Olympus set for 2020 rollout as architects vent fury at the poor quality of Coinbase and BitPay’s Bitcoin buying service.
Lightning powers instant debit card Bitcoin buys
The Lightning Network facilitates instant delivery of BTC purchases, and Know Your Customer (KYC) procedures are kept to a minimum.
“Someone who has never experienced Bitcoin before should be able to swipe their debit card, get Bitcoin delivered to them directly onto the Lightning Network, and make inexpensive instant micropayments within seconds of purchase,” Mallers explained.
The service does not require a Zap wallet for use and operates as a standalone component for existing wallet users. For them, using the purchasing function is optional, with KYC only applicable to those who choose to use it.
Testing remains underway, with Zap applying for money transmitter licenses in each U.S. state prior to a rollout in 2020.
Developer on Coinbase and BitPay: “F*** that”
Explaining the impetus behind Olympus, Mallers did not mince his words.
“Do we wait for Coinbase and BitPay to come around to Lightning? Leave it up to the closed-source elites that have misrepresented bitcoin for years to take the baton and run to the finish line? No. F*** that,” he wrote.
Both companies have felt the pressure this year as dissatisfaction grew among clients. In the case of BitPay, arbitrary rejections of certain payments — including charity donations — sparked outrage on social media.