I'm a huge fan of such bikes and this will be an amazing experience to buy one with Sats. It's mentioned that only 1 minute time. But what's the use case for limiting transaction with sk less time? Anything special?
That puzzled me which is why I called it out. Usually some merchants or merchant software tries to keep it with lower limits in order to keep the bitcoin price from fluctuating too much, but 1 minute seems far too limiting. Would have to ask strike that.
But they are a bit more expensive considering Indian market conditions. Here, we can buy a good bike under 1000 dollars. The asking price for MOD, as I can see is, is at least double of it.
Now, which one will you buy? Foreign companies need to understand the Indian markets before entering here. It's very specific. There have many outsider companies which have not studied Indian consumers and markets properly and had to return back. These include some of the bigger names including Ford and Chevrolet.
Incredible, what a beautiful e-bike. I still wonder, why merchants with high transaction volumes are not offering bitcoin lightning. They can literally save 1-2% On margin per transaction. I think cap gains taxes still need to go away for payment transactions.
May The Bitcoin Be With You! I really appreciate your convincing work with a merchant to accept Bitcoin for your payment. Unfortunately not every bitcoiner is doing that and they prefer to pay with shity VISA cards, perpetuating the use of fiat... shame on them, props to you ! This is a small important step towards Bitcoin adoption. Well done !
The blog post describes the author's experience of buying an ebike from MOD Bikes using Bitcoin over the Lightning Network. Here are the key points:
MOD Bikes started accepting Bitcoin payments, offering 2% cashback and reduced transaction fees.
The author used the Mutiny Wallet to deposit Bitcoin from cold storage into a Fedimint federation, allowing seamless on-chain to Lightning transactions for the large purchase.
The payment process was smooth, with the federation well-connected to complete the 4M sat payment in seconds over Lightning.
Oshi, a Bitcoin rewards platform, automatically provided a sizable Bitcoin cashback reward to the author's Mutiny Wallet after the purchase.
The experience showcased the growing ecosystem of interoperable Bitcoin services like Satoshi Health Advisors, Strike, Oshi, Fedimint, and Mutiny Wallet working together seamlessly.[1]
It demonstrated the maturity of the Bitcoin ecosystem in facilitating large purchases with added benefits like reduced fees and rewards.
Federated Chaumian mints offer several benefits for facilitating large Lightning transactions:
Scalability: By having users transact within the mint using anonymous e-cash tokens instead of directly on the Lightning Network, federated mints can handle a high volume of transactions off-chain, reducing load on the Lightning Network.[1][2] This enables scaling for large payments.
Privacy: Transactions within the mint are anonymous and unlinkable, providing better privacy than regular on-chain or Lightning transactions.[3] This is beneficial for large value transfers where privacy is desired.
Reduced Trust: Rather than trusting a single custodian, trust is distributed across a federation of parties running the mint.[1][4] This lowers counterparty risk for large transactions.
Interoperability: Federated mints can integrate with the Lightning Network through "Lightning Gateways", allowing users to seamlessly make and receive Lightning payments from outside the mint.[4][5]
Reduced Fees: By batching transactions off-chain within the mint, fees for large payments can be significantly reduced compared to on-chain or per-transaction Lightning fees.[1]
So in summary, federated mints enable better scalability, privacy and trust distribution for facilitating high-value Bitcoin transfers and payments over Lightning in a seamless manner.[1][2][3][4][5]
That’s very cool and I love the look of that bike…siiick!
“federated mints can play an essential role in facilitating more significant Lightning transactions for users privately and consistently.”
That’s great I’m gonna play some more with Mutiny wallet. ⚡️🙏
You've been making consistent progress. Congrats! I have a question: how far along are we in terms of actual e-cash usage?
It's still early but it works. Ideally there will be a lot more mints that spin up this year, just a few reputable ones right now.
There is no verifiable public data on usage ? ex: 21M sats per day
There's a project out there for that but it's not quite ready yet https://github.com/elsirion/fedimint-observer
https://m.stacker.news/35208
I've seen a lot of those on 4th street. I had no idea they were local.
Is that a gay joke?
No. I'd use this gif if I were doing that.
https://m.stacker.news/35209
I’m king of the world!
another view https://m.stacker.news/35213
Thank you so much! I was searching for such biles lately but didn't find any in India. They are quality built.
this was an amazing blog post 👏🏼
Nice informatio, thanks!
I'm a huge fan of such bikes and this will be an amazing experience to buy one with Sats. It's mentioned that only 1 minute time. But what's the use case for limiting transaction with sk less time? Anything special?
That puzzled me which is why I called it out. Usually some merchants or merchant software tries to keep it with lower limits in order to keep the bitcoin price from fluctuating too much, but 1 minute seems far too limiting. Would have to ask strike that.
But they are a bit more expensive considering Indian market conditions. Here, we can buy a good bike under 1000 dollars. The asking price for MOD, as I can see is, is at least double of it.
https://m.stacker.news/35211
Costs around $2700
https://m.stacker.news/35212
Costs around $1000
Now, which one will you buy? Foreign companies need to understand the Indian markets before entering here. It's very specific. There have many outsider companies which have not studied Indian consumers and markets properly and had to return back. These include some of the bigger names including Ford and Chevrolet.
Incredible, what a beautiful e-bike. I still wonder, why merchants with high transaction volumes are not offering bitcoin lightning. They can literally save 1-2% On margin per transaction. I think cap gains taxes still need to go away for payment transactions.
May The Bitcoin Be With You!
I really appreciate your convincing work with a merchant to accept Bitcoin for your payment.
Unfortunately not every bitcoiner is doing that and they prefer to pay with shity VISA cards, perpetuating the use of fiat... shame on them, props to you !
This is a small important step towards Bitcoin adoption.
Well done !
Interesting post. I like this ebike.
But Sometimes I remember Pizza Guy when someone buys something with Bitcoin.
Do you know which pizza guy I'm talking about?
Thanks for sharing. Let’s hope more businesses can also get onboard
loving this energy guys!
I see, the future is now
The blog post describes the author's experience of buying an ebike from MOD Bikes using Bitcoin over the Lightning Network. Here are the key points:
Sources
[1] Bitcoin Case Study - Buying an Ebike with Ecash https://blog.mutinywallet.com/bitcoin-case-study-buying-an-ebike-with-ecash/
[2] stacker news https://stacker.news
[3] Announcing Harbor - Mutiny Blog https://blog.mutinywallet.com/harbor/
[4] Mutinynet - Mutiny Blog https://blog.mutinywallet.com/mutinynet/
[5] Solving subscriptions on Bitcoin, one zap at a time - Mutiny Blog https://blog.mutinywallet.com/solving-subscriptions-on-bitcoin-one-zap-at-a-time/
[6] Mutiny Wallet Signet Release https://blog.mutinywallet.com/mutiny-wallet-signet-release/
Federated Chaumian mints offer several benefits for facilitating large Lightning transactions:
So in summary, federated mints enable better scalability, privacy and trust distribution for facilitating high-value Bitcoin transfers and payments over Lightning in a seamless manner.[1][2][3][4][5]
Sources
[1] Discussing Federated Chaumian Mints On Lightning https://bitcoinmagazine.com/technical/federeated-chaumian-mints-lightning
[2] Federated Chaumian Mints on Lightning (Scaling Bitcoin To 10 ... https://www.youtube.com/watch?v=A_7-DsreUQg
[3] Federated Chaumian Mints : r/lightningnetwork - Reddit https://www.reddit.com/r/lightningnetwork/comments/qmq3pa/federated_chaumian_mints/?rdt=38228
[4] Fedi & Fedimint: Decentralised Chaumian E-cash on Bitcoin https://blog.bitfinex.com/education/fedi-fedimint-decentralised-chaumian-e-cash-on-bitcoin/
[5] What is a Fedimint https://fedimint.org/docs/GettingStarted/What-is-a-Fedimint
Interesting