Bitcoin
$ 29,248.00 3.43%
Ethereum
$ 1,964.80 3.20%
Solana
$ 49.90 4.76%
Dogecoin
$ 0.084425 2.74%
ApeCoin
$ 7.77 2.55%
STEPN
$ 1.35 4.64%
Terra
$ 0.000106 24.53%

Bitcoin wallet payment simplified by new technology

Bitcoin wallet payment

Bitcoin wallet payment could be revolutionized by the ‘Lightning Network’ and seems to be the key to Bitcoin’s future; however, in terms of user experience, it still has a long way to go.

The standard known as Lnurl is quietly gaining ground to tackle this issue. It has been incorporated in several of the most prominent Lightning wallets, including Zap, Phoenix, Breez, Blue Wallet, and Satoshi Wallet, along with dozens of other applications, and now aiming for the bitcoin wallet payment model without much fanfare.

Bitcoin wallet payment and the ‘Lightning Network’

Lnurl attempts to automate a variety of typical activities such that they involve either a click or a QR scan instead. Sending or receiving Lightning payments can often require a bit of set-up and several steps.

The Bitcoin wallet payment could greatly be improved by the Lightning payment system, which is experimental, and may make payment cheaper and faster and even more scalable. However, as earlier noted, the user experience is frustrating.

In light of this, Anton Kumaigorodski, who is the developer of the Bitcoin Lightning wallet, decided to create a standard that would improve Lightning’s user experience of the Bitcoin wallet payment system by hiding a bit more of the underlying complexity from users.

Lightning Network wallets problems can be fixed

In a statement, Anton Kumaigorodski expressed that he Noted some easily identifiable user experience problems unique to Lightning Network wallets, many of which can be fixed but need some sort of format for wallets to converge. The goal of Laurel is to be such a standard.

The benefits involve making things far smoother to request “inbound liquidity,” implying that the customer has to be sure that enough bitcoin is in the correct position on the network to accept payments, which is one of the more popular and worrying User experience concerns for users. It also takes out a few measures to transfer money in a few common scenarios.

Receiving of funds

This is indeed a great deal of information that somebody who needs to learn before using Lightning, making it a challenge to use, particularly compared to more straightforward popular alternatives like Venmo or PayPal.

A user needs to put some of the bitcoin into the second-layer network by opening a “channel” with someone else to use Lightning.

One of the enhancements in Lightning Technologies is the opportunity to quickly scan the QR code and transfer funds from the service straight to your wallet, without the burdensome process of creating and filing invoices.

It’s worth mentioning that this standard only functions in wallets and applications that support it so far. The more wallets that use this model, the more reliable. Each service that embraces it, their payment wallet would simplify the procedure for users, doing a tiny part in making the Lightning network easy to use for ordinary folks.

Ifeanyi Egede

Ifeanyi Egede

Ifeanyi Egede is an experienced and versatile freelance writer and researcher on the blockchain space and related matters with published works online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids.

Related News

Hot Stories

Dogecoin price analysis: DOGE illustrates stable dynamics at $0.0869
Seth Green loses his 4 NFTs in a Phishing scam; begs not to buy them.
Verasity Price Prediction 2022-2031: Soon to hit $0.50 after Crypto.Com listing?
Polkadot price analysis: DOT/USD gains a massive value at $10.08
Vitalik Buterin reveals when Ethereum merge could happen

Follow Us

Industry News

President of Panama Refuses to Sign the Cryptocurrency Bill
Gabe Plotkin's hedge fund Melvin Capital shut its doors this week
CFTC indicts 2 men for running a $44M crypto Ponzi scheme
Goldman Sachs: crypto crash has little effect on the US economy
Commonwealth bank halts crypto pilot program