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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!

What is a payment address?

A payment address looks just like an email address but can be used for collecting Bitcoin payments via the Lightning Network. It is unique and as secure as a Bitcoin wallet address. And because it just looks like an email, you can easily share it with anyone you wish to collect payment from. Note that, as of now, payment addresses only support Lightning Network transactions.

Example of a Payment Address generated via Speed:

[email protected]

How can Payment Addresses help businesses?

Payment addresses simplify Bitcoin transactions by converting 26-35 characters long Bitcoin addresses into easily sharable addresses that look just like email addresses. This feature is available for Speed users. Thus, you will need a Speed account in order to create your unique payment address. If you don’t have it yet, click here to sign up for a Speed account — it’s free, and you only need a valid email address to get started.

• 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 (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.

Benefits of Payment Address

A payment address is one of the quickest and easiest ways to receive Bitcoins via the Lightning Network. Here are a few benefits that make it stand out:

  • Easy to share: Because payment addresses resemble email addresses, they can be shared on-the-go with anyone.
  • Personalized payment addresses: You can create unique personalized payment addresses to receive payments seamlessly.
  • Stand out with a custom domain: Speed also lets you add your domain and create a custom payment address. You can collect payments via it and stand out from the crowd.
  • Highly secure: A payment address is as secure as a Bitcoin wallet address. You can share it on social media, print it on your business card, or embed it on your website for receiving payments.

Use cases

Payment addresses can be used by almost everyone to collect payments. Here are a few popular use cases:

• 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.

Final words

Payment addresses are the most convenient way to collect payments on the go. Sign up with Speed to claim your personalized payment address. Once claimed, it will be yours forever. Speed also lets you add your custom domain to make the payment experience immersive.

Built on cutting-edge technology, Speed offers user-centric features, an intuitive UI, and an unparalleled payment experience to its users. With our robust security measures and excellent customer support team, we aim to make Bitcoins accessible to everyone.

Register now for free to experience blazing-fast Bitcoin transactions worldwide.

Speed Team