As of today, Paxful users can exchange bitcoin using Lightning Network, saving on commission costs, and with reduced transaction times.
Lightning Network integrated on Paxful
Bitcoin’s second layer has been integrated on one of the world’s most popular and widely used peer-to-peer trading platforms.
Thanks to this implementation, Paxful can continue to provide bitcoin transfers, but with significantly lower fees.
Little has changed for the users and their interaction with the platform, all they have to do is access the Bitcoin wallet on Paxful and transfer the amount as they have always done in the traditional network.
Lightning Network for Bitcoin scalability
With Lightning Network, Paxful takes a step forward in scaling the Bitcoin network.
Paxful CEO and founder Ray Youssef, emphasized just that:
“Bitcoin is hands down the best financial option for the people who really drive economies forward. But in order for it to succeed and usher in global adoption, we need to overcome the issue of scale. The industry’s greatest chance of Bitcoin scalability is through Lightning, which makes micropayments exceedingly cheaper and faster”.
According to Paxful’s CEO, thanks to the second layer Lightning Network, the ability to pay for a coffee using Bitcoin will soon be a reality. Paxful does not want to be left behind, and is one of the first peer-to-peer platforms to integrate LN.
For Artur Schaback, COO and co-founder of Paxful, Lightning Network will contribute to the evolution of micropayments on the Bitcoin network. It will be a bit like taking BTC back to its origins since it was conceived as a medium of exchange.
He said in this regard:
“We’re thrilled to see how our users utilize Lightning and we expect Bitcoin’s use cases to only grow from here”.
Finally, Elizabeth Stark, CEO and co-founder of Lightning Labs, revealed that with this integration she hopes to broaden the audience of those using Bitcoin’s second layer:
“At Lightning Labs we’re building technology to bring bitcoin to billions, and Paxful’s integration is a huge step forward in making this a reality. We’re excited to onboard millions of Paxful users who can now send instant, global, low fee transactions with Lightning. In other words, number of people go up!”
LN to democratize Bitcoin
Lightning Network is a so-called second layer developed on Bitcoin’s blockchain, particularly suitable for micropayments.
Since it has been positioning itself as a store of value, BTC has been less and less used for its original purpose: a means of payment. This is due to network congestion and high fees.
There is also another aspect to add: due to its characteristic of a store of value, those who own Bitcoin are less inclined to spend it.
Lightning Network seeks to change this approach. It is no coincidence that its adoption is growing, as shown by Bitcoin Visuals:
According to the latest data, there are currently more than 2,400 BTC worth $111 million on LN. This is still very little compared to Bitcoin’s current capitalization ($866 billion for a total of 18.8 million BTC in circulation).
But the rise shown in the graph is confirmation that the road is marked: Lightning Network has ample room for growth by contributing to the spread and use of Bitcoin.