Paxful P2P exchange has integrated the leading Bitcoin scalability solution Lightning Network into its platform, providing a near-instant Bitcoin (BTC) payments to its 7 million customers.
The new functionality allows users to send and receive BTC from their Paxful Wallet in a matter of seconds, with far cheaper fees than traditional blockchain transactions, according to the business.
Ray Youssef, co-founder and CEO of Paxful, called Bitcoin “the best financial solution,” but recognized that scalability concerns could stymie growth.
According to him, Bitcoin’s Lightning Network has the best chance of achieving the scalability required to make microtransactions a reality.
According to industry data, the global online microtransaction market was valued at $34.6 billion in 2021 and is predicted to rise at a compound annual growth rate of 10% over the next four years. Microtransactions are growing in popularity thanks to the video game industry and the virtual products and services it promotes.
Lightning Network is being created to make Bitcoin payments easier and to allow users to conduct off-chain transactions fast and reliably through a second layer. At the time of writing, Lightning had over 26,500 nodes and a network capacity of 2,468.93 BTC.
Bitcoin has built out a strong niche as an investable asset in the absence of a functioning transaction layer. Creating an electronic monetary system, on the other hand, was a major part of Satoshi Nakamoto’s 2008 Bitcoin white paper.
There’s a good chance that Lightning Network will become more widely used on the Paxful trading platform. The peer-to-peer exchange had processed over $5 billion in volume as of April 2021, with Africa — a continent that is rapidly adopting Bitcoin as a medium of trade — emerging as one of its largest marketplaces.
