The Bitcoin Point of Sale Payment System in five minutes.

[shortsegments]

Strike and Jack Maller bring you Bitcoin Point of Sale Payments.

picture source

Bitcoin as the new payment infrastructure

• If you watched the Jack Maller presentation at Bitcoin 2022 in Nashville, TENN, USA you saw him explain a system using Bitcoin.
• The most important things to remember about using Bitcoin as the infrastructure are:

First, you are using the Bitcoin blockchain to transmit payments.

• People pay in dollars, which are converted to Bitcoin, sent across the blockchain, then converted back to dollars.
• This means the purchaser pays in dollars, and the merchant receives dollars, and neither one has anything to do with Bitcoin.

Second, the Bitcoin is only used as the medium of transfer

• The purchaser puts in dollars and the merchant received dollars.
• There is no exposure to Bitcoin volatility.
• There is no tax situation created for the user.
• The user never buys or owns or sells bitcoin.
• It is purely a utility tool here.

Three, this system creates instant or immediate settlement, with no middlemen or intermediaries and is nearly free. or way less then 3%.

• Jack Maller makes this possible using the Bitcoin Lightning Network.
• So transactions are "Lightning Fast"
• Transactions are 'free" due to all costs of the Lightning Network Node being borne or paid for by the Node Operator

Bitcoin point of sale is live

• Jack Maller did this presentation in 2022, and this system went live or started operating then.
• Jack's company Strike is a regulatory compliant Money Transmitter, so this activity is legal in the USA.
• So this innovation was not only made in the USA, but it can be used in the USA.
• So there is no fine print in this article saying this service is not available in Iran, North Korea, Venezuela and the United States of America.

The End or the Beginning? I think the beginning

picture source

Special Note

This is a rewrite of an article I feel I could have done better, especially because it is part of an archive. So I have published it with rewards declined, because it isn't 100% original.

Comments

[creativetruth]

Nice write up.
Couldn't help but notice a couple simple grammar/spelling errors.

your using Bitcoin
you're using Bitcoin
(It is not your Bitcoin. You are using Bitcoin.)

niether
neither
(Neither may be pronounced with either an I or an E, but it doesn't change the spelling.)

First time I learned about this type of cash payment using Bitcoin. This write-up makes it very simple for the common person to understand.

Question: Is there a difference in how physical dollars are held or delivered using the Bitcoin point of sale system? Or are we primarily using this point of sale system to transmit dollars from a debit card or credit card account? I am imagining a bank type machine to process and hold physical dollars for Bitcoin point of sale purchases, but I think I am misunderstanding.

[shortsegments]

Thanks for the feedback and the good questions. I will correct the typos.

[brianoflondon]

This is what I've built with @v4vapp and @keychain. Just without the central point of failure which can delete your account or cut you out of the network at any moment.

[shortsegments]

I am learning about this lightning network, so I have a question. Does the Strike Network Lightning Node represent a single point of failure? Are you referring to Strike deleting your account? And cutting you off your access to the Lightning Network or are you referring to something else?
Thank you

[smallbites]

it would be nice to have some more dumbed down explanations of lightning network.

[smallbites]

nice short description of what could have been long and boring

[shortsegments]

Thanks

[shortsegments]

deleted