Lengthwise, a local beverage company, now offers its customers the opportunity to pay with Bitcoin. Sharing this news on social media, Lengthwise shared videos of payments made with BTC from the store. As it is understood from the shared video, the payments made using the QR code are very fast.
Lengthwise also has educational brochures in its store to make its customers aware of Bitcoin. In the brochures there are QR codes that provide access to instructional videos on how to buy and store Bitcoin. Payments are made using the Lightning Network, BTC's Layer-2 solution. Users commented that Bitcoin payments are becoming increasingly common, even with a local beverage company accepting BTC.
The Lightning Network was created in 2015 by Joseph Poon and Thaddeus Dryja and has become increasingly popular. BTC advocate Jack Dorsey often makes positive statements about Lighthning Network.
Accepting BTC as its official currency, El Salvador offered a wallet using the Lightning Network protocol to its citizens. In addition, the Lightning Network can also be used for Litecoin. Bitfinex, one of the cryptocurrency exchanges, uses the Lightning Network as a tool for BTC deposits and withdrawals. In addition, Laszlo Hanyecz, who became famous in the crypto money world by buying two pizzas by paying 10,000 BTC in 2010, bought two more pizzas using the Lightning Network in 2018 and paid 0.00649 BTC.
What is the Lightning Network
The Lightning Network is a second layer added to Bitcoin’s (BTC) blockchain that allows off-chain transactions, i.e. transactions between parties not on the blockchain network. Multiple payment channels between parties or Bitcoin users make up the second layer. A Lightning Network channel is a two-party transaction method in which parties can make or receive payments from each other. Layer two enhances the scalability of blockchain applications by managing transactions outside the blockchain mainnet (layer one), while still benefiting from the mainnet’s powerful decentralized security paradigm.