Japanese bar is to adopt Bitcoin Lightning Network
Nayuta, the developer behind Bitcoin’s Lightning network protocol is making efforts aimed at spreading the adoption of the cryptocurrency, and the latest efforts will facilitate payments in a Japanese bank.
Nayuka, which is based in Japan, will collaborate with a Chinese bar Awabar Fukouka on a test run through which they will roll out the payment system called “field test.” The Lightning network was designed with Bitcoin scaling in mind, and it is thus believed to be the best way of facilitating the mass adoption of the cryptocurrency.
Using Bitcoin to pay for drinks
Although the partnership between the bar and Nayuka is currently a trial run, it means that frequent bar visitors will be able to use Bitcoin to pay for drinks at the Japanese bar. If the test run is successful, then it might be rolled over in more retail outlets, thus facilitating more transactions through Bitcoin.
The Lightning network is still in its experimental stage, and the developer wants to use the Japanese bar scenario to identify how it will perform in the real world. Nayuka expects the test run to provide a chance to learn and make the necessary improvements that will facilitate more efficient performance in the future.
The Japanese bar noted that it would play a tiny part in the experiment compared to what Nayuta has set out to accomplish. However, it was pleased to be part of the project, which has the potential to change the global financial landscape. The bar owners described the partnership with Nayuka as an opportunity to spread awareness about the Lightning network.
The bar owners stated:
We hope it helps familiarize the community with the Lightning Network payment system
Nayuta’s partnership with the Japanese bar is the latest in a string of partnerships that are aimed at coming up with solutions that will enhance cryptocurrency adoption. A similar project focused on the rollout of the USDT stable coin powered by the Lightning network was announced at the end of May.
Push to bring crypto into the mainstream
Developers in the blockchain and cryptocurrency sector have been pushing for cryptocurrency adoption for a long time, but there have been some barriers standing in the way. Unfortunately, most of the people that have accepted cryptocurrencies use them as speculative investments rather than an exchange of value. It has contributed to massive volatility in the cryptocurrency market and subsequently made it difficult to use cryptocurrencies for retail payments due to their unstable prices. It, of course, is what attracts traders, as volatility provides a huge profit opportunity.
Nayuta did not explain how exactly it plans to overcome these issues. Some of the organizations in the industry have adopted technology that facilitates instant conversion so that merchants receive fiat. They believe that this strategy will go a long way in encouraging more people in the cryptocurrency community to use their cryptocurrencies to make payments.
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