Bittr and Nodl announcing possibility to buy bitcoin over Lightning Network directly to your Nodl node
Stacking sats with Bittr will become cheaper, more convenient, and faster for Nodl users!
SAN FRANCISCO - During Bitcoin 2019 on June 25/26th 2019 in San Francisco, the teams behind Nodl and Bittr crafted the foundation of enabling recurring bitcoin purchases via the Lightning Network from Bittr to the Nodl node. The function will become availble to all existing and new users of the Nodl hardware node, on an opt-in basis. Nodl users will be able to set up a recurring bitcoin purchase (dollar-cost-average) and instead of receiving the bitcoin on-chain, the bitcoin will be send directly to the Nodl node over the Lightning Network.
“While talking to the Nodl guys during Bitcoin 2019, we may have found the perfect match to experiment with Lightning payments at Bittr”, said Ruben Waterman, Bittr’s Founder and CEO. “So far, we've been struggling with Lightning adoption at Bittr as we absolutely want to remain non-custodial, which made Lightning transactions difficult, as Bittr has to make immediate payouts and cannot keep bitcoin until it's claimed with a Lightning invoice”.
Bittr enables its customers to buy bitcoin on a recurring basis, directly into their own wallet, making it the first non-custodial bitcoin savings service in Europe. At present, bitcoin transaction fees are relatively cheap as Bittr customers currently pay between 40 and 160 satoshis per transaction. However, in the future transaction fees may rise, resulting in a preference to receive recurring bitcoin purchase over Lightning. At the current state of the Lightning Network, the recipient of the payment has to be online, in order to receive a payment. Since Nodl nodes run 24/7, the Nodl and Bittr teams saw an opportunity to open up the Bittr API for Nodl users so that communication can take place to receive Lightning payments.
Nodl nodes will have the ability to establish a secure connection (potentially via Tor) with Bittr so that messages can be exchanged. Once the customers makes a (recurring) bitcoin purchase, Bittr will notify the Nodl node that Bittr wants to pay an amount of satoshis to the customer, after which the Nodl sends a Lightning invoice for that exact amount. If for whatever the reason, there is no communication between the Nodl node and Bittr or the Lightning payment fails, an on-chain transaction will be made in order to avoid any custodianship. Bittr customers will experience faster and cheaper payouts, while at the same time improving their privacy as there will be less on-chain visibility of the recurring bitcoin purchases.
The Nodl & Bittr partnership will be available later in the year to all new and existing customers of Bittr and Nodl throughout the European Economic Area (EEA).
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