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.
— 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.