Gazzy Garcia, better known by his stage name – Lil Pump – has started accepting bitcoin payments on his official merchandise online store, Forbes reports. The payments are facilitated through bitcoin’s Lightning Network (LN).
Such news should likely provide another boost for bitcoin’s Lightning Network, as Lil Pump’s audience consists mainly of younger millennials, who are more open to emerging digital trends. News that Lil Pump has started accepting bitcoin as a means of payment was spotted first by a website that tracks businesses that accept bitcoin.
Lil Pump is included in Forbes “30 Under 30” list this year. Although only 18 years old, he has nearly 18 million followers. His most watched Youtube video for a song titled “Gucci Gang” has been viewed more than 900 million times.
Lightning Network works in such what that it creates a layer on top of the existing bitcoin blockchain, facilitates different transactions, which are then added and stored to the underlying blockchain. As a result, transactions are extremely quick, but costs are lower.
In practice, a separate channel, or a room, is created where parties deposit their virtual funds and process payments and transactions a limitless number of times. Only when the channel is closed, payment is added to the underlying blockchain.
Newconomy already reported about bitcoin Lightning Network exceeding $2 million for the first time in December, when it also processed 496.8 bitcoins. Fast forward four months, Lightning Network passed the $5 million mark. Previously, on March 16, 1,000 bitcoins were processed for the first time, according to Bitcoin Visuals chart.
Yesterday, Newconomy wrote about the release of the first alpha version of Lightning Labs network for the main bitcoin network. The latest version should help bitcoin take another step towards mass adoption.