1 year ago
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What is Lightning Wallet suitable for payment?
In my previous post, I shared my experiences with Lightning payments in El Salvador and Guatemala. I tried making payments with various wallets myself, and after seeing how other members of the inspection team made payments,Payment-optimized wallet requirementsI thought about
- Supports all fiat currencies around the world
- Supports both Bitcoin and sats
- Payment can be made securely
- Ability to set maximum fees
- non-custodial
1, 2. Currencies support
As mentioned above.
3. Reliable payment
You might think it’s obvious, but I’ve found that it’s actually not.
Cash App
CashApp, which is popular in the United States, is not a lightning wallet, but rather a combination of a stock and bitcoin trading platform and a remittance application like PayPal, and it seems that it also supports the lightning network as one of the remittance methods.
on bitcoin lakePeople who have tried Lightning payments with CashApp have all failedwas doing. Moreover, the screen saying that it is being processed is displayed for several minutes to several tens of minutes,I don’t know immediately that I failed, and I’m at a loss as to whether to wait for the process to complete or try to settle with another wallet.. (Furthermore, in the transaction history, the failed transaction was displayed as “canceled”, and it was a mysterious UI that could only be understood as “failed” when the transaction details were displayed.)
I’ve heard that the high failure rate may be due to CashApp only connecting to two nodes (one of which is River Financial). CashApp may be envisioning Lightning’s primary use as remittances between CashApp users, in other words, rewriting its own database without using the Lightning network.
CashApp has a reputation for being easy to use, but it is not suitable for lightning payments due to the failure rate and the number of taps required to reach the lightning payment screen.
Zeus
Zeus’ high failure rate is not a problem with Zeus itself. Zeus is like an interface to remotely control your node with your smartphone, and many people use Tor to communicate with their nodes.Tor Instabilityappears to be the cause of the payment failure.
Breez
Breez is popular for being non-custodial and easy to use.Synchronization does not progress and cannot be usedhad.
4. Maximum fee can be set
Even though the fees are low, frequent lightning payments are annoying.
i usually use the mostMuun is not exactly a Lightning WalletHowever, I think it is suitable for beginners who have only one wallet and rarely make lightning payments, so I list it as a recommended wallet. However, if you make lightning payments frequently,Fee is Russian RouletteI notice something.
It is usually cheaper than Blue, etc., but it rises once every 5 to 10 times, and I can’t help but look at it twice.
Breez and Phoenix have options to cap fees. Some people may not notice it because it is hidden in the settings menu, so I think it would be nice to display it in the payment flow.
Pheonex may impose a 1% (minimum 3,000 sats) fee upon receipt. This is also clearly stated in the fee item in the settings menu, but I think some people may not notice it, so it would be better to reconsider how to display it.
5. Non-custodial
This may not be required at the moment, but may be an effort goal.Breez, Phoenix and Zeus are non-custodialis.
in the first place,Lightning wallet is a hot walletandThere are many beta versionsFor,The balance should be kept to a small amount so that you will not cry if you lose itis. However, this time, I wanted to use bitcoin for all of the five days of my stay at Bitcoin Lake, including accommodation, transportation, food, souvenirs, and tips, so I put in quite a bit of bitcoin. I was very nervous.
I’ve been using it for almost a year nowForced logout from BBWit was done.BBW is a custodian, so there are no backups and you cannot restore on your own..
I could have simply logged back in, but I’ve noticed one problem here. I downloaded and set up BBW when I visited El Salvador last March.
During the setup process, you will be asked for KYC with your phone number. Without thinking too much, I entered the prepaid SIM number I purchased locally, entered the code I received by SMS, and finished the setup.
The number at this time was used only during the trip, and it became inaccessible when the charge amount was exhausted. However, in order to re-login to BBW, I need to receive an SMS with this number.
Luckily, I returned the bitcoin I had in my BBW while I was in Guatemala back to my cold wallet after returning home, so the balance is about 1,500 yen. I’m giving up, but I’m currently negotiating with the development company, Galoy, to restore my username.
It seems that this forced logout was unexpected for them, and there are many people who are in the same situation as me. It seems that they are discussing improvement measures such as making it possible to change the phone number after creating a wallet.
WoS, also a custodian, has been inaccessible before. At this time, in order to restore access, I was asked for information about the most recent balance and transaction in addition to the registered email address. It’s good because I happened to remember it, but if I had forgotten it, I might have been Gox.
The custodial type lightning wallet has advantages such as no channel management, no backup burden, and good UX, so I think it is suitable for beginners. However, once you get used to it, it would be better to move to non-custodial to reduce the risk in many ways.
Recommended wallets for payments at the moment
It’s short for a obi and not long for a sash, but each has its own process computer, and my personal impression is that there is still no lightning wallet optimized for payment applications.
WoS for custodial, Breez for non-custodial (Phoenix for sync issues), Zeus for running nodes.
Potential of Lightning Payments
For legal tender that is valid only in the country of issue,Bitcoin is a global currencyis.the JapaneseI feel the convenience of Bitcoin when I go abroadit might be.
In recent years, there have been an increasing number of cases where credit companies do not approve payments overseas, especially in developing countries, out of fear of fraudulent use. When I tried to buy a SIM card at the local airport, or when I tried to move into the city by taxi or Uber, I had trouble with credit card payments not going through once or twice. In times like these, Bitcoin is your go-to.
Below is a tweet from Nayuta CEO Mr. Kurimoto.
The best thing so far with LN payment is SIM extension in El Salvador. When I tried to extend with a card from the mobile company’s website, I was in trouble because I was asked something like a national number, so I found the bitrefill page and was able to extend it immediately with LN payment.
— Kurihei: Kurihei (@kurihei) January 9, 2023
Bitrefill sells a variety of gift cards and accepts lightning payments. Not only in El Salvador, but also in Mexico where I live, you can pay your mobile phone bill with bitcoin through Bitrefill. Since it is a lightning payment, it will be reflected in the data capacity and call time immediately.
They also sell Uber gift cards, which I use often.
Provided by the author
A similar service to Bitrefill is The Bitcoin Company, where you can top up your versatile Visa virtual card with bitcoins. If such things increase and daily life can be run with Bitcoin, you will be able to go all-in on Bitcoin without keeping legal currency as living expenses.
Provided by the author
By the way, our company Fulgur Ventures believes that it will take some time for Bitcoin itself to spread as a means of exchange, and in the meantime, we believe that the demand for services that allow Bitcoin to be used indirectly as a means of exchange will increase. We invest in both companies of The Bitcoin Company.
One more thing about the potential as a means of payment overseas. Do you remember in the first installment of this series that when I entered Guatemala, I was unable to get an entry stamp on my passport due to the chaos of the demonstrations?Missing immigration record caused problems when leaving Guatemala. (Actually, I was lucky enough to be allowed to leave the country easily, whether it was because the manager in charge was in a good mood or because I was lazy. The following are the experiences of other members of the inspection team. .)
After checking in at the airport counter, waiting in a long line for the security inspection, and after finishing the inspection and heading to passport control, I can’t leave the country because I don’t have an immigration record. I was ordered to go back and start over through security. Moreover, to enter the country, I have to pay 200 quetzals in cash as an airport fee or an immigration tax.
At this point, he had run out of quetzal and had to change money, so I convinced him to pay when he got back. He drags his luggage back to the lobby, finds a money changer and exchanges.
Moreover, it seems that the money changer took a copy of the passport and wrote down the mobile phone number and carried out full KYC. It’s a shame for bitcoiners. At this time, he thought I wish I could pay with Bitcoin.
I’ve always thought that it would be convenient to be able to pay with bitcoins at international airports and even have bitcoin ATMs. It is useless to buy chocolates and mineral water at duty-free shops to use up half of local currency and VAT refund.
If you can change to Bitcoin at the airport, it seems that you can stack quite a bit. as a side note,Bitcoin ATMs are installed at airports in El Salvador, and airport usage fees can also be paid with Bitcoins.(If you have a Japanese passport, for some reason the airport usage fee is exempted).
I wrote the above from the perspective that I think that Bitcoin can actually be used when Japanese people go abroad, but this also applies to foreign tourists visiting Japan. Like Bitcoin Beach, Bitcoin Lake,Excavate tourism demand centered on bitcoin, improve convenience for tourists by introducing lightning payment at tourist spots and airports. I would like you to consider it.
In contrast to the top-down adoption that I introduced in my 2022 serialization, “I went to El Salvador where bitcoin became legal currency | My experience,” bottom-up adoption through grassroots educational activities. What I felt about Bitcoin Lake aiming for adoption was the same “hope” as in El Salvador. I don’t know if the hope I felt was conveyed to everyone, but I would appreciate it if you could feel something.
The post I went to Bitcoin Lake in Guatemala | Contribution 5 appeared first on Our Bitcoin News.
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