Bitpay introduces micropayment channels for Bitcoin

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Bitpay introduces micropayment channels for Bitcoin

The feature is available for users in the U.S., except those in New York.

The Lightning network is a second layer to the Bitcoin network aimed at introducing micropayment channels to the mainnet. The blockchain was not intended to be scalable or to process multiple transactions at a rapid speed, as it was not designed to be scalable.

The Bitcoin network currently processes up to five transactions per second, which is quite low compared to Algorand's 6,000 TPS.

Bitpay, a crypto firm, said in a blog post that the Lightning Network is capable of processing 1,000,000 transactions per second. The network brings the network up to par with Visa, which processes tens of thousands TPS.

Then, a QR code will be generated, and it can be used to send and receive funds from other wallets that support Lightning wallets.

In another blog, Rihani wrote.

The Cash app was introduced for the first time this year, but users were only allowed to send BTC to other Lightning wallets. Now, they can also receive BTC in their wallets.

In April, Cash App released several free features that would allow users to convert their paychecks easily into Bitcoin and also round off their debit and credit card payments into Bitcoin.