HolyTransaction lately determined so as to add Bitcoin Lightning Community assist to its pockets. The transfer was made to assist retail merchants and traders sort out the difficulty of Bitcoin scalability by transferring to the second layer of its blockchain.
The issue: Bitcoin transactions are costly as a consequence of demand
Bitcoin is a crypto asset that’s altering the world. The primary cryptocurrency has seen an enormous value shift lately, because it hit new information a number of instances in 2020, after which in 2021. Nonetheless, whereas its value is capturing up, that doesn’t change the pace at which the coin’s transactions are being processed.
If something, the additional consideration is slowing BTC down, making it costlier. With extra individuals attempting to shift massive quantities of cash, they should compete with different whales and rich traders and merchants for transaction processors’ consideration.
One of the simplest ways to draw their consideration and make them decide your transaction for the subsequent block is to pay a better transaction charge. Whereas that is all effectively and good, it raises the common transaction charge for BTC funds to a degree that usually can’t be matched by small, retail merchants.
Happily, all of those points — the issue of pace, the difficulty of excessive transaction charges — will be resolved with an answer that has been round for fairly a while, now: Bitcoin Lightning Community.
Because of this HolyTransaction has determined so as to add assist for it and make it cheaper and simpler for BTC customers to transact their cash, as an alternative of getting them wait and pay giant charges simply so they might ship cash within the first place.
The answer: Including assist for Bitcoin Lightning Community
Bitcoin Lightning Network is a Layer-2 scaling answer that considerably reduces the common value of transactions throughout the Bitcoin community. As you might know, the current average price per Bitcoin transaction is $31.14, and the one time that transaction prices had been increased than this was on December twenty third, 2017, whenever you needed to pay round $55 to ship BTC.
In the meantime, you don’t even get your transaction processed instantly, As a substitute, it’s important to await 10-Half-hour, offered that you simply paid sufficient, in your transaction to be processed. It’s impractical, it results in lacking alternatives within the buying and selling world, and it’s approach too costly. Because of this HolyTransactions has added Lightning Community assist, which can cut back the common price per transaction to lower than $0.01. Additionally, you received’t have to attend for half an hour in your transaction to be processed — it is going to be achieved in 1-3 seconds.
There are, in fact, sure limitations of the Lightning Community, as it’s primarily meant for micro-transactions, so these sending giant quantities of cash ought to nonetheless take the ‘previous approach.’ However, HolyTransaction expects that the Lightning Community assist might be of nice use to a lot of its prospects.