At Select Automotive, we are a forward thinking business and continually aim to use new technologies and systems in our business to drive efficiency and create added value for our customers.

We’ve recently spent time researching and assessing Bitcoin and the Lightning Network as legitimate payment option for our business. Our conclusion is that the network has the potential to grow exponentially over the next decade, like PayPal did in the early 2000's.

As a result we have, since the beginning of August, started accepting Bitcoin as a payment method for our products.

Of course we may be wrong in our assumption but we felt, as progression is one of our values, it was important to embrace this new payment technology.
 
But what exactly is Bitcoin?

If you believe what you read or hear on the news, then it's a scam, used by criminals as well as being a volatile asset.

But in reality, essentially Bitcoin is digital cash which uses a blockchain to keep a decentralised ledger of all the Bitcoin transactions.

Bitcoin is a highly liquid and a traded asset much like tech stocks are currently and there are many other crypto currencies available which operate using a blockchain, all offering advantages.

Unless you require the network to be decentralised, you might as well use a centralised database. This is far cheaper and uses much less computing power than running a blockchain



What is the Lightning Network?

The Lighting Network is a layer 2 solution which uses the Bitcoin blockchain. It allows for faster Bitcoin payments by processing transactions off chain, incurring lower fees than the main Bitcoin blockchain and settling instantly. The Lightning Network is bitcoin’s payment network and will play a huge part in growing the use of Bitcoin as a global payment method.
 
How does it work in accepting Bitcoin as payment option?

We have a merchant account with CoinCorner who are a Bitcoin exchange based in the Isle of Man.

Within the sector CoinCorner are innovating and contributing to the growth of Bitcoin, both because it’s their core business and because of the conviction the management team have in Bitcoin being the best form of money.

Our merchant account allows us to send Bitcoin invoices via a Web interface and also accept payments over the counter using a mobile app.

We input a payment amount in GBP, the customer makes payment instantly using a Bitcoin/Lightning Wallet or NFC (Near Field Communication) enabled card in BTC (Bitcoin).

When a payment is made, the amount is instantly converted back to GBP from BTC avoiding any volatility and CoinCorner charge a 1% fee for use of the service.

It really is as simple as that and we can withdraw the GBP at any time from our merchant account.
 
Accepting Bitcoin as a payment method compliments our current choices offered to our customers - Google Pay, Apple Pay, MasterCard, VISA, PayPal - and also supports the growth of the Bitcoin network.

If you would like to know more about Bitcoin, the Lightning Network and how it can benefit your business, I'd be happy to answer any questions you may have. Drop me an e-mail on jon@selectautomotive.co.uk