Bitcoin Lightning Network payments are now accepted by Amazon, Uber and other retailers

“The launch of cryptocurrency Fold promises quick bitcoin payments after integrating the functionality of the Lightning network”

Cryptocurrency payment application Fold added support for the Bitcoin Lightning Network, which allows its customers to make instant payments. The app is supported by such retail giants as Amazon and Uber.

The Ugly Side of Bitcoin

Fold, a startup that appeared on the market in 2014, is considered a pioneer in the field of cryptocurrency payments.

After initial success, the company faced a problem when bitcoins broke into the mainstream. The network has become too congested, and the fees have become too high for proper operation of the Fold.

The long confirmation time and, especially, the high connection fees have made it inoperative for most situations involving consumers and retailers, ”says Fold CEO Will Reeves.

The startup was not alone - many other vendors who started to accept bitcoins faced a similar problem. Steam, the largest gaming market, went out of control "due to high fees and volatility", which Valve considered a reasonable step

Solution here

The vendors who disconnected Bitcoin made it necessary to have a viable solution for scaling, and Lightning Network, the protocol of the “level 2” of the Bitcoin network, came to the rescue.

Reeves is confident that the recent decision will really make Bitcoin payments work. Back in February, Fold launched Lightning Pizza to try out a new payment method.

We launched Lightning Pizza to test the hypothesis that if Bitcoin payments were as simple and useful as using a credit card, people would change their spending habits. ”

Despite fast and cheap transactions, the Lightning Network mostly remains under the radar. Nevertheless, its adoption still indicates a steady growth in 2019. For example, Electrum will be the first major purse for cryptocurrency, which integrates it later this year.

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