TL;DR
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We have a theory: ‘it’s cheaper’ trumps almost all other benefits.
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Amboss just released the LINER (Lightning Index Rate) index, which allows businesses to clearly see the difference between how much it would cost to transact on the Lightning Network versus how much they pay in transaction fees at their existing payment processors (e.g. Stripe) .
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The hope is that by visually depicting the potential savings, it will encourage companies to move to the Lightning Network.
Full story
We have a theory: ‘it’s cheaper’ trumps almost all other benefits.
There are some amazing technologies out there – take solar energy for example.
It works great, it’s better for the environment than coal and gas, it’s 100% renewable… better option, but also the cheaper option, it is unlikely to gain mass adoption.
The Amboss team took that insight and it applied to the Bitcoin Lightning network.
In a nutshell, the Bitcoin Lightning Network makes BTC transactions much faster and much cheaper.
Instead of processing transactions 1 at a time, the Lightning Network bundles transactions into batches and processes them all at once.
Amboss just released the LINER (Lightning Index Rate) index, which allows businesses to clearly see the difference between how much it would cost to transact on the Lightning Network versus how much they pay in transaction fees at their existing payment processors (e.g. Stripe) .
The hope is that by visually depicting the potential savings, it will encourage companies to move to the Lightning Network.
Amboss CEO Jesse Shrader admits there is still a learning curve when it comes to the Lightning Network for businesses, 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…
