Boltz BTCPay Plugin streamlines Lightning payments for retailers
Prior methods for accepting Lightning payments without operating a node often presented limitations, such as being custodial or available only in select regions. The Boltz BTCPay Plugin delivers a non-custodial alternative, signifying a major advancement for retailers wishing to accept Lightning payments without the technical demands of node management.
Kilian reiterated this viewpoint, commenting that “running your own Lightning node is neither practical nor advisable for many individuals, and even for professionals such as retailers, as of now.”
Moreover, retailers have the option to automatically convert back to the Bitcoin mainchain. For example, they can set a threshold like 0.1 or 0.5 bitcoin, and once their Liquid Bitcoin balance hits that figure, it will automatically revert to the mainchain. This feature grants flexibility and control over how retailers handle their bitcoin assets.
For Australian companies, the Boltz BTCPay Plugin signifies a substantial advancement in facilitating Bitcoin and Lightning Network adoption. With the rising interest in Bitcoin and blockchain technology throughout the nation, especially in cities like Sydney and Melbourne, the plugin provides a simplified, non-custodial solution that removes the necessity for complicated node management. This is particularly relevant for small to medium-sized enterprises (SMEs) that may lack the technical know-how or resources to operate their own Lightning nodes.
“Retailers can receive bitcoin by converting incoming Lightning payments into their Liquid wallets, without the requirement to manage a node,” stated Kilian, CEO of Boltz. “What they ultimately possess is LBTC — Liquid BTC.”
Furthermore, the plugin’s capacity to automatically convert Lightning payments into Liquid Bitcoin (LBTC) and back to the Bitcoin mainchain grants Australian companies increased flexibility in managing their cryptocurrency assets. Whether they wish to retain LBTC for its faster settlement times or revert it back to BTC for long-term holding, the plugin provides a smooth, non-custodial avenue to achieve this. This is particularly advantageous for businesses keen to protect against Bitcoin’s volatility or utilize the Liquid Network’s privacy features.
The plugin was specifically designed to tackle the challenges of operating and overseeing a Lightning node, which can be quite demanding. “Managing a Lightning node requires substantial effort,” remarked Boltz CTO Michael. “Channel management can be complicated, and inbound liquidity may be an unfamiliar idea for many.”
Today, Boltz introduced the Boltz BTCPay Plugin, an innovative tool now available in open beta. This plugin allows retailers utilizing BTCPay Server to effortlessly accept bitcoin via the Lightning Network, while also providing the exclusive benefit of automatically converting and storing assets in a non-custodial manner on the Liquid Network.
Non-custodial option for Australian companies
Australia has emerged as a hotspot for cryptocurrency innovation, with a growing number of retailers and companies aiming to incorporate Bitcoin payments into their operations. However, the technical hurdles associated with running a Lightning node have often deterred them. The Boltz BTCPay Plugin eliminates these challenges by enabling businesses to accept Lightning payments without a node, while still preserving full control over their funds. This change could revolutionize the way Australian retailers access the advantages of the Lightning Network — including quicker, more affordable transactions — without the complexities tied to node management.
For Australian retailers in industries such as e-commerce, retail, or hospitality, the Boltz BTCPay Plugin could be essential for unlocking the complete advantages of Bitcoin payments. With the plugin, they can accept payments from clients worldwide, finalize transactions instantaneously over the Lightning Network, and manage their assets non-custodially — all without needing a profound comprehension of blockchain technology.
As the Australian government continues to investigate regulatory frameworks for digital assets, the Boltz BTCPay Plugin presents a compliant, non-custodial solution that aligns with the nation’s drive for innovation in the cryptocurrency sector. By offering a secure, user-friendly means for businesses to accept Bitcoin and Lightning payments, the plugin could facilitate greater cryptocurrency adoption in Australia, positioning the country as a forerunner in the global crypto economy.
Source: bitcoinmagazine.com
A significant advantage of the Boltz BTCPay Plugin is that retailers maintain complete control of their funds at all times, providing a non-custodial experience. This marks a notable improvement over earlier solutions, which frequently involved counterparty risks or were custodial in nature.
The plugin’s “Nodeless” mode utilizes Liquid Swaps to immediately transform Lightning payments into Liquid Bitcoin (LBTC) as soon as a Lightning invoice has been settled. Retailers can also opt to revert LBTC back to the Bitcoin mainchain should they choose to. It features an incorporated wallet system, enabling users to create or import both Liquid and mainchain wallets, making it a multifunctional tool for fund management.
