Skip to main content

Bitfinex and Bitrefill Allowing Users to Shop with Bitcoin


Major US crypto exchange Bitfinex has partnered with Bitrefill toallow platform clients to shop via Bitcoin on the Lightning Network. A December 4 press release wrote that Bitfinex users will be able to make instant payments for a variety of services; using Bitcoin on their exchange wallets.

A Lightning B2B settlement system


According to the press release, both companies attributed the development of the service as the world's first of its kind dynamic B2B settlement process using the Lightning Network. Meanwhile, the announcement builds on top of recent Bitfinex news of enabling bitcoin lightning transactions;  plus almost negligible fees for users using the service for deposits and withdrawals. 
Bitfinex demonstrated that setting up a system as the Bitcoin payment integration with lightning network, involved a lot of tinkering: 
“Bitfinex and Bitrefill utilize customized versions of Lightning to open large channels together, exceeding the default limits in place, but allowing better flow and reliability to users.”

The partnership between Bitfinex and Bitrefill will enable exchange customers to purchase over 2,000 diverse prepaid vouchers using Bitcoin. Meanwhile, the vouchers could cover the overhead costs for products and services such as dining, gaming, travel, entertainment and more. 

Lightning Network Adoption by Exchanges is Essential


Once Bitfinex purchase products from Bitrefill, the system will instantly settle the payment through the Lightning Network.  The Chief Commercial Officer John Carvalho said that lightning adoption among major exchanges is an important step towards crypto power: 
“We believe that getting Bitcoin exchanges on to the Lightning Network early is integral; to preparing for the next wave of adoption. And building out a parallel economy for Bitcoin. [...] We will continue to work closely with Bitfinex; and other businesses to develop Lightning solutions and products; that make living on crypto a reality, eventually removing dependability on fiat rails.”

Lightning network has witnessed increased growth and adoption , with most people pleased with its potential of making Bitcoin a viable means of payment.

Comments

Post a Comment

Popular posts from this blog

Is celebrity support an added advantage to cryptocurrency growth?

  Celebrities are prominent figures in society. We admire them for their looks and get influenced by whatever brand they endorse. So can we say that their support for cryptocurrency is an added advantage? Well, up to an extent yes. Since they are public figures and rule the hearts of their fans, this indeed can be an added advantage in the growth of cryptocurrency.  But it is not completely true. The cryptocurrency rose to fame because of the unique features and advantages they provide to their users. First of all, they allow users to have the ownership of tier money which is not in the case of government-issued currencies. If you look at the whitepaper of Bitcoin framed by its founder Satoshi Nakamoto, then you will find that it restricts the interference of third parties and central authorities like banks and the government.  Cryptocurrency is now considered an investment asset by most crypto enthusiasts. Many people have become richer by it. Akshay Haldipur from India ...
Post a Comment
Read more

Bitcoin Mining Pools See Huge Shuffle in Prior To Bitcoin Halving

Chinese Bitcoin mining giants, Poolin and f2pool have witnessed substantial growth in their daily BTC block reward in January 2020. The dominating mining pool, BTC.com has dropped in the reward earning. This is how the tables are turning, prior to the highly-anticipated third halving. In the last couple o f weeks, Bitcoin has gone through some wholesale changes in its mainstay metrics. Take into consideration the example of the Bitcoin hash rate, which recorded its new all-time high just recently , has now entered a declining phase. The dominance, which usually hovers around 70 %, has now fallen close to the 60% mark. A pivotal part would be played by these elements on the price prior to the Bitcoin halving. F2pool is recording the highest BTC block reward earnings when it comes to the known mining pools . Elias Simos, a senior research analyst at Decentral Park, tweeted : Elias Simos @eliasimos A lot of reshuffling in the $ BTC mining game sin...
Post a Comment
Read more

The Future Of Cardano And Its ADA Crypto

  Cardano is a decentralized third-generation PoS blockchain platform that aims to be a more effective option for PoW networks. The infrastructure load of rising prices, energy consumption, and lengthy transaction times limit growth, compatibility, and viability for PoW systems like Ethereum. Cardano is based on the Ouroboros consensus mechanism. Ouroboros, developed by Cardano during its early stages, was the very first PoS system that was not only shown to be safe but also the first one to be influenced by scholarly academic study. The research-based architecture anchors each development phase in the roadmap, merging peer-reviewed ideas with evidence-based techniques to proceed toward and accomplish the milestones. To find out the future of Cardano and its ADA crypto, you can visit Cryptoknowmics .  Stake And Earn Rewards The primary uses of Cardano are identity management and provenance. The previous development may be used to expedite and simplify operations that involve d...
Post a Comment
Read more