Lightning Network makes easier the use of bitcoins as a means of payment. The Spanish company adds its node and facilitates immediate payments at very low commissions.
The Bitnovo exchange installed its own Lightning Network node. For users of the Spanish company, this innovative payment system represents an advance in speed and a reduction in bitcoin transaction fees.
The installation of the node, in the words of José Molina, Bitnovo’s blockchain engineer, is very relevant because “it contributes to the growth of the Lightning Network. The more nodes that get involved in the network, the easier it will be to channel payments from network users, keeping a highly connected network benefits all of them.
The Lightnin Network system is a relevant advance in the payment system as it reduces transaction times from the minimum ten minutes of the traditional Bitcoin chain to just milliseconds. The Lightning network can do this by conducting its transactions without directly recording payments on the blockchain, which is called an off-chain payment system.
This brings clear benefits for Bitnovo because it makes it easier for it to do large amounts of operations much faster, paving the way to micropayments and instant payments. This increase in the processing of payments in Bitcoin lowers the cost of the commissions for the transactions that the blockchain normally carries.
The stones in the Lightning Network path
However, this development in scalability did not come without difficulties for the Spanish company. The main struggle is getting incoming liquidity so the node can work. There is a need for Money from both parties to be able to make the exchange. This means that the money is in both parts of a channel to exchange bitcoins through Lightning.
Spain is a country with a huge increase in the bitcoin market; this technology is good for the usability of bitcoins as a means of payment. However, the advancement of the industry has to go in parallel with a friendly environment that preserves talent in Spain, according to Marcos Muñoz:
“Spain is an incredible pool of talents, but it is necessary to create the right environment to retain them and that they do not leave or take them away because they find a more favorable environment outside”.
By: Jenson Nuñez.
