As a monetary system, the Bitcoin layer 1 blockchain provides global interoperability, transparency and settlement finality without intermediaries or central authority.
However, it takes time for the decentralized network to reach consensus about new transactions and add them to the blockchain.
In late 2017, an upgrade to Bitcoin’s protocol paved the way for development of the Lightning Network, Bitcoin’s leading second-level scaling system.
The interoperability inherent in Bitcoin and Lighting open protocols provide accessibility and universal compatibility that has sparked unmatched network effects.
Traditional payment processing costs are imposed by dominant providers, and systemic flaws expose businesses and people to chargebacks and fraud.
Native to the internet and designed for the future of transactions, Bitcoin payments are a transfer value – not personal information – at lowest cost.
Bitcoin payments radically simplify processing and improve user experience because they eliminate the intermediaries, complexities and delays inherent in the structure of traditional payments.
Bitcoin is a base settlement layer reset made possible by revolutionary technology, and the Lightning Network enables Bitcoin payments to scale.
As with other paradigm shifts, bitcoin and Bitcoin blockchain-powered payments adoption will not come without education, and growth will not be without resistance.
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