“Critics used to say you can’t buy a coffee with Bitcoin,” but Gibraltar, a small British Overseas Territory in Europe, has proven them wrong as Costa Coffee now accepts Bitcoin via Lightning, a major breakthrough.
Other major brands in Gibraltar like Hotel Chocolat, the Card Factory, and the local bakery have also embraced Bitcoin payments through the Lightning Network. This technology allows for quick and seamless transactions, making it ideal for small purchases like coffees, postcards, or ice creams.
The advantage of using Lightning Network is that payments are instantaneous, easy, and cost merchants less compared to traditional payment methods like Mastercard or Visa. Neil Walker, the managing director at Sandpiper GI, the group overseeing these retail franchises, compared using a Lightning-enabled card to using a contactless credit card, noting, “It’s no different to using a contactless credit card.”
“It is just as quick you can tap and pay contactless credit cards, you can tap and pay lightning, scan a QR code. And whilst I haven’t timed it, I reckon it’s almost exactly the same speed.”
CoinCorner, a Bitcoin exchange based in the Isle of Man, has partnered with Sandpiper GI to provide merchants with Bitcoin Lightning point of sale devices, further facilitating Bitcoin transactions in Gibraltar.
The convenience and efficiency of using Bitcoin Lightning have made transactions easy for both customers and businesses despite their beliefs about Bitcoin. Walker emphasized that regardless of one’s stance on Bitcoin, utilizing the Lightning network can help reduce transaction costs and enable mobile payments seamlessly.
“For a long time, the idea of paying with bitcoin seemed alien to both businesses and individuals, but with the launch of The Bolt Card and the ability to “tap and pay” via lightning, the user experience is quick, easy and familiar to everyone.”
With Gibraltar attracting millions of tourists every year and a significant daily influx of cross-border workers from Spain, Bitcoin adoption could streamline currency conversion, remittance, and boost tourism in the region.
Now, customers in Gibraltar can simply scan a QR code or tap their NFC-enabled Bitcoin Lightning card to pay for a coffee. The Bolt Card, introduced by CoinCorner, has been instrumental in driving Bitcoin adoption in the area.
Bitcoin adoption in British Overseas Territories, including Gibraltar, has seen substantial growth due to the ease of tap-and-go payments. On the Isle of Man, for instance, Bitcoin adoption has surged significantly, with the number of businesses accepting Bitcoin growing substantially in the past six months.
Gibraltar, with its newfound Bitcoin-friendly environment, could soon be known as the “Bitcoin Rock,” with major brands like Costa Coffee and Hotel Chocolat paving the way for others to follow suit in embracing cryptocurrency payments.
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