Lightning is also what powers the Chivo wallet вЂ“ El SalvadorвЂ™s state-sponsored Bitcoin wallet that launched alongside the Bitcoin law in September. The company pays athletes and employees in Bitcoin and accepts the cryptocurrency as payment for merchandise. Senator Cynthia Lummis suggested as much in a recent interview, saying that it would transform Bitcoin from a commodity to a currency вЂњreally fastвЂќ.ДЇor example, a top Australian baseball team has already integrated the lightning network into its daily operations. Since payments donвЂ™t compete for on-chain block space. The latter introduced layer 2 Bitcoin payments after Block created its lightning network dev kit, which is shared publicly for other wallet services to adopt as well. The lightning network is often hailed as the technology that will allow Bitcoin to scale as a global means of exchange. Now, BitPay merchants can receive payments from wallets that support the lightning network, such as Strike and CashApp. Rather, customers will be able to make lightning payments on their own from lightning-supported wallets.Д«itPayвЂ™s native wallet, however, is yet to enable the lightning network.

Michael Relich вЂ“ Co-CEO of PacSun вЂ“ says the integration gives Bitcoin holders an instant and cheap option for shopping with them online.Д«itPay merchants will not need to make any changes to start accepting lightning payments from customers. One of BitPayвЂ™s first partners for the integration is PacSun вЂ“ a retail clothing brand with over 400 stores across the US. вЂњBitPayвЂ™s integration with the Lightning Network offers customers more choice and merchants more ways to be paid leveraging blockchain technology,вЂќ said Tony Gallippi, BitPayвЂ™s Co-founder.Д«itPay claims that its combination of on-chain and off-chain options now gives customers a better overall payment experience, which is вЂњfast, low-cost, and scalableвЂќ. Since payments donвЂ™t compete for on-chain block space, transaction fees are virtually zero when using this option. Now, BitPay merchants can receive payments from wallets that support the lightning network, such as Strike and CashApp.

These payment channels enable users to transact multiple times off-chain, allowing for transaction throughput orders of magnitude higher than BitcoinвЂ™s base layer. The lightning network is a Bitcoin вЂlayer 2вЂ™ scaling solution that allows individual Bitcoin holders to form private payment channels between each other. This will allow Bitcoin payments to settle much faster, and cost far less, than ordinary transactions. BitPay вЂ“ a popular cryptocurrency payments provider вЂ“ has now integrated BitcoinвЂ™s lightning network into its platform.

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