I would love to get some input on this article i wrote about corporate adoption for the user experience:
Companies that integrate Bitcoin Lightning ⚡️ have the ability to improve the user experience and provide value for the enterprise. An exchange like Coinbase might see it as a cost, but companies like Etsy or Reddit can leverage it to create a stickier platform.
The best way to transfer value globally is via bitcoin. You can settle payments instantly using the Lightning Network. Nothing comes close when it comes to global settlements. No transaction is faster than an electronic P2P transaction. No blockchain can claim to be faster than Bitcoin Lightning since Lightning is purely P2P.
Let's examine how integrating Bitcoin Lightning ⚡️ can transform platforms like Etsy. By doing so, Etsy has essentially become a pseudo CashApp or Venmo for its users. This enables users not only to receive payments into their @Etsy account but they can now pay out of their Etsy account to settle a bill, pay a friend, or for any product or service.
Instant refunds eliminate the waiting game for buyers, while for sellers, it solidifies the platform as their financial hub, reducing the allure of alternative platforms, thereby increasing user retention and engagement. Moreover, it simplifies onboarding for users and for the business transacting globally.
The benefits extend beyond platforms like Etsy. Companies like Reddit can leverage Bitcoin Lightning ⚡️ to introduce new monetary incentives for content creators.
By integrating Bitcoin Lightning ⚡️, Reddit can introduce new monetary incentives for content creators, akin to stackernews, albiet more robust. Content creators can receive payments in bitcoin without extensive user verification.
Now, a Reddit user can seamlessly utilize their Reddit account to make purchases on Etsy or vice versa. This creates a network effect compelling other companies to adopt this strategy, bolstering user experience across various platforms.
By using #bitcoin lightning, a business can reduce its reliance on third-party services that drive fees and segment onboarding, improving operational efficiency. e.g. Plaid connects your bank to the platform to then deposit/withdraw funds or Credit card processing fees on purchases.
In turn, this creates a Network effect that will force companies to adopt this strategy as it gives the user a better experience. Now the Uber driver can use his Uber account to directly buy something from Etsy.
Simply put, people want instant settlement. Services like Robinhood and Venmo levy fees for instant ACH withdrawals, reflecting the cost of providing immediate access. Bitcoin Lightning payments mitigate these costs for the business, enticing more users and strengthening the business’s liquidity position, albeit with custodial risks.
With 62% of Americans living paycheck to paycheck and around 1.7 billion people worldwide without bank accounts, it's evident that the current financial services are not meeting the needs of many individuals. While Bitcoin doesn't claim to be a panacea, it does offer a solution for people to receive their money instantly and with significantly lower fees compared to traditional banking systems. These platforms could take a step towards addressing the financial challenges faced by a considerable portion of the global population and bring financial services in house.
the adoption of Bitcoin Lightning ⚡️ represents a transformative step for businesses looking to enhance user experience, streamline transactions, and stay ahead in today's competitive landscape. Money is going to move faster as we use the internet’s native currency, Bitcoin.
The network effect will only make this stronger. Companies that don't implement the Lightning network will lose market share. The early ones will be rewarded.