In the quest of finding a more accessible and cost-effective way to making Bitcoin more accessible to the massive global online retailers, CoinGate adds up to the list of online cryptocurrency payment processors committed to making this happen.
Of recent, the platform announced it would be giving access to a hundred online merchants who will be the first to test out the new feature the company has been developing for a while now.
Because the technology would be available for testing in a real-world scenario – having to deal with customer funds – CoinGate promises to bear any loss incurred as a result of bugs on the platform.
“It’s a very new technology. Inevitably there will be some bugs, either in our implementation or the Lightning Network. It will help not just us, but the whole community because the bugs we find might help the whole protocol,” CoinGate’s spokesperson made this known.
Why the company is focusing on this is pretty clear. Sending Bitcoin has been expensive coupled with the fact that confirmation time is much longer than it used to be as more people use the network. These and more are what lightning network plans to resolve.
Explaining the challenges still facing Lightning Network, Steve Beauregard who is the founder of the GoCoin payment processor says “it’s still very complicated for an average end-user to use it (Lightning Network).” Therefore, he thinks “the ones that benefit most would be international merchants that are trying to accept payments from overseas.”
On the same note, Alex Bosworth who is a renowned Lightning tech developer also agrees with the fact that the test to be carried out will reveal new ideas as a result of challenges faced on the Lightning Network.