Why do we build on Bitcoin?

Sometimes we get asked the question, do you support other crypto currencies? Can I pay with (a different crypto-currency)?

The answer is no. We also don't support paying with gold shares, tesla stocks, treasury bonds, or casino chips.

The reason is straight forward; All of our transactions are done using the Bitcoin Lightning protocol. We're not just flipping numbers in a database. We don't take custody of the funds. So what we need is a solid, efficient, and reliable monetary protocol. This is Bitcoin, Bitcoin's goal is better money.

Bitcoin just works globally for everyone;

  • Its the most solid and relable network with the worlds most powerful computing power securing it.
  • Its actually decentralised, borderless and permissionless, with no central control
  • It has the most regulatory clarity than any other cryptocurrency.
  • Uncensorable - transactions can't be frosen or censored
  • Instant settlement - irrevokable transactions with FIAT settlement
  • Cheaper & faster - lower costs means it's more efficient

Bitcoin by design has no figurehead, no marketing team or advertising budget. Bitcoin's best marketing is the fact that it just works and anyone can use it. Bitcoin's proof of work is a solid foundation as a store of value. It's thermodynamically impossible to cheat at proof of work, so any serious long term project cant do any better than to build on the Bitcoin tech stack.

If you question what the most basic fundamental requirement for a financial system is, it boils down to "who owns what" and this is what Bitcoin does best. If we are conservative about what can happen on Bitcoin's base chain then we can optimise for efficient money. We don't want or need a turing complete base chain, as that just adds complexity to something that needs to be simple. If needs be, we can add complexity to the layers on top of Bitcoin and as such we can maintain this core basic fundamental solid ledger of ownership.

At the end of the day, Bitcoin is just an agreement on a fixed set of rules. It's pure consensus. We agree with the majority that this is better money. We agree to run this code that runs the better money. We agree to work together with the majority of people to help build on, and connect to this better money protocol.

Written by Rob - Lightning Pay Team

Updated October 25, 2024