Data Mynt Announces Support for Bitcoin Lightning Network

Data Mynt announced it is supporting Bitcoin Lightning Network. It is the fourth blockchain network that is being supported by the crypto payment gateway.

Data Mynt supports Polygon, Ethereum, Bitcoin and Lightning Network Lightning Network The Lightning Network is a second-layer payment protocol that operates on top of a blockchain-based cryptocurrency. It enables fast transactions among participating nodes and has been touted as a solution to the Bitcoin scalability problem.This framework features a peer-to-peer (P2P) system for making micropayments of cryptocurrency via a network of bidirectional payment channels without delegating custody of funds.Transactions on the Lightning Network are only added to the blockchain when the t The Lightning Network is a second-layer payment protocol that operates on top of a blockchain-based cryptocurrency. It enables fast transactions among participating nodes and has been touted as a solution to the Bitcoin scalability problem.This framework features a peer-to-peer (P2P) system for making micropayments of cryptocurrency via a network of bidirectional payment channels without delegating custody of funds.Transactions on the Lightning Network are only added to the blockchain when the t Read this Term, its latest addition. The company's partners and merchants may send and receive payments from Lightning Network wallets, including Strike and Cash App.

By the end of Q2 of 2022, Data Mynt is expected to have tens of thousands of merchants.

The CEO of Data Mynt, Alex Christian said: "Every day, Bitcoin is less about a store of value and, arguably, the currency-of-choice for day-to-day utility.

"The Lightning Network is the key to unlocking the user experience and scalability Scalability Scalability is a term that describes the constraints of a network via hash rates to meet increased demand. In the context of Bitcoin, scalability reflects the issue in which a limited rate can process transactions adequately.Blocks within the Bitcoin blockchain are limited in both size and frequency. The overall transaction processing capacity of the network is dictated by the average block creation time of 10 minutes as well as a block size limit of 1 megabyte. Consequently, this leads to pain Scalability is a term that describes the constraints of a network via hash rates to meet increased demand. In the context of Bitcoin, scalability reflects the issue in which a limited rate can process transactions adequately.Blocks within the Bitcoin blockchain are limited in both size and frequency. The overall transaction processing capacity of the network is dictated by the average block creation time of 10 minutes as well as a block size limit of 1 megabyte. Consequently, this leads to pain Read this Term for BTC payments that the entire world was waiting for."

Elizabeth Stark, the CEO and Co-Founder at Lightning Labs, said: "Data Mynt's leadership in adopting Lightning will help bring Bitcoin to the next billion people around the world."

Crypto Volumes

In 2021, crypto transactions reached $15.8 trillion, which is an increase of +567% from 2020. "Payments are eating the world' study by JPMorgan reveals the rise of online payments that were jumpstarted by covid-19.

"According to Boston Consulting Group, $5 trillion in annual global retail sales shifted from offline to online due to the pandemic and the shift is likely here to stay.

"For instance, in 2020, about 40% of online grocery shoppers were first-time users, of which 90% had a positive experience and were likely to come back.13 Business-to-business commerce is also gaining a share of overall e-commerce volumes, with Forrester forecasting a compound annual growth rate (CAGR) of 10% for business-to-business e-commerce over the next five years."

Although crypto payments may be subject to price volatility they are on the rise, particularly among the younger generation. More and more businesses are adding cryptocurrencies as a payment method for products and goods.

Although the CEO of Amazon affirmed the company is not planning to adopt cryptocurrencies any time soon, it may buckle under the pressure if its competitors will see high volumes in crypto payments.