Bitcoin in Gibraltar: BTC payment cards welcomed with great fanfare

CBs that run on Bitcoin – Most states are feeling the fear for Bitcoin (BTC) and its competition with fiat currencies. However, some countries are openly crypto-friendly, like Switzerland ou the salvador Of course. In the far south of Spain, the small British Overseas Territory of Gibraltar takes advantage of its legislative autonomy from the Crown to be welcoming to crypto-enthusiasts. Flash payments in Bitcoin, via the Lightning Networkthere are therefore particularly welcome.

Gibraltar fully into crypto payments

In this summer period, some may be thinking of the Costa Brava and other beautiful Spanish beaches. A little further south, the small beaches at the foot of the rock of Gibraltar have a taste of Bitcoin.

As the report including Cointelegraph, several establishments and franchises in this territory have started to bitcoin acceptor as a means of payment. The coffee chain Costa Coffeefranchises Hotel Chocolate and card factoryor even in bakery : many businesses and services have started to accept BTC from their customers who are fans of cryptocurrencies.

Obviously, for micro transactions fast and almost free of charge, it is the second layer solution (layer 2) from Lightning Network who was chosen to easily exchange satoshis in Gibraltar.

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Bitcoin’s Lightning Network: Faster Than Credit Cards

Of the NFC contactless cards in CB format, called and preloaded in BTC, are used on payment terminals (POS). These are simple smart phones (no additional machines to rent / buy from banks therefore). For the user-customer, there is practically no no difference between these payments in satoshis via the Lightning network, compared to a traditional payment via contactless bank card.

Oh yes ! There is one. The validation of payment with Bitcoin’s lightning network is Ultra fast. The classic process requires the intermediary authorization of the bank issuing a credit card. The proof in image below, where the validation via the Lightning Network happens a few seconds before that of the banking network.

Joe Hall shows the speed of a Bitcoin transaction in Gibraltar – Source: Twitter

These NFC-enabled bitcoin cards are called Bolt Cards. They are offered by CornerCorneran Isle of Man based crypto exchange.

NFC cards in bank format, but loaded with bitcoins – Source: CoinCorner.com

Conquering businesses and small daily purchases is therefore no longer enough for Bitcoin and its Lightning Network. Micro-transactions in satoshis are also gradually taking hold in the world of gamers and video gamesparticularly supported by Square-Enixbehind the Final Fantasy saga.

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