The Lightning Network (LN) just got a little faster, as the Bolt Card allows Bitcoin (BTC) enthusiasts to pay for goods and services using contactless technology.
A data analyst from CoinCorner – the company behind the card – took the Bolt card for a test in the Isle of Man, a British Crown dependency in the Irish Sea. “MSW” – as it is known – intervened to pay at more than eight point-of-sale (POS) devices during its lunchtime investigation.
The research worked like this: At any point-of-sale device displaying a Lightning bill, MSW simply tapped the NFC-enabled Bolt Card. Total MSW 20 payment 20 breakfasts, lunches, drinks and snacks using the LN before the launch of the Bolt card:
So#LightningLunch – Day 16âš¡ï¸
Prawn noodles, mango lassi
Street KitchenPrice: 44,634 丰 (£11.50)
Notes: Magnificent as always, but pretty spicy
Pro-tip: Take your lunch break early to save sats!Total spent: 413,107 丰 / £123.30
Current value: £110.06 pic.twitter.com/EA8Dgx6qoI— CoinCornerMSW (@CoinCornerMSW) May 9, 2022
Prawn noodles, mango lassi
street foodPrice: 44,634 satoshis (£11.50)
Notes: Superb as always, but very spicy.
Pro-tip: Eat lunch early to save satoshis!Total spent: 413,107 satoshis¸ / £123.30
Current Value: £110.06
MSW told Cointelegraph that using the Bolt card “felt completely natural and worked as expected”:
“For me it’s a big step forward in terms of user experience compared to scanning QR codes. A bonus for me was getting to know some of the local Isle of Man businesses and seeing how they’ve adopted the Bolt card” .
Data analyst through and through, MSW also documented the comparative cost of shedding Satoshis, (the smallest denomination of a Bitcoin), versus paying for meals with sterling, the currency of the Isle of Man. In light of recent bearish price action, the value of the pound is marginally higher.
LN, a layer 2 technology based on Bitcoin, is ideal for instant payments and micropayments. However, before the Bolt card, shoppers from El Salvador to the Isle of Man paid through the LN by scanning a QR code.
For Danny Scott, CEO of CoinCorner, this “is not as efficient and easy to use as we need it to be for a mass audience.” Payment with QR codes is long and cumbersome:
“It still involves unlocking a phone, opening an app, scanning a QR code, and then doing the transaction. It’s a step backwards in terms of user experience compared to what we’re used to today for in-person payments.” .
In true Bitcoiner fashion, the Bolt card is interoperable with industry protocols, including Lightning and LNURL. Scott notes that they “will explore other concepts around how to make the Bolt card, and the user experience for all Lightning use cases, better.”
Overall, the Lightning Network continues to grow, from integrations in payment giants, such as Cash App, to grassroots movements and ordinary people who make micropayments.
The Bolt card is another Bitcoin payment innovation; “real products for the real world,” says Scott. Ultimately, it drives the path towards “hyperbitcoinization”.
Advances in terms of payments are in against recent statements by FTX CEO Sam Bankman-Fried, who got into hot water for suggesting he sees “no future” in Bitcoin payments.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
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