A Bitcoin payment app called Fold has announced its integration of the Lightning Network to their app. Lightning Network greatly improves transaction speed of Bitcoin, by moving it to a sidechain.
Fold, like many apps entering the market space recently, allows users to spend cryptocurrency at large well known retailers. As of now, Fold allows people to use Amazon, Starbucks, Uber, Home Depot, Southwest Airlines, Target, AMC, Whole Foods and more. Merchants are able to settle payments via their prepaid access programs in the currency of their choice.
While Lightning capability enhances the bitcoin payment experience, users will find the same features that make Fold different: no KYC, no mandatory signup, no hidden markups, no altcoins and completely non-custodial. With focus on making the app as easy to use as possible, the app also focuses well on privacy and censorship. If a store has Apple Pay, it accepts Fold.
This brings an app like Fold to mainstream use quite easily, allowing more people to spend cryptocurrency readily for basic amenities such as a coffee or a roll of toilet paper. While people might not want to do that right now, it’s a great step in the right direction of driving crypto into the hands of mainstream people.
The problem with crypto, at the moment, people store it like gold. The value of the coin is usually expected to go up, simply by holding it. Which means using cryptocurrency as actual currency might be some way off. Apps like SPEDN and Fold are great as this an untapped market, and ironing out any issues that apps like this might face, for starters getting retailers to simply accept it, is great headway made for future entrants in the market. Fold especially allows users to use Amazon and Uber, which is quite a feat of its own.