Lightning will bring super fast and cheap payments, but there is no consumer ready wallet yet. At the moment you still have to set up a node. This will take quite some time and you need to be technical knowledgeable to do so. Consumer ready wallets are expected in Q2 or Q3 this year. You will be able to download the wallet on your computer or smart phone, connect to the network and make payments!
Although we have to be a little patient, on the side of the providers things are moving fast! Exiting applications are already being rolled out and some merchants are already accepting it. When the wallets are finally there they will be useful strait away!
Lightning will bring instant, scalable and extremely cheap transactions!
Blockstream LDapps
Blockstream is building very interesting LDapps (Lightning Dapps) to make it easy for businesses to integrate with Lightning. The LDapps that they finished already are looking promising to me:
FileBazaar
Digital files like images and videos can be sold using micro payments. This creates the possibility to buy content with only one mouse click and without the need to sign up or identify yourself. Read more…
Lightning Publisher For Wordpress
With this LDapp content creators that use Wordpress can monetize their content by charging micro payments for it. I am very exiting about this, because around 30% of the total websites is build in Wordpress. Read more…
Nanotip
This LDapp can be used to receive tips. The advantage of Nanotip over tipping with cryptocurrencies is that it doesn't harm privacy and tiny tips are possible because the fee is extremely small. Read more…
Paypercall
This LDapp enables developers to integrate instant micro payments in an API. Payments can be automatically triggered by an action through this implementation! Read more…
All extremely interesting! Bitcoin will become the internet of money! More to come!
Lightning is already accepted here:
There are some companies that were so exited about LN that they implemented it already before main net was declared secure. Torguard for example announced:
Torguard image
Torguard
Torguard is a respected VPN provider that already accept cryptocurrencies for a while. Choosing a VPN service that accept crypto’s makes perfect sense, since it improves privacy even more. If you have a LN node up and running you can buy VPN with it already!
Another early adopter that paves the way for many others to come:
Bitrefill
Bitrefill is a service where you can top up your mobile phone worldwide. You can top up with Bitcoins and altcoins, but since March 15 also with LN main net payments.
Top up your phone with Lightning
It is obvious that when the needed software to make it accessible for common users comes out many will follow…..
Some big players have announced to use lightning, but are waiting till it is ready
Some relevant companies have already announced that they will use Lightning when it is ready or have shown interest. This is a big deal, because they will upgrade the reputation of Bitcoin and be an example for others.
Microsoft
Microsoft announced that they don’t believe in on chain scaling, because it will degrade decentralization over time. They said that 2nd layers is the way to go and they will choose for the most decentralized solution. They didn't say literary that they will use Bitcoin Lightning network, but it is very likely.
Chubu Electric Power Co
This is the 3rd largest utility company in Japan with 15.000 employees and over 200 power generation facilities. They have tested LN for charging an electric vehicle successfully, but didn't make an official announcement yet.
https://www.coindesk.com/japans-third-largest-electric-provider-testing-bitcoin-lightning/
Megaupload 2
Megaupload 1 was shut down by the US government after being extremely successful. Blockchain technology makes it possible to create a platform that can’t be shut down. Kim Dotcom saw his chance. He is building Megaupload 2 and will use Lightning Network.
The big question: How many companies are waiting without announcement?
Some companies announced already that they will use Lightning Network, but I think many are planning it without announcement, simply because it is still very early. It makes a lot of sense to watch the pioneers testing the network with real money first before promising something, especially for a bigger company.
I think it is likely that many announcements will come when it is production ready and software to use it easily is available. LN is really a break through that enables many systems to operate more efficient. Once companies that use LN are able to cut costs, others will be forced to follow to compete!
Conclusion:
We still have to wait a few months for the wallets, but in the meantime the infrastructure is being build already. This means that the wallet are useful on arrival and adoption could be overwhelming! I am extremely bullish on LN, looking forward to see this bring Bitcoin to the moon!
Disclaimer
This is not financial advice, just my view on the market
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