Bitcoin [BTC] will always end up being centralized around mining pools, says IOTA Founder
Bitcoin [BTC] and the rest of the cryptocurrency market has been working towards achieving mainstream adoption amongst the masses. This mantra seems to have worked in small capacities after the adoption of blockchain technology and cryptocurrencies by institutions and other popular individuals in the general financial space.
In a move that may provide a significant boost to Bitcoin’s claim of being ‘digital gold,’ Lil’ Pump, the American rapper best known for his Billboard-topping ‘Gucci Gang,’ revealed that users can now use BTC to purchase articles and memorabilia on his merchandise store, ‘Unhappy’.
The clincher in the deal, according to many proponents of the cryptocurrency, is the fact that payments will be conducted over the Bitcoin Lightning Network [LN]. The release of the Lightning Network was meant to increase the speed of Bitcoin transactions, while at the same time reducing fees on individual transactions.
On checkout, the website gives the user three options of payment: credit card, PayPal and finally, Bitcoin. Once the user chooses the Bitcoin payment option, they are directed to a window where they have the choice to transact payments on the Lightning Network or opt for a standard on-chain Bitcoin transaction. Both options can be carried out by scanning their respective QR codes, a process that is aimed at streamlining the checkout process thanks to the LN.
Many supporters of Bitcoin consider Lil Pump’s involvement in Bitcoin as a step in the right direction for the world’s largest cryptocurrency. The ‘Gucci Gang’ singer is not the first mainstream personality to associate himself with Bitcoin as both Eminem and Soulja Boy have previously made references to it in their songs. However, Pump is the first to implement a practical application around digital assets.
The Bitcoin Lightning Network saw another use case recently when Sparkswap raised $3.5 million to build a cryptocurrency exchange on the network. Terry Griffith, Founder of Sparkswap, stated,
“They’re just frustrated by the fact that it takes weeks to pull their money out. By building Sparkswap on Lightning Network Atomic Swaps, we can get performance and currencies needed to build liquid markets without giving up control of your assets.”
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