In a world where Bitcoin is rapidly gaining traction, traditional payment systems are falling behind. With long settlement times and exorbitant fees, the existing financial infrastructure is ill-equipped to handle the demands of a hyperbitcoinized society. Enter Opago, a pioneer in the field of Bitcoin Point-of-Sale (POS) devices, and Bringin, a company building the bridge between traditional banking and Bitcoin for reliable offramping. Together, they are forging a new path towards a more efficient, secure, and user-friendly payment system.
The Case for Bitcoin
Bitcoin, as a decentralised digital currency, offers a plethora of benefits over its fiat counterparts. Firstly, transactions on the Lightning network are processed near-instantaneously, eliminating the need for lengthy settlement times. Secondly, the fees associated with these transactions are a fraction of those charged by traditional payment processors. This not only saves merchants money but also ensures that their customers receive their goods and services in a timely manner.
The Problem with Traditional Payment Systems
Currently, payment processors like Visa and Mastercard charge exorbitant fees for their services, which can be as high as 3-5% per transaction. These fees can be a significant burden for small businesses and startups, who often struggle to make ends meet. Moreover, the settlement times for these transactions can be anywhere from 1-5 days, which can be detrimental to businesses that rely on quick turnarounds for their inventory and cash flow.
Opago's Mission
Opago, with its cutting-edge POS devices, aims to disrupt the traditional payment system by offering a seamless, user-friendly experience for merchants and consumers alike. By integrating Bitcoin and Lightning Network capabilities into their devices, Opago is making it easier than ever for merchants to accept lightning payments. Moreover, Opago's tax reporting and easy-to-install machines are designed to drive Bitcoin adoption by making it more accessible to the masses.
POS device
The Lightning POS terminals are available for purchase on their website, and allow merchants to set up their own Lightning address to which their sales will be credited. It is a device coloured with bitcoin orange, is the size of a power bank, light to carry, and is being sold at EUR 99 + VAT. The device works both with or without an internet connection, and hence can be used in the most remote locations, or even on the go.
Easy setup
An easy setup process is vital to the widespread adoption of these devices, and Opago has made sure to simplify the process without overwhelming merchants who are new to bitcoin. This is what the process broadly looks like for merchants to set up their Opago lightning terminal:
- Once the device is received, the first step is to open a merchant account at Opago, which can be done through their website. This involves entering company details such as address, tax number etc.
- Enter a Lightning address, which many of the lightning wallets will generate for you.
- Install the firmware on the terminal and configure the device.
- On the dashboard, click on ‘Install Opago POS’, and in a few minutes, the merchant will be able to accept lightning payments, with or without the internet.
Accepting Lightning Payments:
With an easy user interface, these terminals can be used by any employee intuitively without misuse, as they can only accept inward payments.
The Opago dashboard also lets users record these transactions and export them in a CSV file which can be used for accounting purposes.
Revenue earned from these sales directly go into the Lightning address of the merchant.
The missing piece in the puzzle:
To enable merchants to accept bitcoin is only half the problem solved. Since small and medium stores run on thin margins, they do not keep much of their revenue idle and tend to use most of it to pay bills or reinvest in the business. Merchants hesitate before accepting Bitcoin because using the revenue could be complex, expensive and time-consuming. An instant and safe off-ramping infrastructure integrated with Opago POS terminals would eliminate this friction and is the missing piece in the puzzle of widespread adoption!
Bringin widespread adoption with offramp infrastructure:
For years, people have been using fiat rails and the banking infrastructure to conduct trade. Habits are difficult to change, and hence, to achieve anything close to mass adoption, using Bitcoin has to be made as simple and familiar as using Fiat. Bringin is building the infrastructure to enable any merchant accepting Bitcoin to use it as seamlessly as fiat. Bringin avoids the need for merchants to hold the bitcoin they receive by giving them the option of converting all or a portion of the bitcoin revenue into Euros in your bank account.
Bringin’s Seamless Offramps: A Solution to Volatility Risk
While Bitcoin's decentralised nature offers numerous benefits, one of its major drawbacks is its volatility. As a result, many merchants are hesitant to accept Bitcoin payments, fearing that the value of their digital currency holdings will fluctuate wildly. This is where Bringin's off-ramping solution comes in. By integrating with Opago's POS devices, Bringin's plugin allows merchants to accept Bitcoin payments while automatically converting them to Euros, thereby mitigating the risk of volatility.
Bringin X Opago: Revolutionising payments
The partnership between Opago and Bringin represents a perfect match, as both companies share a common goal of revolutionising the payment landscape in Europe. By combining Opago's cutting-edge POS technology with Bringin's off-ramping capabilities, the two companies are creating a streamlined payment solution that is both efficient and user-friendly.
The Future of European Commerce
As the adoption of Bitcoin continues to grow, it's clear that the traditional payment system is due for a major overhaul. With Opago and Bringin leading the charge, Europe is poised to become a hub for innovation in the payment industry. By embracing the benefits of Bitcoin and offering a more efficient, secure, and user-friendly payment solution, these companies are paving the way for a brighter, more prosperous future for European commerce.
