Bitcoin Forum

Lithuanian data center Bacloud.com (http://Bacloud.com) is starting to accept Bitcoin payments through the Lightning Network ( LN ) for all data center services like dedicated servers, VPS hosting, domains registration, etc. LN is the next major technological innovation in the Bitcoin space. Although it is still at it’s early stages and more suitable for advanced technical users, LN is, with no doubt, the most awaited upgrade to the Bitcoin network.

Cheaf Commercial Officer of  Bacloud.com (http://Bacloud.com) data center Andrius Petkus tells:

   "We understand the importance of going step by step with technologies and offer our customer's instant domain registrations or instant other services. Customers do not like to wait until the payment will be confirmed by miners, they like to get and use services straight away. We always get many questions, such as: why payment was not applied to invoice, when our customers will get services activated, etc. It helps to eliminate long confirmation procedure and Bitcoin currency may be used as a day to day cash payments using Lightning Network".

   "Bacloud uses CoinGate.com (http://CoinGate.com) services for merchants to accept Bitcoin and more than 50 crypto currencies. Our clients are very happy with their payment processor, it is very easy to use. We started to use CoinGate to accept Altcoin payments only, but our clients saw the benefits and naturally switched to pay Bitcoin bills using their system. Every month we have thousands of payments, never had any issues with their system. LN is a next step, We appreciate the opportunity to contribute to the development of Lightning Network".


Why is Lightning Network exciting?
As a second layer solution, LN brings a number of improvements to Bitcoin as a currency and protocol:
1. Thousand-fold increase in network capacity (transactions per second).
2. Network confirmations no longer needed to trust incoming transactions.
3. Trustless crypto-to-crypto trades, called Atomic Swap.
4. Improved privacy: only senders and recipients can see transactions.
5. Micro-, pico- and nano-transactions, as small as 1/1000 of a Satoshi.
6. Potential for real-time trading directly from a controlled wallet.

Thaddeus Dryja and Joseph Poon first proposed the Lightning Network in a 2015 white paper as a solution built on Bitcoin. The goal of the network is to make bitcoin more of a day-to-day currency that can be useful for daily trade and micropayments.

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

I am happy to see you amongst a handful of others be one of the very first to start accepting LN payments. It's the first step towards a completely different way of conducting transactions without having to store billions and billions (future thinking) low priority transactions in the blockchain. Another positive aspect is that you guys aren't using BitPay, which is rapidly losing the credits it once had in the community.

We are still using Bitpay, but our clients naturally switching to Coingate.

I think this is something we will begin to see more and more: businesses rolling out Lightning to differentiate themselves from their competitors. Anyone that can't offer Lightning payments will eventually be considered outdated and lacking typical Bitcoin features (it will take a while to reach that point though)

I'm trying to slowly open up Lightning channels, not only to use now, but in anticipation of future spikes in on-chain transactions. Anything that can be done to keep the mainchain freed up (and save on fees) is better for individual Bitcoiners and for the Bitcoin network as a whole.

mmm, dunno why, but after reading your post i start thinking on open up another LN node :P, do you have a good guide to follow?

People will at some point refrain from cashing out on-chain because there is no point in doing so anymore with enough adoption.

1 satoshi is 1000msat on LN, which will lend itself perfectly for extremely small tips, rewards, etc.

Everyone will be able to send $0.0000001 in Bitcoin basically for free or with less than that in fees. Why would you bother cashing out with that in mind?  ;D

Altcoins will instantly be rendered near worthless as means of exchange. The only way for altcoins to differentiate themselves will be to offer something different as product.

Sorry about this, but I think it's still a bad idea to help people directly to use Lightning, there's still too much of a risk that money might get lost. Maybe you will find someone to help you, but I'm not gonna take that responsibility yet.



Yep. It may take a while, but these things will happen (although the micro transaction minimum will be pushed up alot by any future increases in the Bitcoin price, which will be inevitable if Bitcoin's potential transaction throughput using Lightning is made use of). Lightning must be easy and smooth to use, and there's alot more development before that's the case. Even now it's still at the stage where only technically adept and (most of all) brave people should be using Lightning.

Dont worry, i would never say something like "you were the culprit..." to someone who help me about something that i was looking for, but i really understand your point and respect it. Obviously i have been already research about it but  you know, is never a bad idea to ask someone who have more experience than you...


about the main topic:
lets hope that everything goes smoothly for you Bacloud, there is lot of people waiting to see it (the LN) working without problems.

Added to http://lightningnetworkstores.com

thanks, we appreciate it