Tuesday, January 18

This is the new system that allows payments with bitcoin without intermediaries

Key facts:
  • Bitcoin nodl will launch new devices to accept micropayments with bitcoin in early 2022.

  • They devised it with El Salvador in mind and it will work in other countries such as Argentina, Venezuela and others.

Bitcoin nodl will launch new physical devices called “nodl light” to accept payments with bitcoin (BTC) without the need to use centralized platforms. They are aimed at merchants of products and services who live in developing countries and want to exchange cryptocurrency autonomously.

Bitcoin Nodl is a company that provides hardware nodes, which are devices that allow to exchange bitcoin independently without any kind of intermediaries. The new bet The company’s nodl light devices, which promise to work simply to reach more audiences, will go on sale in early 2022 for around $ 200.

For them to work, it will be necessary to connect them to a computer with the internet, since they operate in a decentralized way under the Lightning Network. They have a plug-and-play node system, the name by which the technology that does not require configuration is called. As this term is translated from English, only “plug and play” is required.

The nodl light devices will go on sale in 2022. Source: Twitter.

Bitcoin nodl will compete against Chivo, exchanges and wallets

The creation of the new devices was driven by the approval of bitcoin as the official currency in El Salvador, according to the company. On this, he asked “how much education will be necessary to incorporate almost 7 million new users?”. He points out that this prompted them to seek to create a simple way in which merchants can accept payments in bitcoin, both there and in Argentina, Venezuela, Colombia and more countries in the region, where bitcoin adoption is growing.

Its goal is that cryptocurrency users do not need to use centralized, custodial or government tools to make transactions. In this way, they propose to be an alternative to the Chivo wallet, for example, which is managed by the government of El Salvador and has received numerous complaints for security problems, as reported by CriptoNoticias.

The node in an open source box that offers Bitcoin nodl aims to maintain the autonomy of cryptocurrency users. The company warns that this aspect is one of the values ​​of Bitcoin and is lost when using exchanges or intermediary wallets, since in many cases they require exposing personal data and authorizing its control in order to operate.

The latter occurs when people can create their wallet from a DNI and do not have access to their keys. That is, the owner of the keys is the application itself, not the users, which means that you do not have full control over the money. Chivo Wallet, for example, is a centralized platform that works in this way.