With a favorable trend, the acceptance of bitcoin as an exchange currency is progressing. In early July 2022, Café-Bitcoin opened its doors in the heart of Medellin, Colombia. While South America tends to support bitcoin initiatives for political reasons, adoption in Europe has been slower. With the lack of a regulatory framework, which creates uncertainty about the future of cryptocurrency, few private players enter it. However, some like Subway allow payment in cryptocurrencies in parallel with that in fiduciary currency. Some of them do not want to miss the train now, and therefore they decide to take the risk of bitcoin.
Subway: Interest in bitcoin
This is not the first time that Subway has taken a step towards bitcoin. Already in 2014, the company caused a stir in Bratislava, accepting bitcoin as a payment method. The indication was timid: Bitcoin is accepted here mentioned on the door!
The payment process is quite simple. The Subway employee shows the customer a QR code, which they can then scan with the application of their choice. This way, there is no need to enter the amount or the address since everything is automatically accepted. All they had to do was press “Send payment” or equivalent in their app, and the amount of bitcoins arrived in the company’s wallet. In addition to the code to enter, payment by credit card takes the same time, see more.
Using the Lighting network
The Subway branch is located at Chausseestraße 22, 10115 Berlin-Mitte. Today, the Lightning Network is typically used to enable bitcoin payment; which is precisely the case. This network arose from the fact that bitcoin was to be a decentralized payment system where users could remain anonymous and access it from anywhere. However, transactions are much slower and more expensive than expected due to their popularity. Therefore, developers created layers of cryptocurrencies, the first of which was the main blockchain. Each lower layer was a secondary layer, a tertiary layer, and so on.
Each layer complements the previous layer and adds functionality. The Lightning Network for Bitcoin is a second layer that uses micro-payment channels to increase the blockchain’s ability to make transactions more efficient. The Lightning Network can also be used to conduct other types of off-chain transactions involving exchanges between cryptocurrencies.
Get a summary of news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss any of the essential Cointribune!
As for the angelism of the intermediaries of the current monetary system, I oppose DeFi, digital assets and the metaverse. Lawyer in Luxembourg, I am interested in cryptocurrency investment funds.