mistake was to happen, the company was ready to cover the losses for their clients. During the eight weeks of testing, however, the system did not experience any major errors and was ready to sustain high volumes.”

“CoinGate takes every opportunity to innovate and offer cutting-edge solutions to our users. We are keen believers in cryptocurrencies as a way to transact globally, and the Lightning Network, although still a fresh new technology, fits exactly in our vision of what Bitcoin should be in the future.”

“CoinGate takes every opportunity to innovate and offer cutting-edge solutions to our users. We are keen believers in cryptocurrencies as a way to transact globally, and the Lightning Network, although still a fresh new technology, fits exactly in our vision of what Bitcoin should be in the future.”

Been in the game for 2 years but I still consider myself a rookie. There’s way too much info out there for anyone to comprehend, so I try to get only the best news on cryptoculture and new currency that’s coming out in the world of Bitcoin and cryptocurrency. I’m here to share my thoughts on what could be the answers to many of the world’s financial issues. Contact me with tips!

Disclaimer: Our authors may hold active positions in one or multiple cryptocurrencies discussed on this news portal. Opinions expressed at AWSMO are NOT investment advice and any investment in one or more cryptocurrencies may be high-risk and extremely volatile. Please due your due diligence before making any investments in any cryptocurrency. Your investments are your own risk and you assume full responsibility for your actions.

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