Lightning to bank in 1 minute - Why and what does it mean to the community? \ stacker news ~lightning

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Lightning to bank in 1 minute - Why and what does it mean to the community?

33.5k sats \ 34 comments \ @prashanthc 23 Feb lightning

Two years ago, I used to get paid in Bitcoin. It took up to four days to sell it!

Why did it matter so much?

I wish I could express the feeling of waiting four days just to book the flight tickets and hotels with Bitcoin for my travel. The number of times I had to cancel plans because it was just not possible to use Bitcoin to travel.

Every time I ran out of my Euro savings nearing the end of the month, I borrowed from my friend because my Bitcoin salary and savings were locked up in my hardware wallet. I almost felt useless with this hurdle of being unable to liquidate.

It took 3-4 days to convert my Bitcoin to Euros and get it into my bank account after going through Binance’s horrible UX and paying hefty fees. I was unsure if I would receive it, fearing that my bank could freeze my account.

The situation was frustrating; I had to get paid in euros and buy some BTC by the end of the month if I had any salary left. Ironically, even in 2021, finding a solution that helped me do the fundamental process of reliably liquidating my Bitcoin was challenging.

So I start project Bringin.

It took three times the time and four times the money I thought it would take

Bear market, building in a highly regulated space, being kicked out of the EU (cos my visa was attached to employment), and working remotely from India, building a startup for the first time with no co-founder made it a little harder than it should have been.

Today, we are super happy.

We enabled support of lightning last week, Which means:

I can get Bitcoin from my self-custody Bitcoin wallet to my bank account in less than a minute with lightning and SEPA instant transfers.
Reliable transfer - Each user is provided with a dedicated bank account, which means the bank transfers are 100% safe as the receiving banks see the transfers are coming from your own IBAN account
Stress-free- The UX is streamlined to be a portal with two steps to sell Bitcoin from any wallet to receive Euros into any of my bank accounts.
It works flawlessly in 31 European countries.

What does this mean to the Bitcoin community in Europe?

Like me, many get paid in Bitcoin or earn Bitcoin in many ways. They now would not have to go through the problems I faced. You’re welcome!

Planning holidays? Tap into your Bitcoin savings to book flight tickets and hotels without hiccups.

You can walk into any shop with only Bitcoin and be sure to make a purchase, even if the merchant does not accept Bitcoin.

Living on Bitcoin standards is now feasible with Bringin.

Get paid in Bitcoin, and spend some of it stack rest!

Self-custody is your wealth with no fear. You can use them anytime for any purpose.

Today, we are super happy.

Sign-up here: https://bit.ly/49I26vR

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110 sats \ 3 replies \ @OT 23 Feb

How about the other way around? Buying bitcoin over the lightning network from a bank account (SEPA)?

162 sats \ 2 replies \ @prashanthc OP 23 Feb

Coming soon, by first week of March!

200 sats \ 0 replies \ @Fabs 23 Feb

Hmm... Tasty.

200 sats \ 0 replies \ @co574 23 Feb

that’s too soon! 👏🏼

200 sats \ 7 replies \ @398ja 23 Feb freebie

Freaking amazing! Are there any limits on the amounts that can be processed, i.e. per tx, per period of time?

100 sats \ 0 replies \ @south_korea_ln 23 Feb

That's the key question indeed ;)

50 sats \ 4 replies \ @prashanthc OP 23 Feb

Minimum id 25 Euros right now and up to 15k Euros ( we support on chain transfer too).

We can lower the limits up to 10 Euros.

100 sats \ 0 replies \ @398ja 23 Feb

Mind-blowing! :bowing in admiration:

0 sats \ 2 replies \ @south_korea_ln 23 Feb

That's pretty cool. Curious to see how this develops and how things will evolve with the implementation of the MICA regulations... part of the proposed rules includes that each of the wallets a bank interacts with needs to be KYC'd in some way, no?

0 sats \ 1 reply \ @prashanthc OP 23 Feb

This is still not certain. There is a lot more to MICA that is yet to be confirmed. However, we are currently using other services (VASP in Estonia). VASP in Estonia has recently been revamped, is MICA-like, and is almost on par with what MICA expects from a license.

Moving ahead, we would get MICA-compliant licence ourselves.

0 sats \ 0 replies \ @south_korea_ln 23 Feb

Thanks for clarifying.

0 sats \ 0 replies \ @prashanthc OP 23 Feb

Thanks!

182 sats \ 4 replies \ @south_korea_ln 23 Feb

Congrats, looks pretty neat. I was actually looking at your team on the website earlier today. I didn't expect to see this team of fellows from India working on an app targeted specifically at the EU market. The regulations must be tough, doing this remotely from India. Quite impressive!

Out of curiosity, what are your withdrawal limits, to comply with AML regulations? Like how much can a citizen from one of these 31 countries cash out from his self-custodied wallet into a SEPA wallet?

100 sats \ 2 replies \ @prashanthc OP 23 Feb

Thanks!

We are a technology company that ties financial services together in a compliant.

We partner with VASP license holders for swaps and EMIs for IBAN and SEPA transfers.

We do not hold the custody of funds at any point in time.

0 sats \ 1 reply \ @south_korea_ln 23 Feb

So what are the amounts?

0 sats \ 0 replies \ @prashanthc OP 23 Feb

15k per month withdrawal limits

121 sats \ 0 replies \ @south_korea_ln 23 Feb

(and sorry if I am somehow assuming that your whole team is in India, they could very well be EU citizens for that matter)

200 sats \ 1 reply \ @Fabs 23 Feb

That's dope, like really really neat, well done!

0 sats \ 0 replies \ @prashanthc OP 23 Feb

Thanks!

200 sats \ 0 replies \ @anipy 23 Feb

⚡️

200 sats \ 0 replies \ @Taft 23 Feb

It looks pretty good!

100 sats \ 0 replies \ @MattInTech 23 Feb

Looks like a pretty cool service, but a bit more information about the limits, compliance with AML regulations etc. would be handy. But yeah, this service looks like a game-changer!

100 sats \ 1 reply \ @Louferlou 23 Feb

I will have a look into tout project but why didn't you use BISQ at the time ? It was already there.

10 sats \ 0 replies \ @prashanthc OP 23 Feb

I was not aware of this solution

100 sats \ 0 replies \ @criptopanas 24 Feb

Very cool!.

But, I'm not sure about what personal information is involve when using Bringin.

Could you explain some details about the KYC?

Thanks!

100 sats \ 0 replies \ @03479d0ee6 24 Feb

Congrats! Looks very nice it's a nice option to have.

1 sat \ 2 replies \ @mo 23 Feb

KYC and 9% fees 🤔 No thanks. There are better ways

0 sats \ 1 reply \ @prashanthc OP 23 Feb

The fee is not 9%. It is 2 and we are yet to finalise it - more to have a tired model.

0 sats \ 0 replies \ @mo 23 Feb

Oh sorry, I tried the demo and that what was coming up. Also the (i) tooltip was not showing any info when I test it.

The UX it’s pretty smooth 🙌

0 sats \ 0 replies \ @BlokchainB 24 Feb

Congrats 👏 I see Darthcoin’s point but most of the world still takes fiat for goods and services we need. Until more companies switch over from taking fiat and accepting bitcoin for goods and services companies like this make a ton of sense.

I see this as lowering the friction for people in Europe to hold zero fiat and making extremely easy to sell BTC when they need fiat to live their life or take care of their families.

I got a German friend I been trying to convert to a Bitcoin standard and save in Bitcoin and the first thing she says is why I can’t spend it anywhere. Hopefully with this service she can start to save on BTC and have an easy and smooth way to sell her BTC when she needs to pay her rent or utility bill.

0 sats \ 3 replies \ @DarthCoin 23 Feb

The demo is nice, the app is well done, but is really sad to see how people are selling their sats for shitcoin fiat!

REALLY FUCKING SAD THAT PEOPLE STILL DEVELOP THESE KIND OF OFF-RAMPS!

Guys, we should focus on how to adopt Bitcoin and use it directly as money and NOT how to dump it for shitcoin fiat!

Please, FFS, if you are already paid in BTC, start looking to spend it ONLY with merchants that accept it directly. DO NOT encourage merchants to continue using fiat, but the way around. MAKE SOLUTIONS TO HELP MERCHANTS ACCEPTING BITCOIN!

126 sats \ 2 replies \ @prashanthc OP 23 Feb

Being able to liquidate Bitcoin anytime would allow you to buy more Bitcoin with confidence.

I used to get paid in Bitcoin. A part of my salary was in Bitcoin. All my savings except the amount I needed to live for that month was in Bitcoin.

Whenever I planned to travel, I had to tap into my BTC savings to book flight tickets and hotels. But the solution out there was so stressful that it took up to 4 days to get Euro to my bank account, and I was not even sure if it was safe to receive funds,

I spent most of my Euro salary and had to borrow Euro from a friend till the end of the month as the BTC, which I held, almost felt non-usable.

This put much pressure on me to get paid only in Euro.

Many beta users live on BTC and would not want to hold fiat at any point in time. Living on Bitcoin standards.

Many get paid in BTC as consultants for companies in other countries and would need to liquidate some of it to live.

I moved to Estonia from India in 2021 with only Bitcoin. It was easy not having to deal with the hassles of compliance with converting and transferring INR to Euro!

100 sats \ 0 replies \ @south_korea_ln 23 Feb

Don't know back in your days, but aren't there like a few websites one can use to book tickets using Bitcoin these days? I've seen @JoeNakamoto use them.

Edit:

0 sats \ 0 replies \ @DarthCoin 23 Feb

I understand your frustration of not being able to use your BTC.

But is not hilarious to build tools to go back to fiat, when we were struggling to get rid of fiat ?

Satoshi gave us a wonderful and powerful tool and yet, people want to go back to use fiat.

FUCKING UNBELIEVABLE how this world is upside down!