The idea of using cryptocurrency as a form of currency has been around since the 1980s. The idea had died, but Bitcoin gave rise to a new era in fintech and financial services.
This story discusses how one company is hoping that contactless payments will be used more often with the help of mobile wallets.
The most popular way for people to spend their coins today is by exchanging them for tangible items such as coffee or artwork on an exchange like Coinbase or Bitfinex

The “how does bitcoin lightning network work” is a story about a contactless payment that was made with Bitcoin. The transaction was made on the Lightning Network, which is an off-chain solution to the scalability problem of Bitcoin’s blockchain.

A Bitcoin contactless payment story

The Lightning Network (LN) has just become a little quicker, with the Bolt Card allowing Bitcoin (BTC) users to pay for products and services using contactless technology. 

On the Isle of Man, a British Crown dependency in the Irish Sea, a data analyst from CoinCorner, the firm behind the card, tested the Bolt card. During his lunchtime probe, “MSW” tapped to pay at eight different point-of-sale (PoS) machines.

It worked like this: MSW merely hovered the NFC-enabled Bolt Card near any PoS device that displayed a Lightning invoice. MSW 20 used the LN to pay for 20 breakfasts, lunches, beverages, and snacks before the Bolt Card was released:

Day 16 of #LightningLunch

Mango lassi with prawn noodles Street Cuisine

Price: 44,634 丰 (£11.50) Notes: As usual, magnificent, albeit a little peppery. Take your lunch break early to save time and sats!

413,107 / £123.30 total expenditure £110.06 current value

May 9, 2022 — CoinCornerMSW (@CoinCornerMSW)

The Bolt Card “felt entirely natural and operated just as you would anticipate!” MSW told Cointelegraph.

“When compared to scanning QR codes, it is a tremendous step forward in terms of user experience for me.” “Getting to know some of the local companies on the Isle of Man and seeing how they have embraced the Bolt Card has been a plus for me.”

MSW, who is a data analyst at heart, compared the cost of paying for refreshments with Satoshis (the lowest value of a Bitcoin) vs pounds sterling, the Isle of Man’s currency. The pound is modestly higher in light of recent bear market pricing movement.

A Bitcoin contactless payment storyLightning Lunches as graphed by MSW. Sats spent (blue) are worth more than pounds spent (yellow). Twitter (source)

The LN is a layer two technology based on Bitcoin that is excellent for micropayments and rapid payments. Prior to the Bolt Card, customers from El Salvador visiting the Isle of Man had to scan a QR code to pay in LN.

This is “not as efficient and user-friendly as we need it to be for a large audience,” according to Danny Scott, CEO of CoinCorner. QR code payment is time-consuming and inconvenient:

“Unlocking a phone, accessing an app, scanning a QR code, and finally performing the transaction are still required.” In terms of user experience, this is a step backwards from what we’re accustomed to for in-person payments today.”

The Bolt Card, in classic Bitcoiner fashion, is compatible with industry protocols such as Lightning and LNURL. “We’ll investigate various notions around how to improve The Bolt Card, and the user experience for all Lightning use cases,” says Scott.

From huge payment integrations like Cash App to grassroots groups and people making micropayments, the Lightning Network continues to expand.

Related: Crypto’s rising worldwide acceptance makes it ideal for use in retail

The Bolt Card is another Bitcoin payment innovation, according to Scott, “actual items for the real world.” In the end, it advances the process of “hyperbitcoinization.”

The advancement in payments contradicts FTX CEO Sam Bankman-previous Fried’s statements, in which he said that Bitcoin payments had “no future.”

The “bitcoin lightning tps” is a story about a Bitcoin contactless payment that was made at the beginning of 2018. The user’s phone had to be unlocked and they were asked if they wanted to pay with their phone or card. They chose to pay with their card, but the transaction failed because it was too slow.

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