- Grupo Elektra, a well-known Mexican retailer and bank, has announced its support for the Bitcoin Lightning network.
- With Bitcoin, the network enables for faster and cheaper transactions, making it ideal for micropayments.
According to its wealthy owner, Ricardo Salinas Pliego, Grupo Elektra, a significant financial and retail corporation in Mexico, will soon begin accepting Bitcoin payments.
The use of Bitcoin (BTC) as a payment method has increased substantially over the years, thanks in part to the Bitcoin Lightning concept.
Next year it’ll become one of Latin America’s largest retailers to offer second-layer payment support for the Bitcoin network.
At a recent tweet, the Mexican entrepreneur said that the Bitcoin Lightning network would be introduced in Grupo Elektra outlets.
Because of this, users won’t have to worry about delayed transactions or exorbitant transaction fees that are common in the main Bitcoin network.
Banco Azteca will be the first Mexican bank to accept Bitcoin before Grupo Elektra did. Ricardo Salinas Pliego has long been a cryptocurrency supporter, so this isn’t all that shocking.
He once stated that he planned to invest 10% of his assets in Bitcoins in the future.
WHAT IS BITCOIN LIGHTNING NETWORK
The Lightning Network is a layer two solution built on top of the Bitcoin network that enables rapid and low-cost Bitcoin transactions by “using bi-directional payment channels that are not settled on-chain in real-time.”
Over the last few months, the network has garnered a lot of attention as a solution to BTC’s scaling difficulties.
It’s excellent for BTC micropayments, lowering the barrier to Bitcoin’s mainstream use as a payment method. The layer-two network is supported by only a few cryptocurrency trading platforms, including OKEx.
In April, the Malta-based exchange claimed that the network could decrease the average charge for Bitcoin transactions to “less than 0.01 cents” and “1-3 seconds” on average.