Payment Addresses: Fastest Way to Collect Bitcoins via the Lightning Network

Bitcoin is one of the easiest ways to transfer value to any part of the world through the internet. All you need is the recipient’s wallet address to initiate the transaction. Only one thing: a Bitcoin wallet address is a 26-35 characters long alphanumeric string. It is hard to remember, and if you misspell it, your funds will be transferred to another wallet and lost forever, you may never be able to recover them.

Bitcoin users already know how difficult it is to share long and complex Bitcoin addresses every time you want to receive funds.

To fix this, we have introduced Payment Addresses for merchants as well as wallet users. Now, users can receive their funds in real time by sharing their payment address with the payer. In this blog, we will understand what a payment address is, how to get started with it, and explore its benefits. If that sounds exciting, let’s get going!

• Build a unique brand identity

Businesses can create a unique payment address for various purposes. For instance, you may prefer to bifurcate your online and offline payment addresses. In this case, you can create two separate payment addresses, one for collecting online payments and the other one for offline transactions. Likewise, you can create up to 10 unique payment addresses for your different purposes.

• Boost brand awareness with custom addresses

Speed allows you to connect a custom domain with the platform via Cloudflare, APACHE, or Nginx Web Server. Once connected, you can create payment addresses with that domain (Ex. [email protected]). Sharing a payment address with your domain will not only boost brand awareness but also enhance your customer’s payment experience.

If you don’t have a custom domain, you can still create payment addresses with tryspeed.com (ex. [email protected]). You can also customize the confirmation message and success URL to redirect users to any external website.

• Lifetime payment address

Payment addresses created by you will be yours forever. Just like an email, all the addresses are unique, and no one can claim a particular address once it’s created. You can deactivate the address if it’s no longer in use. After deactivation, no new payments will be received for that address. However, it will remain at your disposal indefinitely. You can re-activate the address at any time in the future.

• For individuals

If you are an individual, you can claim a personalized Lightning Address via the Speed Bitcoin Lightning Wallet app for free. Once claimed, you can use the LN address to send and receive Bitcoins anywhere, anytime, at zero transaction fees.

Example of a Lightning Network address generated via the Speed app:

[email protected]

Please note: unlike our payments platform, adding a custom domain functionality is not available for the Speed Wallet app.

• Freelancers

Freelancers can use payment addresses to collect Bitcoins from their global clients. Bitcoin transactions are faster than any traditional payment method available today. Moreover, the processing fees levied by Bitcoin payment processors are significantly less than those for credit cards or bank transfers.

• Content creators

Independent creators, bloggers, influencers, YouTubers, and artists can start accepting Bitcoins via payment addresses as tips or for providing exclusive content. This way, they can generate additional revenue and provide their fans with an easy way to support their work.

• Donations and crowdfunding

Nonprofit organizations and crowdfunding platforms can use payment addresses to accept donations worldwide. Payments made via the Lightning Network can be settled immediately and incur lower processing fees.

• Restaurants and cafes

Restaurants and cafes can seamlessly collect Bitcoins by sharing their payment address with their customers. Bitcoin transactions via payment address can be significantly easier than credit card payments or bank transfers.

• Peer-to-peer transactions

Individuals and businesses can use payment addresses to send Bitcoins quickly and securely via the Lightning Network. It’s an excellent option for settling debts or sharing expenses.