Subway to permit Bitcoin payments through the Lightning Network | The Financial Express

Subway to permit Bitcoin payments through the Lightning Network

According to Cointelegraph, the reportedly largest franchise by number of restaurants is trialing Bitcoin payments at three Subways in Berlin, Germany

Subway to permit Bitcoin payments through the Lightning Network
Reportedly, Daniel Hinze, owner, Berlin Subway franchise, made the recording of more than 120 Bitcoin transactions

Fast-food restaurant company Subway has started to accept Bitcoin again, this time through the utilisation of the Bitcoin Lightning Network, as reported by Cointelegraph.

According to Cointelegraph, the reportedly largest franchise by number of restaurants is trialing Bitcoin payments at three Subways in Berlin, Germany. It is believed that Subway first experimented with Bitcoin approximately 13 years ago in Moscow, Russia. On the basis of the past couple of months, Daniel Hinze, owner, Berlin Subway franchise, made the recording of more than 120 Bitcoin transactions. 

“Five years ago, I started to deal with cryptocurrencies; and in the last two years, I have dealt very intensively with the topic of Bitcoin. With that in mind, I’ve decided that [Bitcoin] could be the better money system,” Hinze said.

On the basis of information by Cointelegraph, Bitcoin is considered to not be a popular means of exchange in Europe, despite the efforts of merchants, retailers, Lightning-enabled conferences, among others. Hinze has also expressed his support towards Bitcoin payments through making the offering of a 10% discount on all footlongs, meatball marinaras, sucookies, among others, which are subjected to Bitcoin-oriented payments. Hinze entered into a partnership with Lipa, a Swiss-based Bitcoin company, to permit an easy-to-use point-of-sale solution. 

“It’s 2.5% to 4% depending on the contract from the merchant. If it’s a business card, there’s 0.5% on top of that. […] And if it’s a foreign business credit card, you pay up to 7%, and you don’t know until the end of the month,” Bastien Feder, CEO, Lipa, stated.

Moreover, Cointelegraph noted that Lipa and Hinze believe that an increase will happen in the demand for Bitcoin payments. Feder highlighted the reason behind increase in Bitcoin payments as the rising Bitcoin community in Germany, Switzerland, and all over the world. 

(With insights from Cointelegraph)

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First published on: 10-11-2022 at 12:16 IST