Crypto

The UK Goes Lightning: CoinCorner Offers The Bolt Card, Contactless BTC Payments

The future is now.  CoinCorner’s the Bolt Card is a contactless and practical debit card that does not have a screen. The item indicate the next phase in bitcoin development, the development of circular economies powered by the Lightning Network. Is this card the concept that will bridge the space in between bitcoin and the public?

At the Bitcoin 2022 conference, Jack Mallers revealed that Strike will bring Lightning payments to half of the Point-Of-Sale terminals in the United States. Excited about the advancement, we explained it as:

“Strike partnered with Blackhawk and NCR to bring bitcoin payments to hundreds of thousands of Point-Of-Sale terminals in everyday businesses across the US. This includes hypermarkets, major stores, and every fast-food chain.”

However, the video that Mallers provided was a demonstration. The item is not yet prepared, much less currently released. On the other hand, The Bolt Card works currently. Certain conditions use, however, as you’ll discover in the following text.  Is CoinCorner totally lost or on to something? Let’s take a look at an alternative method of fixing the issue.

The Bolt Card by CoinCorner

Coming at us straight from the Isle of Man, CoinCorner explains The Bolt Card as “an offline Lightning contactless card.” And taking a page from the currently pointed out Jack Mallers, they explain the bitcoin network as “a global, open, permissionless, decentralized monetary network.”

Leaving modesty aside, CoinCorner CEO Danny Scott states, “this is real world innovation with real world products that will help real world people in everyday life.” He’s discussing a debit card “attached to your CoinCorner account,” with which users can invest GBP, EUR, or Sats. 

In the video above you can see The Bolt Card in action, and here Scott discusses precisely what took place:

“An offline NFC (contactless) card “tapped” the Lightning allowed POS gadget, which asked for the necessary payment, my @CoinCorner account got my GBP, turned it into BTC and immediately sent out BTC over Lightning to the merchant immediately settled.”

BTC rate chart for 05/20/2022 on Bitfinex | Source: BTC/USD on TradingView.com

The Limitations And The Lack Of A Screen

The sales point of the debit card, according to CoinCorner, is that in-person Lightning payments aren’t yet useful. The business thinks that those deals are “still not as efficient and user friendly as we need it to be for the mass audience. We’re still opening our phone, opening an app, scanning a QR code and then making the transaction.” 

Is this actually an issue, though? Cell phone-based payment options are plentiful, and individuals appear to be comfy with them. The QR code design is reasonably typical and not unique to bitcoin Lightning payments. Plus, individuals like their phones. In any case, obviously, contactless cards are the standard in the UK. So, perhaps CoinCorner is on to something.

The constraint of this payment option is that it requires a CoinCorner Lightning-allowed POS gadget to work. The business has “devices at around 20 stores live today in the Isle of Man and will be rolling out across the UK and more countries this year,” however still. In any case, CoinCorner assures that its objective is to be interoperable with the Lightning network as an entire, so, “you will soon be able to use your Lightning Bolt Card throughout entire countries.”

The other constraint might be more damming. The absence of a screen implies that users can’t validate the deal’s information by themselves gadget. That implies, they would need to rely on the merchant not to overcharge them. This is a huge issue, thinking about bitcoin’s informal motto is “don’t trust, verify.” However, no option is going to be best and there are constantly compromises. 

Featured Image: The Bolt Card, screenshot from the video | Charts by TradingView



Michael Evans

Professional writer, editor, and producer with over a decade of experience. I'm an experienced editor who has written for a variety of publications, and I specialize in editing non-fiction articles, news, and business blogs.

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