The Fold app will support Bitcoin payments for retail outlets such as Starbucks and Whole Foods.

Using Bitcoin for payments is becoming more than just a dream as the Fold payment platform is set to launch the Lightning Network, allowing users to pay with Bitcoin while shopping online at several merchants, including popular names like Starbucks, American supermarket Whole Foods, AMC, and Home Depot.

Fold is a payment platform with a vision to bring cryptocurrency to everyone. While currently focused on creating channels for mainstream users to use cryptocurrency, the usage is still relatively low. They aim to become the gateway for cryptocurrency payments in anticipation of the potential "currency revolution" that may come.

According to a report, although customers will be transacting in Bitcoin, merchants have the flexibility to choose which currency to receive. This reduces the volatility risk for merchants using cryptocurrency.

CEO of Fold, Will Reeves, stated

that the Lightning Network will be integrated with existing payment systems - POS, and will be used on a prepaid basis, such as gift cards, store credits, and other familiar options for merchants.

He also mentioned that he hopes Fold can make it effortless for merchants in this aspect, without the need to install new hardware or software. He noted that Fold has been researching this P2P feature for a year and believes Lightning Network transactions are a way for consumers to use cryptocurrency, not only as a store of value but also as a payment method.

Customers using Fold will see a list of available merchants. They then choose the denomination and how much money they want to spend, and can operate from any wallet they choose. Once the invoice is filled out, it will immediately display a barcode generated for the merchant's gift card or other payment method.

He believes and stated in the company's release:

Bitcoin provides a fundamentally better way to pay, one that protects privacy, resists censorship, and is inherently global. Therefore, our product will make Bitcoin easy to use and widely accepted.

This startup is currently incubated by the venture production studio thesis.co, with its primary users in the United States and claiming to have tens of thousands of users with a global transaction volume reaching thousands.

Further Reading

• Popular Bitcoin hot wallet to support Lightning Network
• Bitcoin sees the largest weekly drop of 12% this week, with the overall market value evaporating by $30 billion

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