The team at the Bitcoin payments app Fold has just announced that the Lightning Network capability has now been implemented. If you are already a user of Fold you will already know this but in case you didn’t, the app allows users to spend their Bitcoin at their favourite retailers either online or in-store.
For now though, Fold users will be able to spend their Bitcoin instantly with almost zero fees such as other retailers like Starbucks, Uber or Amazon.
As it says on the website:
“Fold allows you to spend bitcoin in the real world by transferring BTC from your wallet into a digital gift card on your phone. Once you’ve sent your BTC, you can find your brand-specific gift card barcode in the “My Cards” view in your Fold account.”
On top of this, merchants will be able to settle payments through their prepaid access programs in the currency of their choice.
So even though the power of Lightning will drastically improve the whole experience of Bitcoin payments, users will find the same features that make the Fold app different. There won’t be any Know Your Customer, no mandatory signup, no altcoins, no hidden markups and if that wasn’t enough, it will be fully non-custodial.
The team at Fold say:
“We believe that bitcoin provides a fundamentally better way to pay, one that preserves privacy, resists censorship and is natively global. To this end, we build products that make spending bitcoin a no-brainer, making it as easy to use, rewarding and widely accepted as a credit card.”
If we take a look outside of Lightning payments, the app is currently working on expanding its list of supported retailers and integrations with other partner wallets and ecosystems. This will use incentives to reward users for simply using the app to its fullest potential.