Bitcoin's lightning network processes transactions in a matter of seconds
Image source: pixabay - fancycrave1
Spanish hardware hacker, Ricardo Reis, sows us how easy it is to buy Coca Cola from a vending machine with Bitcoins. Reis built a Coca Cola vending machine to demonstrate payment via the Bitcoin lightning network that is compatible with our daily lives.
Like any other digital and electronic payment options, a QR code is scanned and Bitcoins are sent via the lightning network to reach the merchant's wallet. Technically, this can be applied to any product to be purchased.
“Sadly, right now the vending machine is just a proof-of-concept, and of course has no affiliation to the actual Coca-Cola company.” -- The Next Web
Source: cryptodaily - Robert Johnson
Image source: twitter - Ricardo Reis
Startup company, Civic, will be developing a prototype with beverage mega-corporation Anheuser-Busch for the "first crypto beer vending machine". Source: coininsider - Rebecca Leighton. The willingness of the current firms to implement crypto-related payment choices will solidify the foundations of the crypto market.
As previously discussed on Steemit, Bitcoin's Lightning Network (LN) is growing in its capacity to handle micro-payments up to 100 BTC (approximately US$660,000 in today's value). We do foresee BItcoin transaction volumes to surpass credit card companies, Visa, MasterCard and UnionPay.
In September, payment processing startup CoinGate announced it was adding all 4,000 of its merchants to the off-chain system via any Lightning Network-enabled bitcoin wallet including Swiss watch manufacturers Chronoswiss and Louis Chevrolet, gaming store Mmoga.com, hosting service Bitlaunch, and adult websites Livejasmin and Manyvids. Source: Forbes - Billy Bambrough.
Image source: pixabay - viganhajdari
Lightning Network channels provide a means for multi-signature, off-chain transactions to occur via decentralized apps. Bitcoin's dApps, aka Lightning Network apps (“LApps”), will directly compete with the current development of dApps by Ethereum, Lisk and many other altcoins:
"Massive incoming adoption on multiple fronts: incoming blockchain developers, current Bitcoin hodlers & possibly other platform blockchain veterans. At a point in the not-too-distant future, it is an unlikely, but now possibly scenario that a majority of current dapp & smart contract engineers abandon their current blockchain of choice for the soundest of them all."
Source: coincentral - Jesus Najera