LightningCashback Wants to Replace Fiat Change With Sats


As bitcoin grows as a medium of trade and Bitcoiners change into all of the extra all in favour of stacking sats as a part of their each day exercise, providers are popping up that merge the worlds of on a regular basis, brick-and-mortar retail and the unique cryptocurrency.

LightningCashback is the most recent iteration of this pattern, created particularly to deliver bitcoin into the retail expertise and convert your free become sats.

Pay With Fiat, Get Change in Bitcoin

LightningCashback was developed as a proof-of-concept by a gaggle of programmers (together with Ruben Waterman, the founding father of Dutch Bitcoin financial savings platform GetBittr, and a Bitcoin fanatic often known as 21isenough on Twitter) at Berlin’s Lightning Convention in October 2019.

That’s the place 21isenough was demo’ing his LightningATM prototype, which he had shared with the world by way of Twitter on September eight, 2019. The machine merged brown cardboard with fee processor BTCPay Server and Lightning’s LND — and kicked off a dialog between the builders that led to yet one more innovation.

“We have been discussing that the LightningATM is superior for eliminating coin change, which remains to be fairly fashionable in Europe because the cash have fairly a little bit of worth,” Waterman instructed Bitcoin Journal. “We each choose to pay in money (for privateness causes) however hate the cash.”

However, what if we may twist the concept? Waterman questioned.

Throughout ChainHack4 — a small blockchain hackathon in Lisbon, Portugal, on November eight to 10, 2019 — Waterman, 21isenough and three different builders devised a brand new manner of turning fiat become bitcoin. Why not have retail consumers obtain their pocket change as sats as an alternative of cash? 

Lightning Nodes on a POS System

Thus, LightningCashback was born: point-of-sale (POS) software program that prints a QR code with receipts, permitting prospects to scan and obtain their change for a purchase order in sats by way of Lightning after paying in fiat. 21isenough posted a video of the innovation in motion on Twitter, together with an image of a produced receipt. 

It makes use of lntxtbot, a Telegram bot and custodial Lightning pockets, to generate Lightning URLs and alter will be claimed as sats by way of Bitcoin Lightning Pockets, Bluewallet or Pockets of Satoshi. Thus, you will have two Lightning Nodes—the POS system and the consumer’s cellphone pockets. 

Though this product is a proof-of-concept, it has nice potential. 21isenough stated that the event workforce is engaged on increasing the answer’s compatibility with a number of POS programs, earlier than doubtlessly introducing it to retail companies.

“We plan to examine additional potential POS (level of gross sales) system that may very well be retrofitted with our resolution,” 21isenough stated. “Potential retailers wouldn’t need to migrate to a brand new POS system; therefore, we would want to discover methods to combine into current ones.”

The Lightning Community remains to be younger, nevertheless it’s rising regularly and this isn’t the one potential use case for higher retail adoption. Earlier this yr, fee startup Fold introduced an integration that permits customers to purchase reward playing cards that’s redeemable at big-name retailers like Starbucks, Residence Depot and Uber. Moon additionally launched a browser extension the place it serves as an middleman that permits consumers to make Lightning funds on Amazon and comparable websites. 

Past e-commerce, Lightning can be being utilized in gaming. As beforehand reported by Bitcoin Journal, Satoshi Video games launched Lightnite, a multiplayer, third-person shooter sport that solely accepts Lightning funds. Lightnite is a freemium sport that generates revenue via the sale of customization function. Nevertheless, not like different video games that settle for bank cards and reward playing cards, Lightnite solely accepts sats despatched by way of the Lightning Community, permitting customers to take pleasure in each the gaming and customization expertise with out exposing knowledge linked to their identification.

Source link Bitcoin Magazine


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