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Author Topic: [2018-09-09] Lightning Network Comes to 4,000 Merchants Worldwide Via Coingate  (Read 67 times)
Thekool1s
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September 09, 2018, 10:15:02 AM
 #1

From the article: Lithuanian blockchain payment processor CoinGate, which was founded in 2014, has announced that over 4,000 merchants worldwide that use its services can now accept Bitcoin (BTC) payments over Lightning Network (LN), a "second layer" payment protocol that enables instant, scalable, and low-cost Bitcoin transactions.

Link: https://www.cryptoglobe.com/latest/2018/09/lightning-network-comes-to-4000-merchants-worldwide-thanks-to-coingate/



Dmitrijus Borisenka, co-founder and CEO of CoinGate, says that the pilot launch had been successful: “We were pleasantly surprised when we came across tweets of our Lightning Network implementation at the Kasbah Bar in Oslo. You may have heard critics claiming, ‘you can’t buy coffee with Bitcoin’. Well, we’re not sure about coffee, but buying beer with Bitcoin within a second for zero fees is definitely possible in Oslo"

Who's up for some beer? On a serious note tho. We need Payment Processors Like Coingate to adapt to these changes, Only these people can bring the LN to the masses. Interesting times ahead for sure to say the least. How will community react to the LN once it gets some traction? Will the people who invested in BTC to get rich Quick will start to use BTC as their daily driver? What will it take to change their mindset? I don't believe that one day a guy who is hodling for years will suddenly start to use BTC as his daily driver.

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September 09, 2018, 10:47:10 AM
 #2

Ok, before we get too exited about this, let's just consider the extra fees that are paid to the payment gateway.  Roll Eyes Most of these payment processors have their own fee structures and management fees. https://coingate.com/pricing

So once you drill down a bit deeper, you find that you might be paying some fees, even if it is done on the Lightning Network. This was quoted from their site, " With CoinGate you can accept Bitcoin payments for only 1% from the transaction amount and there are no monthly, registration, or support fees. "  Roll Eyes

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September 09, 2018, 11:02:33 AM
Merited by 1Referee (1)
 #3

Quote
Ok, before we get too exited about this, let's just consider the extra fees that are paid to the payment gateway.

You do know that this 1% is way less than what other payment processors charge right? Just look at Paypal for an example. They Charges 2.9% + $0.3 per transaction. Imagine an item selling for $199. The user will end up paying $6.07 in fees if he decides to buy. But if the merchant is accepting payments via Coingate etc. The user will pay only $1.99 extra...  That turns out to be 67% Less than other Payment Processors. So this 1% isn't that bad as it sounds especially when you look at how it will help up with 'Mass-adoption'.

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September 09, 2018, 01:16:23 PM
Merited by Thekool1s (1)
 #4

Fantastic news! We're yet again a step closer to the downfall of BitPay since they in no shape or form will ever add LN payments.

I'm not really a fan of centralized payment gateways, but the good thing here is that it will stimulate users to actually switch over to LN and that alone is already the best short term goal to achieve. The more people use LN, the less incentive there is for them to use altcoins.

Another thing is that adding LN payments as payment gateway makes you gain an advantage over the rest, so there is also an economical incentive for them to quickly adapt to new technoligical advancements speeding up Bitcoin payments. In other words, the future is more than bright for Bitcoin, but not so much for altcoins.

Go suck on that Roger.

Roger; but but, the very title of the white paper states electronic peer to peer cash.

Everyone else; just shut up with your white paper.

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September 09, 2018, 03:04:27 PM
 #5

Quote
Fantastic news! We're yet again a step closer to the downfall of BitPay since they in no shape or form will ever add LN payments.

I'm not really a fan of centralized payment gateways, but the good thing here is that it will stimulate users to actually switch over to LN and that alone is already the best short term goal to achieve. The more people use LN, the less incentive there is for them to use altcoins.

Another thing is that adding LN payments as payment gateway makes you gain an advantage over the rest, so there is also an economical incentive for them to quickly adapt to new technoligical advancements speeding up Bitcoin payments. In other words, the future is more than bright for Bitcoin, but not so much for altcoins.

Exactly, Enemy of my enemy is a friend for now...

Quote
Go suck on that Roger.

Roger; but but, the very title of the white paper states electronic peer to peer cash.

Everyone else; just shut up with your white paper.

Do people still listen to him? :v



P.S Disclaimer: We aren't trading merit  Grin

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September 10, 2018, 10:47:39 AM
 #6

We're yet again a step closer to the downfall of BitPay since they in no shape or form will ever add LN payments.
Absolutely. It's almost surreal with how they aren't willing to upgrade their core business to serve a much wider audience. Their politics game is what will end up turning BitPay into AOL of the early internet years.

I get it, Roger Ver is afraid of competition since Litecoin is faster and cheaper to use than Bcash and even Bitcoin. He's an advocate of allowing people to use what's convenient for them, so yet again a pure contradiction.

If you intentionally block the process of having BitPay list faster and cheaper altcoins, you're just a dick. He's screwing over BitPay just to nurse his own toxic motives. May LN screw his ass over.

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September 11, 2018, 09:53:04 AM
 #7

This is really a great news for all who want even faster and cheaper transactions, but as highlighted in the article every user who wants to use LN payment need to have LN wallet and many are still skeptical regarding this and look at it just as something that is in the test phase. Furthermore these days transaction in BTC network are so cheap and fast so many potential users do not pay too much attention to this way of payments.

A real test for LN will be if the situation from end of 2017 is repeated in future, but it is better to start adopting new technology today then to wait the same thing happen to us again.

I just check is there any videos/pictures from that Kasbah Bar in Oslo and one user is post some pictures on his Twitter account - It is working flawless and confirmation is in 1 second : https://twitter.com/hodlonaut/status/1014198630478241793

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September 11, 2018, 11:20:11 AM
 #8

It's a small leap but a great step for the future.
I'm still skeptical about 100% lightning network security, but as the number of Bitcoin in that network increases "we have more than 100BTC", everything will be faster and better than all local currencies and most traditional payment methods.
So now let's enjoy 2.26 MB block size without changing the 1MB limit and cheaper fees.

I just check is there any videos/pictures from that Kasbah Bar in Oslo and one user is post some pictures on his Twitter account - It is working flawless and confirmation is in 1 second : https://twitter.com/hodlonaut/status/1014198630478241793
I have seen lots of videos for coffee and other daily necessities.

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