One of the major deterring factor, why Bitcoin is not yet in the mainstream, can be attributed to the usability or perhaps lack of instant micro-payments. It is well said that nothing lasts forever including this challenge as a Spanish hacker has proffered a proof-of-concept vending machine which accepts Bitcoin (BTC) transactions through Lightning Network.
New Generation Vending Machine
As customers would usually demand instant satisfaction of payment, the general stock of BTC consists of low-value items. Bitcoin falls when faced with either of these cases which makes it a major setback. Aside from that, it is expedient to state that vending machine is likely the height of micro-payment test-case.
As at press time, Bitcoin transaction fees is $0.23 which makes it unadvisable for small payments. Also, this fee might rise to guarantee inclusion in next mined bock with the fact that a transaction can take up to ten minutes before actual confirmation.
Lighting Network Making Waves
With the emergence of Lightning Network (LN), the thorny issues in the flesh of Bitcoin and its adoption have been solved. For instance; CoinGate announced last month that all it merchants, running to about 4,000, will now be accepting through Lightning Network and a Swiss café indicating acceptance of Bitcoin through LN, this is enough to conclude that lightning network is making waves.
Lightning Network is done by creating layers on the Bitcoin blockchain in order to occur on channels before the resulting compound transaction is written to the main chain. Theoretically, this enables instant transactions with ridiculously subsidized fees which make micro-payment practical in the real sense.
Lighting Network Brings Bitcoin to Mainstream
The Spanish hardware hacker Ricardo Reis has created a mocked-up vending machine which will allow consumers to pay with Bitcoin via Lightning Network. The question as to how well this machines will work has been answered by the hacker who explained that customers would have to scan a QR code to make payment from the lightening network-enabled wallet.
As regards fluctuation of price, this set of machines are built in such a way that they can monitor stock and make the necessary adjustment. The capacity of Lighting Network can definitely bring Bitcoin to the mainstream.
Image provided by Pixabay.