Bitcoin's First Lightning Payment Successful
36,719 Views · Posted 6 years ago
A Java Developer just used Bitcoin Lightning Network to successfully complete a payment to his cell phone company. BitRefill is a cellular provider that already accepts Bitcoin as payment, and one customer in particular just made his payment to them using an in-development protocol known as Lightning.
Lightning is one of the proposed scalability solutions for Bitcoin, as well as all of the other coins that are built on the the Bitcoin core. This process allows payments between parties to be setup ahead of time on a private ledger and have the funds transfer back and forth without the required verification on the blockchain. Whenever either party desires to resolve the contract, both parties are credited for the amount of BTC that resides at that time in each of their columns on that Lightning Ledger.
Lightning is one of the proposed scalability solutions for Bitcoin, as well as all of the other coins that are built on the the Bitcoin core. This process allows payments between parties to be setup ahead of time on a private ledger and have the funds transfer back and forth without the required verification on the blockchain. Whenever either party desires to resolve the contract, both parties are credited for the amount of BTC that resides at that time in each of their columns on that Lightning Ledger.
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