In April 2022, Bitpay added support for the Lightning Network as a cheap, fast, and scalable solution for making bitcoin payments. Since then, we have seen an explosive growth in the number and volume of payments made on the Lightning Network.
Quick Recap on Lightning Network
The Bitcoin Lightning Network is a secondary layer on the Bitcoin blockchain that allows users to create payment channels for off-chain transactions. These payment channels enable users to conduct a large number of inexpensive transactions per second, which can be recorded in a separate ledger. When a payment channel is closed, the transactions within it are consolidated and broadcast to the main blockchain ledger. The Lightning Network is fast, cheap and scalable, and has the potential to facilitate everyday micropayments in bitcoin. Check out our full breakdown of how the Lightning Network works.
bitcoin lightning network payment growth
Excited About the Lightning Network for Bitcoin? we are too! Check out these terrifying statistics on Lightning Network usage.
Monthly Lightning Network payments processed by BitPay grew 238% since April 2022Muan, Satoshi’s Wallet and Cash App were the top Lightning Network wallets used by Bitpay consumers
Why are users turning to Lightning Network payments?
Bitcoin users are taking advantage of Bitcoin Lightning payments more regularly for a variety of reasons.
pace
The Lightning Network can handle hundreds of thousands of transactions per second compared to the traditional Bitcoin blockchain.
low fees
Lightning Payment transaction fees are typically lower than traditional bitcoin payments, making it a more efficient payment method for low-cost items and everyday purchases.
Wide support by wallet
Dozens of wallets support Lightning Network transactions, providing crypto consumers with plenty of options for making payments.
thousands of merchants
BitPay connects the thousands of merchants already accepting crypto to the millions of crypto users who want to pay with bitcoin in a cheap, fast, and scalable way.
backed by bitcoin
The Lightning Network makes bitcoin payments even faster, cheaper and more scalable, while maintaining the security and spending power of traditional bitcoin.
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