Bitcoin lightning network is thriving with tipping system

bitcoin lightning network thriving on tips

With the recent project by Bitcoin Lightning network, called Tippin, the concept of online tipping has really taken off. This project was initiated to allow the public to send and receive micropayments such as tips, at any location.

During the period of three months since its initiation, tips worth more than fifteen thousand dollars have been transferred, indicating a bright prospect for the adoption of this technology. This rapid acceptance of Tippin can be attributed to its easy and user-friendly nature, where a link is sent to the user after registration for them to share micro amounts of Bitcoin.

Users on the receiver’s end can retrieve their tips whenever they wish to, so Tippin provides the users with a web custodial wallet for managing Bitcoin transactions through Lightning Network.

Lightning Network came into being with the debate of scaling for Bitcoin, which worsened in 2017 and finally led to the development of Bitcoin Cash. In order to keep the Bitcoin block size unchanged, they had to make other changes such as improving the speed of transaction, and so, the Lightning Network was proposed as a solution. Currently, at a little over 2 million dollars, the capacity of the Lightning Network has expanded ever since its inception.

Tippin was created by Sergio Abril initially as a personal project to promote the use of Lightning Network, and even though it is in its earliest stages where its use is restricted to just sending and receiving digital money, it includes many other features like improving wallet usage and association with merchants.

Kevin Rooke, a cryptocurrency commentator, claims that there have been more than 14 thousand registrations, four thousand browser extension installations, over ($15000) fifteen thousand dollars-worth of tips and around 559 TV channels associated with Tippin so far.

Shawn Du'Mmett

Shawn Du'Mmett

Former IT development and consultant, remote team and collaboration expert, PM, CCO, writer, dreamer, idealist looking to collaborate with global teams on a global teal/turquoise organisation. Shawn's dream is working together openly, to get what writers need and want, and to solve biggest global problems. He is building a collaboration system from the start that everyone can own and define, allowing them to work together, to decide how it works and to their highest ideals.

Related News

Hot Stories

Ripple price analysis: XRP turns bearish again after pulling back up to $0.45, what's next?
Ripple price analysis: XRP/USD set to break above the $0.5 resistance
Cardano Price Prediction 2022-2030: Is ADA a good investment?
Portugal unveils capital gains tax on crypto
Dogecoin founder says 95% of cryptocurrencies are ''scam and garbage"

Follow Us

Industry News

The Pussyverse: How cryptocurrency Could tackle gender inequality in finance
MiamiCoin and NewYorkCoin plummet over 85% despite Mayoral endorsements
Cloudflare grants public access to Ethereum and IPFS gateways
Coinbase slows down hiring plans after Q1 losses
Korea's authorities open investigation into TerraUSD collapse