Bitcoin Payment Processor BITPAY Announces Support for Lightning Payments

According to the release, "PacSun is pleased to be one of the first BitPay partners to accept Bitcoin payments using the Lightning Network." "PacSun is pleased to be one of the first BitPay partners to accept Bitcoin payments using the Lightning Network," said Michael Relich, co-CEO of the retail apparel brand. "The Bitcoin Lightning Network provides our consumers with fast payments and extremely low network fees, and it expands the ability for all Bitcoin holders to shop online."

Because the Lightning Node operates a payment channel that settles its final balance on the main Bitcoin blockchain only when it is closed, the volume of transactions that must be confirmed at the base layer - a relatively time-consuming and costly process - has great potential to spread Bitcoin for everyday payments. However, lightning networks are not used as frequently as traditional payment methods such as credit cards. The advent of B itPay lightning support may help change that.