Every day, more merchant from across the world express more interests in accepting cryptocurrencies such as Bitcoin. This requirement led to the emergence of a number of new crypto payment processors entering the business market over the last year. The Lightning Network gives these processors the ability to now offer their clients a way to accept Bitcoin without delays. Today, there are multiple Lightning Network payment processors in operation.
The Lightning Network is nothing but it is a second-layer protocol that operates on top of the Bitcoin Blockchain to enable instant, low-cost micropayments.
Read more - What is Lightning Network?
Meanwhile, the crypto breakout of 2017, scalability concerns hindered Bitcoin’s ability to function as “electronic cash.” The business wanted to accept cryptocurrencies like Bitcoin but due to the delays and volatility that could occur during these time periods, Bitcoin didn’t make sense. The Lightning Network knock out these problems.
Le’s explain deeply,
Actually What is Bitcoin Lightning Network Payment Processor?
It is a payment gateway where the merchants can provide their customers to pay for their online purchase using the digital currency like Bitcoin without delays.
Bitcoin Lightning Network payment gateways: Key advantages
Currently, the Bitcoin network can process 7 transactions per second. However, as the reputation of bitcoin continues to grow, more transactions will need to be processed each and every second (so bitcoin can approach the capacity of Visa or Mastercard, which process hundreds of thousands of transactions per second).
One of the smart ways to allow more transactions, without sacrificing security, is the use of payment channels like the Lightning Network.
Using the Lightning Network, users will be able to send bitcoin transactions to each other on a second layer above the Bitcoin Blockchain. The unique details of their transactions will not be recorded personally on the Bitcoin Blockchain. However, primary details and cryptographic confirmations of the transaction details will be recorded on the Bitcoin Blockchain. This means these users still profit from the longevity and security of the Bitcoin Blockchain while being able to send and receive payments much faster.
Another main difference between sending a payment on the Bitcoin Blockchain exactly and using the Lightning Network will be the transaction fee cost. Approximately, users pay a fee to send a transaction to the Bitcoin Blockchain. This is not mandatory, but it incentivizes miners to process their transactions faster. As the Lightning Network gained more popularity, bitcoin lover asked some questions regarding Lightning Network like whether they would see the same or lower fees using the Lightning Network — if the fees stayed the same, why use another payment rail?
In reply, Lightning Network developers Joseph Poon and Tadge Dryja hypothesized in 2016 that the booming levels of competition between Lightning Network nodes would drive down fees on the network to close to zero.
As the network reach to grow, many of these smaller transactions that take place on the blockchain can be transported to the Lightning Network, thereby freeing up space and demand on the blockchain. This means that the Lightning Network might be able to manage thousands, if not millions, of transactions before a single transaction has been broadcasted to the Bitcoin Blockchain.
An example of Bitcoin Lightning Network payment gateway Processor:
Even though the specific challenges in making bitcoin lightning network-based online payments when compared to the seamless fiat-based gateways we’ve all become adapted to, multiple advantages of using Bitcoin lightning network not only reduce some of these shortages but mean they’re also the best choice than a fiat-based gateway in some purchase scenarios. With the help of Lightning network payments, it improves the efficiency and lowering the costs of bitcoin transactions.
The Lightning Network utilizes an off-chain protocol to reduce bottleneck on the blockchain. Personal payment channels allow users to send and receive unlimited crypto transactions. The payment information isn’t transferred to the blockchain until the transactions are completed. Below are the top 4 Lightning Network Payment processors.
These platforms endeavor how the Lightning Network allows more businesses to accept Bitcoin. Now, its easier than ever for vendors to offer their products or services to the crypto community.
Do you want your users to use the fastest digital currency ” Bitcoins” for your business? Our team of developers of Developcoins will assist you in integrating the Bitcoin Lightning Network Payment Processor for your business platform.
Developcoins - Top Notch Crypto Payment Gateway Development Company India
We offer the best service for the Bitcoin Lightning Network Payment Gateway Development for your business needs to deal with digital currency. You can have your own brand of Bitcoin Lightning Network Payment Gateway with our service.
Use Lightning Network for faster payments:
With full support for the Lightning Network, we provide API's to create payouts in Bitcoin and accept Bitcoin payments through the Lightning Network layer. Boost your business with the payments layer, allowing instant and free transactions for all your customers.
Benefits of Payment Processors like OPenNode
The product or services can be easily integrated into any online store or shopping carts with Application Programming Interface.
The product is empowering with Bitcoin Invoicing, Easy merchant account setup & management, General ticketing system, Payment management system, etc
You can also expand your service to your merchants by providing this Custom Bitcoin Lightning Network Payment processor or to any other business vendors.
It can be globally accessed to support all the payment solutions.
Highly secured with nonreversible transactions and reluctant to fraudulent activities.
Enables fast transactions with zero processing fee. The product offers micropayment solutions with the help of the lightning network.
What we offer:
We specialize in providing free and secure cryptocurrency wallet and integrate it to the payment gateway. We are focused to deliver a wide range of Bitcoin Lightning Network payment gateway services with a high level of excellence.
Accept Bitcoin payments using Lightning Network
Accept Bitcoin as a payment method on your website for your product or services. Any online and offline business can start accepting Bitcoin fast and easy without delays.
Easy & Fast Payouts in Multiple Currencies
Accept Bitcoin as currency for your products and services, and get paid off your currency of choice. We pay out in USD, EUR, GBP, CHF and many more.
Live Data Admin Panel
Track & Manage all your sales real-time in our backend system. View orders, add unlimited websites, point of sale terminals and track all payouts.
Tailor-made for your business needs
Use our robust backend system to track orders, create new API keys for new ventures. Pay-out webmasters or staff with Bitcoin directly from our admin panel.
Features of our Bitcoin Lightning Network Payment Processor:
Try our crypto payment development service to have a complete solution for Bitcoin Lightning Network Payment gateways. It will definitely help you to have very fast business transactions with high security and zero processing fee.