TL;DR
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We have a theory: ‘it’s cheaper’ trumps almost all other advantages.
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Amboss has just released the LINER (Lightning Index Rate) Index which allows companies to clearly see the difference between how much it would cost to transact on the Lightning Network vs. how much they pay in transaction fees with their existing payment processors (e.g. Stripe).
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The hope is that by visually displaying the potential savings, it will push companies to make the switch over to the Lightning Network.
Full Story
We have a theory: ‘it’s cheaper’ trumps almost all other advantages.
There are some amazing technologies out there – take solar for example.
It works great, it’s better for the environment than coal and gas, it’s 100% renewable…but until it’s not only the better option, but also the cheaper option, it’s unlikely to get mass adoption.
The Amboss team has taken that insight, and applied it to the Bitcoin Lightning Network.
As a quick recap: the Bitcoin Lightning Network makes BTC transactions way faster, and way cheaper.
Instead of processing transactions 1-by-1, the Lightning Network batches transactions and processes them all at once.
Amboss has just released the LINER (Lightning Index Rate) Index which allows companies to clearly see the difference between how much it would cost to transact on the Lightning Network vs. how much they pay in transaction fees with their existing payment processors (e.g. Stripe).
The hope is that by visually displaying the potential savings, it will push companies to make the switch over to the Lightning Network.
Amboss’ CEO, Jesse Shrader, admits that there’s still a learning curve when it comes to the Lightning Network for companies, and trust isn’t as high with the Lightning Network as it is with a payment processor like Stripe.
But hey, maybe there are some visual people out there who see their potential savings and make the switch to the cheaper option.
Or maybe our theory will be proven wrong…
