Sunday, July 12, 2020

Rap Icon to Accept Bitcoin Lightning Payments at Fashion Online Store

Bitcoin is gaining wider adoption in various industries and the same can be said about the music industry. On April 24, LightningNetworkStores, a website that monitors platforms that are processing payments using the Bitcoin Lightning network announced that Lil’ Pump, a Rap Icon has adopted Bitcoin lightning network to facilitate payments on his fashion online store.

Rap Musician Adopts Lightning Network Payments

In a recent Tweet, LightningNetworkStores announced that Lil’ Pump, and 18-year-old musician has adopted the Bitcoin lightning network to facilitate payments on his online store. The store offers Lil’ Pump’s clothing line called, Unhappy and as a result, Bitcoin will be used to make purchases and over the lightning network.

Fostering the Adoption of Bitcoin

While this is not the first store to have adopted Bitcoin or the Lightning network, the recent development is remarkable. For instance, the Miami-based rapper has 1.24 million followers on Twitter and it can be expected that some may be learned about Bitcoin. There are others who are yet to try their hands on the virtual asset and as such, this creates an opportunity for them to do so.

It will, in turn, foster the adoption of Bitcoin especially when one considers loyal fans who like following the footsteps of their Icon. Even rappers like Eminem and Soulja Boy have thrown the keyword ‘Bitcoin’ in their lyrics. Eminem, for instance, in his Kamikaze album featured a track called, Not Alike. A line in the tune is “Remember everybody used to bite Nickel, now everybody doing Bitcoin.”

People Across the World to Shop on Amazon Using Bitcoin

Like Lil’ Pump’s store, BTCNN on April 23 informed that people across the world can now shop on Amazon using Bitcoin. The latter can be made possible by using the Moon extension on a web browser which allows any lightning enabled wallet to send Bitcoin. The asset is then converted to fiat before being sent to Amazon merchants.

The Lightning network, on the hand, has garnered a lot of attention in 2019. First, a trend began in January in order to showcase its capabilities. The likes of Jack Dorsey, Twitter’s CEO, Changpeng Zhao, Binance’s CEO, and Fidelity Investments, a financial services corporation were all torchbearers.

While a number of people have pointed out the scalability problem of Bitcoin which allows only a few transactions to be processed at a time, the Lightning network seeks to remove these limitations. Payments are processed faster and with lower fees levied.

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