It’s Official: First Bitcoin Lightning Network Payment Completed

The first real mainnet transaction using the Bitcoin Lightning Network is in the books.

Bitrefill software developer Alex Boxworth says he paid his latest phone bill with no fees, and the transaction went through instantaneously.

Mainnet Lightning Network paying my actual phone bill with actual Mainnet funds on @bitrefill. Speed: Instant. Fee: Zero. Future: Almost Here. pic.twitter.com/futhn502Lp

— Alex Bosworth ? (@alexbosworth) December 28, 2017

The Lightning Network is an off-chain scaling solution designed to dramatically improve Bitcoin’s notoriously slow and expensive transactions.

Bitrefill allows you to purchase pre-paid mobile phone plans with Bitcoin and Litecoin in more than 100 countries.

The news should bring some relief for many Bitcoin believers who have watched market share slide to competitors such as Ripple, which currently offers significantly faster and cheaper transactions. It should also relieve cryptocurrency enthusiasts who have been investing in altcoins, only to watch their valuations nosedive each time Bitcoin plummets on news of high fees and slow transaction times. Several indicators point to tremendous promise for cryptocurrencies in 2018.

Check Latest News Headlines

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.