As staunch supporters of Bitcoin, CoinGate always aim to contribute to the health of the network, as well as to reap the benefits of its technological potential. Company have been batching transactions since 2015 and they are also the first payment processor to have integrated SegWit in December of last year. Today, company has a truly exciting announcement to make.
CoinGate is launching Lightning Network payments for Bitcoin
Lightning Network is the next major technological innovation in the Bitcoin space. Although still at its early stages and more suited to advanced, technical users, LN is, without doubt, the most awaited upgrade to the Bitcoin network.
Implementing Lightning payments has been our aspiration for a long time and we are excited to finally launch it on our Sandbox environment. An intense testing phase is ongoing and we welcome all our users to give Lightning Network a try by purchasing a virtual cup of coffee on our test shop.
In the meantime, CoinGate is preparing to run pilot integrations with a select group of merchants that wish to join them in becoming early adopters of this exciting tech.
If you are interested in accepting LN payments with CoinGate, please fill out this form: https://goo.gl/forms/PjTCvcUVHi0rnIJZ2
Why is Lightning Network exciting?
As a second layer solution, LN brings a number of improvements to Bitcoin as a currency and protocol:
1. Thousand-fold increase in network capacity (transactions per second)
2. Network confirmations no longer needed to trust incoming transactions
3. Trustless crypto-to-crypto trades, called Atomic Swap.
4. Improved privacy: only senders and recipients can see transactions
5. Micro-, pico- and nano-transactions, as small as 1/1000 of a Satoshi
6. Potential for real-time trading directly from a controlled wallet
Try it out! Or join to become a LN merchant
CoinGate designed example shop which allows you to test Lightning payments in action. Take note, that there will be bugs and glitches, both in the Lightning Network itself, and in their testnet implementation.
Nevertheless, company is very hopeful to squash out these bugs with the help of our community, and to become the first payment processor to accept LN payments in live conditions.
CoinGate is a cryptocurrency exchange based in Lithuania, Europe. Company offers an amazing pricing for cryptocurrency exchange, you can see this detailed comparison of 7 Bitcoin Payment Processors and their bitcoin conversion rate on Reddit. It currently supports Bitcoin and over 40 different altcoins including most known ones like Ethereum, Litecoin and Ripple. It provides wide exchange rates for whole crypto alternatives listed into forty different fiat currencies. CoinGate so far, has an estimated 50,000 users from around the world.
CoinGate invites merchants to be among the first in the world to adopt Lightning Network. Fill out the interest form here: https://goo.gl/forms/PjTCvcUVHi0rnIJZ2