Bitcoin Forum

Am I the only one who wasn't expecting this from BitPay?[1].

I just tried to deposit to my Namecheap account using BitPay, and LN is there so I'm guessing they enabled it for all existing merchants.

https://i.imgur.com/LBMphbz.png

[1] https://finance.yahoo.com/news/bitpay-merchants-boost-lightning-network-144827465.html

This is very interesting as I think they're one of the biggest payment provides!

I don't think there's many payment gateways that facilitate bitcoin so we might see it happening more with the others (maybe coinbase?)

I think the lightning network is beginning to evolve the way the developers want it to too with eclair migrating to a new wallet that's lightning capable without making the user open channels (although it has 3% fees).

Also, it wasn't expected of me lol. A long time ago I used Bitpay for a Namecheap deposit. Once Namecheap accepts BTCPayseever then I uninstall Bitpay. Because their conditions are quite complicated and fees was high. However it's good they support Lightning Network, let's see if they could adapt it.

You're not the only one... This is the least BitPay thing I've ever seen ^{[now they just need to get rid of the KYC part for the buyers]}!
^{- They picked a strange date to "announce (https://bitpay.com/blog/bitpay-supports-lightning-network-payments/)" it on their blog.}

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Judging by the name of this "unclaimed lightning node (https://1ml.com/node/02d4177d3f5c217cb68f13dd2b22b6f9ef8b2bb7a3342394edf72a2c034b8466f9)", I believe it belongs to them.

It's funny coming from a company anti Bitcoin.

The same company that was spreading false information about SegWit. The good side is because of this a dev from Bitcoin Core created BTCpay server.
The same company that was one of the most active supporters of the evil New York Agreement But yeah I know. as usual #moneymatters.
The same that was lying about Bitcoin’s transactions in order to 'manipulate' people and make them switch to Btrash

The same that

debitpay.directory/anti-bitcoin/

Pretty much everything Bitcoin is supposed to help from


Are you specifically talking about the lightning network? Because Bitcoin payments processors that facilitate BTC, I could surely find two dozen. Considering the size of the market, I would say that is almost enough. Especially in the span of a few years. To have more (at the moment) would lead to saturation of the niche (in my opinion)

I remember making a thread about them charging a fee on top of bitcoin payments but none were imposed for bcash, a stablecoin or ethereum (I think) - the thread was made because the fee seemed high ~0.00015 I think, it was more than just a bitcoin network transaction fee).


Yeah, my brain seemed to convert "lighting" to "bitcoin" somewhere - I meant it'd be more impressive if more payment processors that already accept bitcoin adopt the lightning network too...

That's why I do not care a bit about BitPay.

They got big because there were no competition around them. They did not do it because they love bitcoin but to shill bitcoin cash. BTCpay server is the best to use whenever you need it.

Has there been any change in the company's management staff? I remember that all their steps were to support altcoins, especially BCH.
Overall, I remember reading an article about them dying slowly so maybe some changes were made in the company's policy.
any way they processes an average of about 2K transactions per day and LN will reduce fees a lot

It doesn't look like it:

https://i.imgur.com/ihR2wC9.png

I'm not sure, but I believe they're getting the rates from Coinbase: https://www.coinbase.com/converter/sats/usd

There's something I don't like though. It appears that the LN option will only show if you select one of the LN wallets listed there (Bluewallet, Zap, Electrum, etc.). So it's possible that users (who use other wallets) won't even notice that LN has been implemented.

Cash app just announced they will doing lightning receives that allows users to transfer bitcoin instantly using the lightning network at no fees.
Just announced during the Miami bitcoin 2022 conference going on right now.
The only really nice addition they had announced to their platform.

It's nice to see Bitpay adding Lightning Network, but I think this is one of their last attempt trying to survive after they introduced mandatory kyc verification for all customers.
BTCPayServer is much better open source alternative that also support Lightning with zero fees, without any third parties, and it is self-hosted.
On the other hand, it's clear that Lightning Network is on the rise, as much as some people hate to see that, and more exchanges and services are implementing it.
If you still didn't use LN by 2022 than you are seriously behind and you need to try doing it.

Kraken accepts it since a few days too. They're an exchange instead of a payment provider though.

I don't use BitPay anymore since they require KYC. If they can change that back, at least for small transactions, they might actually survive as a company.

Good thing more and more existing known payment processors implements lightning.

All the drawbacks are due to all KYC thing which a bit snag coz you need to give your personal info for just sending faster smaller transfers.

Actually with their ingratiation with Verifone & Apple I don't think it's a survival thing:
https://www.businesswire.com/news/home/20210928005348/en/BitPay-and-Verifone-Partner-to[%E2%80%A6]rrency-Acceptance-on-Payment-Terminals-and-In-AppeCommerce

I think it's a make more money thing :-)
Their 'public' transactions are in the 2k a day range. What they are doing for private customers on the back end who knows? Could be 1 transaction could be 10000.

-Dave

That is why I dislike bitpay and what they stood for in the crypto space.
I recall writing about it in my last posts confronting the companies practices with telling their customers they must KYC suddenly.
There are so many companies announcing they are accepting and implementing Lightning network right now with robinhood announcing it today as well.
Future is looking bright for this needed service to the bitcoin network and hoping alot more add it to their platforms.

Their new partnership is fine, but someone recently posted interesting stats with transactions made by Bitpay and they are gradually declining for some time.
I am not saying for sure they are going to die any time soon, but adding Lightning or new partnerships probably won't change this trend much.

Adding Lightning is great as long as I don't have to send my kyc documents for using this service.
I think that both for Bitpay and for Robinhood you can't use their services at all without verification, but 2022 looks a lot like a year of Lightning Network.

Seems their articles: What BitPay and Copay Users Need to Know About the Bitcoin Cash Fork (https://bitpay.com/blog/bitcoin-cash-fork/) and What Bitcore Users Need to Know To Be Ready for Segwit Activation (https://bitpay.com/blog/bitcore-segwit-activation/) are updated but this Twitter Event (https://twitter.com/i/events/898288070591520768) proves how were they misleading their users about SegWit and how dishonest they are.


Bitcoin transactions made by Bitpay are significantly declining but instead the usage of stablecoins are increasing. They see that they are losing dominance in Bitcoin payments and try to strengthen them with new exclusive partnerships. Like you, I don't think it will change this trend too much.

If you can keep your coin in the LN, using LN is going to be cheaper than using on-chain transactions because the transaction fees are so much lower. So if BitPay has enough merchants that are willing to accept their coin via LN, it makes sense for BitPay to accept LN transactions from customers. This would not be the case if few merchants were willing to accept their payout via LN as BitPay would need to consistently be closing channels when it runs out of inbound capacity, and opening new channels with inbound capacity (and paying the related transactions fees).

I think this is a sign that LN adoption is growing.

Yes, that's what I was saying already. I didn't need to go looking for evidence on the web and bombing links in this thread. You just repeat what I said.

Additionally, Bitcoin transactions on bitpay are not declining in any way. It still represents half of the total transactions. And contrary to what you say, stablecoins are not increasing. At most, it represents only 3% and in reality, it decreased by about 30% during the last 6 months


https://i.imgur.com/5eF9vsJ.png


Sure, if you compare it with last year but since the beginning of the year, the number of nodes and channels didn't increase significantly. Only the network capacity increases a bit
https://charts.woobull.com/bitcoin-lightning-network/
https://bitcoinvisuals.com/lightning

According to the graphs you cite, the number of nodes and channels has more than doubled over the past year. 100% YoY growth is pretty good.

Also, not all nodes will necessarily be known to the public, especially if a node is only connected to one other node. Some of LN usage is going to be via custodial services, such as BlueWallet, and I would consider this as increased adoption.