I would love to get some input on this article i wrote about corporate adoption for the user experience:
Companies that integrate Bitcoin Lightning ⚡️ have the ability to improve the user experience and provide value for the enterprise. An exchange like Coinbase might see it as a cost, but companies like Etsy or Reddit can leverage it to create a stickier platform.
The best way to transfer value globally is via bitcoin. You can settle payments instantly using the Lightning Network. Nothing comes close when it comes to global settlements. No transaction is faster than an electronic P2P transaction. No blockchain can claim to be faster than Bitcoin Lightning since Lightning is purely P2P.
Let's examine how integrating Bitcoin Lightning ⚡️ can transform platforms like Etsy. By doing so, Etsy has essentially become a pseudo CashApp or Venmo for its users. This enables users not only to receive payments into their @Etsy account but they can now pay out of their Etsy account to settle a bill, pay a friend, or for any product or service.
Instant refunds eliminate the waiting game for buyers, while for sellers, it solidifies the platform as their financial hub, reducing the allure of alternative platforms, thereby increasing user retention and engagement. Moreover, it simplifies onboarding for users and for the business transacting globally.
The benefits extend beyond platforms like Etsy. Companies like Reddit can leverage Bitcoin Lightning ⚡️ to introduce new monetary incentives for content creators.
By integrating Bitcoin Lightning ⚡️, Reddit can introduce new monetary incentives for content creators, akin to stackernews, albiet more robust. Content creators can receive payments in bitcoin without extensive user verification.
Now, a Reddit user can seamlessly utilize their Reddit account to make purchases on Etsy or vice versa. This creates a network effect compelling other companies to adopt this strategy, bolstering user experience across various platforms.
By using #bitcoin lightning, a business can reduce its reliance on third-party services that drive fees and segment onboarding, improving operational efficiency. e.g. Plaid connects your bank to the platform to then deposit/withdraw funds or Credit card processing fees on purchases.
In turn, this creates a Network effect that will force companies to adopt this strategy as it gives the user a better experience. Now the Uber driver can use his Uber account to directly buy something from Etsy.
Simply put, people want instant settlement. Services like Robinhood and Venmo levy fees for instant ACH withdrawals, reflecting the cost of providing immediate access. Bitcoin Lightning payments mitigate these costs for the business, enticing more users and strengthening the business’s liquidity position, albeit with custodial risks.
With 62% of Americans living paycheck to paycheck and around 1.7 billion people worldwide without bank accounts, it's evident that the current financial services are not meeting the needs of many individuals. While Bitcoin doesn't claim to be a panacea, it does offer a solution for people to receive their money instantly and with significantly lower fees compared to traditional banking systems. These platforms could take a step towards addressing the financial challenges faced by a considerable portion of the global population and bring financial services in house.
the adoption of Bitcoin Lightning ⚡️ represents a transformative step for businesses looking to enhance user experience, streamline transactions, and stay ahead in today's competitive landscape. Money is going to move faster as we use the internet’s native currency, Bitcoin.
The network effect will only make this stronger. Companies that don't implement the Lightning network will lose market share. The early ones will be rewarded.
I think the “if you build it, they will come” is only partly true. if you build it, but there is no roads to get there, they can’t make it. I think if/when banks adopt bitcoin/lightning to save money and attract capital, then you’ll see adoption blow up in corporations wanting to integrate.
Businesses that want to accept Bitcoin will need to have BIG BALLS. Many of them are scared shit about compliance and will not make that step.
I will repeat this over and over: BITCOIN IS NOT FOR THE WEAK, ONLY FOR BRAVE !
Look at what Amboss did... now is the Bitcoin enemy, building tools for even more compliance! https://www.nobsbitcoin.com/amboss-launches-reflex/
Darth, you chose us as your enemy, but the feeling isn't mutual.
What we found was that navigating regulatory hurdles and accounting troubles were the biggest pain points of lightning companies. This is why we built Reflex to help businesses navigate those troubles and get back to building cool stuff.
We have far more to offer on the lightning operations side, but these products and features will roll out over the next year.
We have far more to offer on the lightning operations side,
More regulatory compliance right. FUCK AMBOSS Compliance is what will kill Bitcoin. And you are just helping that.
Enjoy your time in prison.
That is what will always say a gov agent... threatening, coercion. I am fearless, I did nothing wrong. I was in courts and challenge their authority over me the living man. I walked away free...
If you choose to live in fear... so be it, it's your choice. I am not living in fear anymore.
If you don't pay taxes, you go to prison.
608 sats \ 18 replies \ @Lux 28 Feb
If you pay taxes, you're a criminal https://www.probityco.com/
I mean, if you truly believe that, go right ahead. Stop paying taxes, and when you inevitably end up in court, go and try to make that argument. If you succeed, I would genuinely be happy for you (along with many more people, as that would establish a legal precedence).
But not everyone can take that chance because of the downside in case you fail to convince the court of your argument. See, it's hard to feed your family when you're in jail and seldom few people are willing to sacrifice their loved ones on a principle.
Why am I still here then? GTFO gov kiss ass. Your level of statism is disturbing. Pay your fucking taxes, I will not. Come and get me if you can.
It just means you were lucky so far.
Do not pay too much attention to Darth. He's clearly an romantic rebel type (and ideologically, I fully agree with him) and through his catchy memes has garnered an undue cult following here on SN. But clearly he has little to no experience of actually running a business. And trying to reason with him will only get some insults hurled at you.
When half of the top 500 companies by highest marketcap begin to integrate Lightning network then I can attest that mainstream adoption has been reach
Great post
My company employs quite some people around the globe. Last time at the all staff meeting I asked management if we could get paid in bitcoin, at least those who want to and at least a fraction of salary. My question was ignored. I will ask again.
Why a company should adopt LN? First of companies as mentioned 'need BIG Balls', which they surely don't have, so, they won't ever risk doing that.
Secondly if they should, may or may not be. The companies are there to sell their products and take profit. They don't care which way they are paid as long as the rules allow them. If accepting Bitcoin isn't legal tender in your place, the companies refrain from it. If your government or rules of the land start accepting Bitcoin as legal tender, companies would lovingly accept it as currency.
Bitcoin as legal tender, companies would lovingly accept it as currency.
Not even that. Being a legal tender means nothing. Do you know the definition of "legal tender"?