There is a growing hope that the transaction price for Bitcoin will be cut significantly following a period where it has increased to an average of nearly 36$ according to Bitinfocharts. The faster and cheaper transactions would come via the lightning network Bitcoin is hoping to soon implement. This network is getting close to being implemented, which would allow for transactions to occur nearly instantaneously with a small or no fee.
Bitrefill, the prepaid phone payment provider, recently used the lightning network to pay for a phone in a test of the program. The payment was very successful with no fee and occurring instantaneously. This gives us a peek at the future of where Bitcoin may be heading. While the lightning network is not yet public due to limits with the command line interfaces, this is big news for one of the most plausible scaling options for Bitcoin.
— Alex Bosworth (@alexbosworth) December 28, 2017
The lightning network handles one of the biggest issues facing Bitcoin and other cryptos which is scalability. The new protocol that the lightning network would allow for cheap and quick transactions without the sacrifice of security. One drawback is it is necessary for users to upgrade their wallet to support the lightning protocol which has been a slow process.
Bitrefill has been interested for some time in the lightning network. They announced in August that it would be implemented and now it is testable with fake Bitcoin. The company focuses on the ability for people to be able to purchase items with Bitcoin, and in their case it is prepaid phones. The adoption of lightning has been beneficial for Bitrefill as they have been able to not only contribute to Bitcoin through tests, but they also prove that it will make customers more likely to use Bitcoin for more purchases if the fees and transaction time both decrease.
This glimpse into the future is exciting and shows just one more path of success Bitcoin can take.