The artist responsible for ‘songs’ such as “Gucci Gang” and “Esskeetit”, Lil Pump has recently begun to accept Bitcoin as a payment method for purchasing his merchandise. This is all possible thank to the Bitcoin Lightning Network.
Since Bitcoin’s price surged over the past few weeks, putting back under the spotlight, this development is likely to see many of the rapper’s fans become more aware of the digital currency and possibly begin using it for themselves.
Lil Pump isn’t the first online store to accept Bitcoin as payment, however, due to the majority of his audience being relatively young they are more likely to be accepting of the cryptocurrency. It is understood that younger people are more open to Bitcoin than the older generations, who tend to prefer the more traditional Fiat currencies.
"LightningNetworkStores were the first to notice that Lil Pump was accepting Bitcoin, they are a site which patrols the web searching for stores which are adopting Bitcoin as payment using the Lightning Network."
Another celebrity that is more popular amongst the younger generations, PewDiePie, announced that he will be using DLive to livestream. For those that don’t know, DLive is a decentralised platform where content creators are given a cryptocurrency called Lino as payment. This will bring further exposure of Crypto to youngsters as its estimated that around 44% of the Swedish YouTube stars audience is aged between 18-24.
In similar news, the Japan-based company Rakuten last week began allowing people to register for its up and coming crypto exchange named Rakuten Wallet. With this news, it is expected that fellow online retailer and competitor Amazon will do the same in the coming months.
Back in 2015, a white paper was released by Joseph Poon including information to create the Bitcoin Lightning Network. It was developed to allow for payments between users with little fees and minimal effort and has turned out to potentially be a revolutionary method of payment.