Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Payments without banks goes mainstream with Twitter on Bitcoin Lightning Network
LinkedIn Pulse| Chris Venter | Sep 24, 2021
The Bitcoin lightning network
You can read all about it here: https://lightning.network/ but I will explain it simply.
The Lightning is built on top of Bitcoin’s blockchain. It was designed with small micro payments in mind. The lightning network is known as a layer 2 payments system because it sits on top of the Bitcoin blockchain which can be thought of as the underlying 1st layer.
See: Twitter to allow Bitcoin tipping to their favourite creators
It uses built in smart contracts to open up direct payment channels between individuals. It’s fast, efficient and has very low transaction costs that enable very tiny micropayments.
Andreas M. Antonopoulos explains the Lightning Network in this awesome video here
Mainstream adoption
On Thursday 23 September 2021, Twitter announced that their Tip Jar feature would support payment using Bitcoin via Strike’s API. Strike https://strike.me/ allows you to send and receive payments in Bitcoin. It uses the Lightning network we just spoke about.
Once this feature rolls out, any Twitter user can send money to another Twitter user using Bitcoin. The payments is immediate, fast and free.
Here comes the so what…
No Bank was involved.
No Swift payments network..
No Visa payments processing fee…
No Currency conversion and exchange rate fee….
See it in action…
Continue to the full article --> here
See:
Amazon Responds To Rumors That It Is Integrating Bitcoin Payments On Its Platform
‘Last year we saw about a 300% increase in transactions just using cryptocurrency’: Coinpayments CEO
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
 |  |  |
Support NCFA by Following us on Twitter!Follow @NCFACanada  |
Related Posts
OurCrowd Global Investor Summit Enters Second Day: Four Million Dollars Already Invested in First Twenty-Four Hours as Accredited Investors Meet Top Startups- Politico: Fintech Scandals Derail Momentum in Washington
- Executive Perspectives on Top Risks 2020
- DMZ Launches Fintech Accelerator With BMO
- The crowdfunded electric sports car: Dubuc Motors courts investors
- Lagarde Says Her ‘Hunch’ Is That ECB Will Adopt Digital Currency
Leave a Reply