Today, Boltz Boltz announced that it has released the Boltz Bitcoin Payment Plugin in an open beta. This plugin allows BTCPay server users to easily accept bitcoin via Lightning and have it swapped, then stored in a non-custodial manner. Liquid Network.
It is important to note that the word “you” means “you”. “Nodeless” Boltz employs a BTCPay mode. Liquid Swaps To make an automatic switch from Lightning to Liquid as soon as a Lightning Invoice is paid. Boltz BTCPay Plugin Users can swap Bitcoin back into the mainchain using Liquid Swaps. Using the integrated wallet system of this plugin, users can create and import Liquid wallets as well as mainchain wallets.
“Merchants can receive or accept bitcoin by swapping incoming Lightning payments into their Liquid wallets and, like this, they don’t have to operate a node,” Bitcoin Magazine interviewed Kilian Boltz CEO.
“What they are holding in the end is LBTC — Liquid BTC,” he said.
“We also want to give them an option to automatically swap back to the mainchain if they so choose. They can say, ‘Okay, if my Liquid Bitcoin balance reaches 0.1 bitcoin, 0.5 bitcoin, swap it back to the mainchain.'”
The merchants retain control over their money at all times when using this service.
Boltz developed the plugin as a way to alleviate anxiety associated with the running of a Lightning node.
“Running and managing a Lightning node is no easy feat,” Boltz CEO Michael stated in a recent press release. “Channel management is complex and inbound liquidity can be such an alien concept”.
Kilian shared the sentiments of Michael, and echoed his words. “running your own Lightning node is neither a realistic nor recommended goal for many individuals, and even for professionals like merchants, as of today.”
The previous solutions available for accepting Lightning Payments, without having to run a node, either involved a counterparty risk (or were not applicable in all jurisdictions), or they were custodial.
Boltz team stated that since this is the first plugin of its type, it is still possible that there are bugs. Kilian revealed that it had indeed processed thousands of transaction and that StrainlyIt is completely run on.
“After one month testing the Boltz plugin in front of thousands of users, I can tell this truly is a game-changer,” Alan Strainly CEO, previously experienced mixed results using Lightning Solutions like LNBank or other Lightning Service Providers. “Processing LN payments straight to and from a non-custodial Liquid wallet, plus automatically consolidating the Liquid balance to my non-custodial BTC wallet according to my own preset threshold: hands down the most impactful plugin ever released on BTCPay!”
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Source: bitcoinmagazine.com
