Why Bitcoin can not be accepted as payment method ??
While few platforms are accepting Bitcoin and cryptocurrency for payment but it is too early to predict the future of the cryptocurrency as mainstream payment option. Although it has been over a decade for Bitcoin to be introduced as a new financial stream, but it couldn’t accepted as payment method due to low transaction rate. It means it used to take few minutes to complete a transaction.
Launch of the lightning network:
In 2017, a major update launched on the Bitcoin blockchain to make transactions fast. This update was called the lightning network. Basically lightning network is Built on decentralized, peer-to-peer, open source foundations, the Lightning Network enables Bitcoin payments at scale. This update made transaction fast but several charges were imposed by the network to the users. Some network charges higher rates up to 2.5% of total transaction cost.
Fortunately now we have more options for Bitcoin transfer for a reasonable fee. People can now transfer assets peer to peer securely and privately. Hope we can soon crypto accepted as traditional money.