The Swiss city of Lugano announced a “plan” to accept bitcoin as legal tender last March. On the spot, some businesses, including McDonald’s, now accept bitcoin as a means of payment.
Pay for Mcdo with Bitcoin in El Salvador and Switzerland
Last March, the Swiss city of Lugano announced a “plan” to approve bitcoin as legal tender. Famed fast food chain McDonald’s has made the project a reality by accepting bitcoin as a means of payment, BFMTV reported on Wednesday (October 5).
After accepting bitcoin as legal tender in El Salvador as of September 2021, the brand now accepts bitcoin payments at 19 of its restaurants.
Thus, customers of the American giant can pay for their burgers in bitcoin and US dollars (Tether stablecoin) in the Swiss city of 63,000 people. The brand currently accepts bitcoin payments at 19 outlets in El Salvador, and as of September 2021, the country accepts cryptocurrency as legal tender.
To pay, customers must use the Lightning Network (LN) app on their smartphone. This makes it possible to use bitcoin as a means of payment for small transactions and reduces costs, our colleagues clarify.
Lightning Network for Bitcoin Mining
The Lightning Network was founded in 2015 and uses a white paper from the same year. With this network outside of Bitcoin, it allows for convenient transactions, including automatic payments, without waiting for the transaction to be added to the main chain. In addition, Lightning Network transactions have a much lower transaction fee, making them an ideal alternative to Bitcoin for small payments.
The Bitcoin blockchain is called a digital ledger because it contains all the blocks or transactions, from oldest to newest. Bitcoin and Ethereum are the two most widely used blockchains.
According to a recent report from Arcane Research, the Lightning Network has been used more and more lately. The report says that LN was used by 80 million people in March last year.
Since then, the number of users has increased by 400%, with up to 500,000 LN payments made in the first quarter of 2022. Since then, many people and investors have shown great interest in LN.
Bitcoin: the future of legal tender in Lugano?
Lugano Mayor Michele Foletti first posted the information on his Twitter account on Sunday. The latter refers to “first merchants” authorized to accept payments in bitcoin. Other than McDonald’s, we don’t know if other stores offer it.
In Lugano, the “Plan ₿” includes the development of a center on the topic of cryptocurrencies and provides for the creation of two investment funds, Cryptonaute points out.
The first, which will help spur bitcoin adoption across the city, is worth $3.26 million. The second of the $110 million will be used to settle startups looking to launch in the Swiss city. The goal is to make Lugano one of the leading crypto cities in Europe.
Back in March, Michele Foletti and Tether CTO Paolo Ardoino announced the “₿ Plan” to secure Lugano’s acceptance of bitcoin as legal tender in the future.
“El Salvador’s GDP increased by 10% and tourism by 30% after bitcoin was declared legal tender,” Paolo Ardoino said at the time. “Imagine what we can do in a city in the center of Europe.”