As the demand for Bitcoin increases, so does the need for faster transaction processing that doesn’t come with exorbitant fees. Fortunately, with the introduction of the Lightning Network , Bitcoin transactions can be conducted much faster and at a much lower cost. One of the companies that have taken advantage of this technology is Turinpay, which now boasts of allowing instantaneous Bitcoin transactions that are both fast and cheap. In this article, we’ll delve into the specifics of the Turinpay Lightning Network.
To understand how the Turinpay Lightning Network works, we ought to understand the basics of the Lightning Network. Simply put, the Lightning Network is a second layer on top of the Bitcoin network that allows for faster, cheaper, and more private transactions. This is made possible by moving the bulk of the transaction off the blockchain onto the Lightning Network. Here, transactions are conducted between two parties and then settled on the blockchain once complete.
Now, Turinpay has leveraged this technology to offer instant transactions. Typically, the Lightning Network requires both parties to pre-fund a payment channel before any transaction can take place. However, Turinpay has created an innovative solution to this by pre-funding payment channels, meaning all users have to do is sign up using their Bitcoin wallet, and they’ll instantly have access to the payment channel. This means transactions can happen instantly with no pre-funding required.
Another great feature of the Turinpay Lightning Network is that transactions are conducted off-chain, meaning they’re not recorded on the Bitcoin blockchain. This results in a much faster transaction time, and the network can handle a far greater number of transactions compared to traditional blockchain-based systems.
Turinpay is also one of the cheapest options out there, with fees starting at a low 0.1%, which is significantly less than what you’d pay to conduct a Bitcoin transaction on the blockchain, which usually goes for 10% or higher. This is made possible by the off-chain transactions that the Lightning Network facilitates.
With Turinpay, you don’t have to be a tech genius to use their Lightning Network solution. The interface is easy to use, with all the instructions provided clearly, and there’s a helpful customer support team you can contact if you have any issues. Even better, you don’t need an app to use their platform – it’s all web-based.
The Turinpay Lightning Network is an excellent option for those who want to conduct Bitcoin transactions quickly, cheaply, and privately. The fact that they don’t require pre-funding to use their payment channels makes this service standout, and the off-chain transactions result in lightning-fast transaction times. Also, the user interface is user-friendly, and the customer support team is on hand to help with any issues that may arise. All in all, if you’re looking to conduct Bitcoin transactions without paying exorbitant fees and waiting for hours for payments to go through, the Turinpay Lightning Network is definitely worth a try.
