With cryptocurrency disrupting the traditional financial system, accepting Bitcoin as a payment method is gradually becoming the norm. Even though Bitcoin is primarily used as a store of value to protect against inflation, it quickly became a legal tender when significant corporations began accepting digital currency as a form of payment.
Bitcoin As A Payment Form
As a small business owner who uses digital payments to enable the existing cashless policy, accepting Bitcoin as a form of compensation was never a difficult decision. In fact, accepting bitcoin payments eliminates many of the issues I had with traditional payment methods, especially with a fraudulent chargeback. It provides safe and secure transactions with little to no transaction cost.
After becoming familiar with the basic requirements for holding and accepting Bitcoin and, of course, ensuring the local regulations of adopting digital currency, what was left was having a deposit address through a person-to-person payment mode. As a result, customers would scan the QR code to make payments for goods purchased.
The Drawback Of Bitcoin Payment
However, the volatility of Bitcoin often determines the profitability of the business, which could either profit or loss depending on the market condition. On the other hand, the volatility of Bitcoin does not pose a significant concern for my business than the payment delays I suffered. The wait times for payment confirmation and verification are the most significant concern. As a result, payment is always delayed because customers must wait in line to confirm their payment. And in most cases, pay more in transaction fees than the cost of their purchase.
The Bitcoin network takes at least 10 minutes to process a single transaction after receiving blockchain confirmations, which is far too long for a customer who wants to buy a cup of coffee or other small-value items. Hence, this causes payments delay and high transaction fees considering the smaller value of the item purchased. Unfortunately, this hurt sales because customers would have to spend more money overall because of the high transaction fee.
Therefore, with slower transaction speeds and higher transaction fees due to Bitcoin's network congestion, the stores' revenue decreased, owing to less patronage I received because customers couldn't stay as long to make payments, resulting in a significant difference in the daily expected sales margin.
The Lightning Network Solution
In light of the manual and laborious person-to-person method of processing Bitcoin payments, which results in delays in confirmation and verification, I decided to research how I can instantly accept bitcoin payments without having to wait forever for confirmation, how to keep my customers by saving them from paying exorbitant processing fees, and how to significantly increase transaction time within the store without keeping customers waiting for long.
Interestingly, I figured that the lightning network eliminates the need to directly interact with the Bitcoin network when making a transaction. Instead, it creates an off-chain payment gateway using smart contracts to enable instantaneous transactions.
This means a smart contract payment channel will be created when a customer makes a payment using the Lightning Network. Then, the payment channel is immediately opened and logged on to the Lightning Network. Therefore, instead of waiting a long time at the store to validate payments on the Bitcoin network, it is executed off-chain by the Lightning Network, which completes payment instantly and with minor to no cost.
However, I needed a crypto wallet that supports the lightning network's functionality. Unfortunately, the lightning network is not supported by the bitcoin wallet I used to accept payments. So, I needed a compatible crypto wallet to use the lightning network to enable instant bitcoin payments and transactions at the store.
The Lightning Network Compatible Wallet
A quick Google search for "How to instantly complete a bitcoin transaction using the lightning network" led me to the Cwallet platform. And the rest, as they say, is history.
Cwallet has fully functional lightning network features that allow me to receive micropayment transactions instantly without incurring fees. In addition, unlike the bitcoin wallet, which requires me to lock up funds in a multi-signature wallet to use the lightning network, cwallet did not need me to do so, and my transactions were executed at high speed, high volume, and at no cost.
Getting Started With Cwallet Lightning Network
Using Cwallet was simple and free. All I had to do was set up an account and access the cwallet tools to receive payment deposits with the lightning network. The account creation process was straightforward because I only needed to link my mobile number or third-party sites like Twitter, Telegram, Discord, and Reddit. There are no time-consuming sign-up, KYC, or other excessive verification procedures.
After creating a Cwallet account, I received payments through the platform using the QR code for instant payments.
When a customer scans the QR code, I immediately receive a message indicating that the transaction was successful. There was no better way to solve the payment delays than to use the Cwallet lightning network, and since I started using it, my store patronage has increased, resulting in more sales.
Now customers make payments instantly without waiting for confirmations or incurring any transaction fees since Cwallet eliminated the payment delay I experienced.
Are you a business owner? Do you struggle with adopting and accepting bitcoin payments for your local store?
Worry no more! Cwallet is the solution you need!
You can use Cwallet to instantly receive bitcoin payments, just like I did, by following this step-by-step procedure to use the lightning network. The best part? Cwallet will provide a QR code that your customers can quickly scan, and you will receive the payments immediately, all for free!
Cwallet: The Multi-functional Crypto Wallet
Cwallet is a unique cryptocurrency wallet that combines custodial and non-custodial features. With the help of this combined on-chain and off-chain wallet, you can manage and trade over 800 cryptocurrencies in a single spot, providing security, simplicity, and flexibility.
The Cwallet meets individuals' and enterprises' complex crypto needs through a range of features such as the tip code, airdrop game, giveaway tool, mobile refills, bulk payment, request invoice, payment button, and so on. It is more than just a cryptocurrency wallet where users may send and receive funds, buy and sell, or hold and swap cryptocurrency.
Cwallet lowers the entry barrier for crypto usage. You can instantly create a cwallet account with your mobile number or third-party networks such as Twitter, Telegram, Discord, and Reddit.
Cwallet does not charge any deposits, withdrawals, and token swap fees. Therefore, using the Cwallet wallet is absolutely FREE!
So, what are you waiting for?
Download the Cwallet NOW!