In yesterday’s press release, Bitcoin Suisse announced the availability of Bitcoin Lightning Technology for its crypto payment system.
As one of the leading crypto-financial service providers in Switzerland, Bitcoin Suisse now becomes the first cryptocurrency payment processor in Switzerland to integrate this technology.
Armin Schmid, the head of Bitcoin Suisse Pay, lauded the move by saying that;
“Lightning transactions enable higher throughput per second at the price of a fraction of a cent — making them a game-changing innovation for crypto applications.”
About Bitcoin Suisse
The company, offers the following crypto-related services:
- Buying and Selling Cryptocurrencies
- Staking
- Custody Services
- Brokerage Services
- Tokenization
- Swiss Franc-backed CryptoFranc (XCHF) stablecoin
It also provides crypto payment services through its Bitcoin Suisse Pay application, enabling merchants to accept any cryptocurrency from their customers. Businesses can also integrate Bitcoin Suisse Pay into their Webshop’s payment processor via an API.
Benefits of the Lightning Network to Bitcoin Suisse
This cutting-edge development means a lot to the company, consumers, and merchants.
Firstly, Bitcoin Suisse and its associate Worldline, a European leader in the payments and transactional services industry, will be able to accept transactions in milliseconds; meaning instant settlement.
Secondly, the blockchain fees charged on transactions will reduce significantly independent of network utilization, making transactions cheaper. This feature will magnify Bitcoin Suisse’s competitive advantage.
The technology will also allow for scalability given its vast capacity, thanks to its speed.
The Lightning Network is connected as a layer on top of the Bitcoin blockchain. Thus, apart from its security protocols, the network also benefits from Bitcoin’s security, making its connections highly secure. This would mean that the company wouldn’t have to worry about safety issues anymore.
Lastly, it will promote a broader adoption of crypto technology within the market.
Yesterday also saw Niklas Nikolajsen, the founder of Bitcoin Suisse, conduct the first official Bitcoin Lightning transaction at the Verkehrshaus
How Does the Lightning Network Operate?
The layer two protocol, or Lightning Network, was developed by Thaddeus Dryja and Joseph Poon in 2015. By using the principle of smart contracts, the protocol uses Bitcoin’s chain to carry out smaller transactions between users, away from the base layer of the blockchain.
It does this with complete confidentiality with reduced wait times.
According to a twitter account @BitcoinIsSaving, Bitcoins lightening network is actually better than ETH2 since you can actually send payments with Lightening.
Voices from Within: What the Stake Holders Have to Say
It is essential to conclude with some choice words from a few of the stakeholders who were part of the process.
“We are pleased that our crypto solution partner Bitcoin Suisse is introducing the lightning network for Bitcoin transactions. This is a logical step towards our shared vision of making crypto acceptance easily accessible to a broad group of merchants.
The lightning network enables fast and cost-efficient transactions and hence lends itself particularly well to be used for low value transactions. Moreover, by aggregating transactions before getting mined on the blockchain, it significantly reduces energy costs per transaction and thereby supports Worldline’s ambition to lead the industry by example in introducing technological innovations to improve sustainability.”
said Sascha Münger, Product Manager WL Crypto Payments.
Niklas Nikolajsen, Founder and Chairman of Bitcoin Suisse, also had some sentiments to add
“Secondary layer solutions like Lightning add important use cases to on-chain transactions and are crucial to scaling blockchain solutions.
We will look into adding lightning support to additional services we provide at Bitcoin Suisse. We expect that other crypto financial institutions will offer this innovative technology to drive crypto adoption further beyond.”
Let’s see how this move by Bitcoin Suisse will impact the Bitcoin Market, with Bitcoin and Ethereum correcting gains before we see another bullish run through to 2022. This should also serve as a call to potential investors to jump on the crypto train as the future is just beginning.