CityPay.io Introduces Bitcoin Lightning Payments within Its Payment Channels

8 Nov 2023

CityPay.io has introduced the Bitcoin Lightning network within it’s crypto payment channels, meaning Bitcoin payments can be made in seconds.

The Bitcoin Lightning Network was developed to address the issues of high fees, long transfer times, and excessive energy consumption associated with the Bitcoin blockchain. Its primary purpose is to enable fast and cost-effective transactions. As Bitcoin gained popularity, the network became congested, leading to slower transactions and higher fees.

In 2016, the Lightning Network was introduced as a solution. It can process up to 1,000,000 transactions per second without becoming overloaded, and transaction fees are significantly lower compared to on-chain Bitcoin transfers. This network uses "smart contracts" during transactions, reducing the chances of errors or incorrect transfers to virtually zero.