With a favorable trend, the adoption of bitcoin as an exchange currency is gaining ground. In early July 2022, a 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 is slower. With the lack of a regulatory framework, creating uncertainty about the future of cryptocurrency, few private players venture into it. Nevertheless, some like Subway allow payment in cryptocurrencies in parallel with that in fiduciary money. Some do not want to miss the train now, and therefore decide to take the risk of adopting bitcoin.
Subway: Interest in bitcoin
This isn’t the first time Subway has taken a step towards bitcoin. Already in 2014, the company caused a stir in Bratislava, accepting bitcoin as a means of payment. The indication was timid: Bitcoin Accepted here was mentioned on the door!
The payment process is relatively simple. The Subway employee shows a QR code to the customer, which they can then scan with the application of their choice. In this way, it is not necessary to enter the amount or the address since everything is taken over automatically. It was enough to press on the mention “Send payment” or an equivalent of its application, and the amount in bitcoins arrives on the wallet of the company. 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 emerged from the fact that bitcoin was to be a decentralized payment system where users could remain anonymous and access it from anywhere. Nevertheless, transactions have become much slower and more expensive than expected due to its popularity. Developers therefore created layers of cryptocurrencies, the first of which was the primary 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 is a second layer for Bitcoin that uses micro-payment channels to increase the blockchain’s ability to transact more efficiently. The Lightning Network can also be used to conduct other types of off-chain transactions involving exchanges between cryptocurrencies.
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To the angelism of the intercessors of the current monetary system, I oppose DeFi, digital assets and the metaverse. Lawyer in Luxembourg, I am interested in cryptocurrency investment funds.