During a panel focused on the Lightning Network and Bitcoin development at the recent 2019 MIT Bitcoin Expo, Jack Mallers, who is the creator of the Zap Lightning Network wallet, was asked to talk about what merchants need to know before they try to join the Bitcoin’s second-layer payments solution. In his response, Mallers indicated there is demand for Bitcoin’s Lightning Network from merchants involved in the marijuana industry.
Merchants Want Lightning
According to Mallers, there is a lot of interest in Bitcoin’s Lightning Network from merchants; however, more on and off ramps between the Lightning Network and traditional fiat currencies are needed.
“Merchants actually — a lot of them prefer bitcoin and Lightning as a payment rail,” said Mallers. “Something like Lightning is very appealing. It’s cheaper. But being able to get in and out — that’s a problem that needs to be solved.”
Exchanges are expected to add Lightning Network functionality once the network is more battle tested. For now, OpenNode and CoinGate offer merchant services for instantly converting Lightning Network payments to various fiat currencies.
Of course, some merchants don’t care much about the ability to easily and instantly convert to fiat after a payment is made. At Bitrefill, Lightning Network payments are already outpacing all of the altcoins.
Last month, OpenNode’s Rui Gomes and João Almeida also discussed how nothing else in the cryptocurrency space can compare with the combination of Bitcoin with the Lightning Network at this time.
The Marijuana Industry and Lightning
Mallers pointed to the marijuana industry as a specific area where merchants are interested in the Lightning Network. The Zap creator added that his own family is involved the marijuana business.
“Our bank account gets shut down every single week,” said Mallers. “What’s exciting is there’s really organic and authentic demand for this type of payment rail. There are some serious efficiencies to be gained using this type of stuff.”
Mallers added that marijuana dispensaries are spinning up Zap point of sale systems in Colorado. Although, he also cautioned that the Lightning Network is still experimental at this time and businesses should not store massive amounts of bitcoin on the network quite yet.
Near the end of this portion of the panel, Mallers shared his future vision for what the user experience will look like on the Lightning Network.
“You can envision a user experience where I walk into a dispensary or a bar or whatever it is, I buy $100 worth of bitcoin in a Lightning wallet or on an exchange, I get it delivered to me instantly, I scan a QR code, and then that business can then turn it over and sell 75 cents on the dollar or whatever they need going in and out,” explained Mallers. “All of the sudden, the [user interface] doesn’t even have to say that I’m using Bitcoin. I’m just using a much cheaper and efficient way of settling and connecting peers and transferring value. That, I think, is the dream [user experience], and it’s much closer than we think.”
The benefits of Ethereum 2.0 will come sooner rather than later according to Vitalik Buterin
1 minute read
- Vitalik Buterin, has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit.
- The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later.
Vitalik Buterin, the co-founder of one of the biggest crypto projects in the industry known as Ethereum has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit. The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later. He further said:
“TLDR: merge happens faster, PoS happens faster, you get your juicy 100k TPS faster.”
Over the years, the network for Ethereum has experienced some significant rounds of high congestion. Three years ago in 2017, the popular CryptoKitties game slowed down the network massively but with the decentralised finance space growing rapidly, the network has been seriously clogged up.
As a result of this, it has led to high fees and longer than average confirmation times.
With Ethereum 2.0 very much just around the corner, there is a significant scaling upgrade solution that is supposedly going to speed up the network rapidly. This will increase the number of transactions per second and it will also move the blockchain to a different consensus algorithm known as a proof of stake. Phase 0 for the upgrade is set to occur on the 1st of December in two weeks!
The co-founder further went on to say that “all of these changes are designed to decrease the time until eth2 becomes useful to people.”
The second richest man in Mexico invest 10% of his portfolio into BTC
1 minute read
- Ricardo Salinas Pliego is the second wealthiest businessman in Mexico and the 166th richest man in the world.
- It was recently announced last week that he has invested 10% of his liquid portfolio into the leading cryptocurrency, bitcoin.
Ricardo Salinas Pliego is the second wealthiest businessman in Mexico and the 166th richest man in the world. It was recently announced last week that he has invested 10% of his liquid portfolio into the leading cryptocurrency, bitcoin. This came after he shared a video throwing huge amounts of paper money into the garbage. Not only does it show how worthless the government-issued cash is in today’s world but it also shows how important digital assets such as bitcoin could become.
Para iniciar con el #Bitcoin, les comparto un video tomado en un país latino donde los bancos tiran el dinero a la basura (el papel moneda no vale nada) es por eso que siempre es bueno diversificar nuestro portafolio de inversiones 😌.— Ricardo Salinas Pliego (@RicardoBSalinas) November 17, 2020
Esto es la expropiación inflacionaria! 🤦🏻♂️ pic.twitter.com/ahblQW6AhO
Furthermore, the video indicates the hyperinflation and how bad it got in Venezuela.
Ricardo is worth more than $11 billion at the time of writing and is the only billionaire from Mexico who seems to have benefited from the coronavirus pandemic and the economic crisis that has come as a result.
Coinbase co-founder, Fred Ehrsam set to join Fireblocks as a member of the board
1 minute read
- Fred Ehrsam, the co-founder of the crypto platform known as Coinbase is getting ready to join the digital asset security platform Fireblocks.
- It was announced last week that Fred would be joining the board following a recent round of funding.
Fred Ehrsam, the co-founder of the crypto platform known as Coinbase is getting ready to join the digital asset security platform Fireblocks. It was announced last week that Fred would be joining the board following a recent round of funding.
The co-founder of the well-known crypto platform is getting ready to join the company as a board member following a $30 million funding ground to help expand its operations on an international level.
Throughout 2020, Fireblocks has launched a secure asset transfer network which would allow more institutions to efficiently transfer assets on chain. And on top of this, the platform also announced that it has seen more than $150 billion in transferred assets over the course of the past year. Fred has said:
“Fireblocks has become the go-to for any business looking to build new digital asset operations or scale existing ones… The extraordinary growth of the Fireblocks Network and its team in the last year attests to the enormous value they have unlocked for enterprise and institutional customers.”
XRP Price Analysis: XRP Continues Correcting
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