Today, Pin announced the launch of the Boltz BTCPay plugin, a first-of-its-kind feature, in open beta. The plugin allows merchants using BTCPay Server to easily accept bitcoins via Lightning before they are automatically exchanged and stored non-custodially in the account. Liquid network.
The “Nonode” mode of the Boltz BTCPay plugin uses Liquid Swaps to automatically swap from Lightning to Liquid the instant a Lightning bill is paid. With Liquid Swaps, users of the Boltz BTCPay plugin can also swap bitcoins to the main chain if they prefer. The plugin comes with a built-in wallet system, allowing users to create or import both Liquid and main chain wallets.
“Merchants can receive or accept bitcoins by exchanging incoming Lightning payments into their Liquid wallets and this way they don’t have to operate a node,” Boltz CEO Kilian told bitcoin Magazine.
“In the end, what they have in their hands is LBTC (liquid btc),” he added.
“We also want to give them the option to switch back to the main chain automatically if they want to. They can say, ‘Okay, if my Liquid bitcoin balance goes to 0.1 bitcoin, 0.5 bitcoin, I’ll switch it back to the main chain.’”
Traders maintain control of their funds at all times while using the service.
Boltz designed the plugin to help alleviate the anxiety that comes with running and managing a Lightning node.
“Running and managing a Lightning node is no easy task,” CTO Michael Boltz said in a press release. “Channel management is complex and inbound liquidity can be a very foreign concept.”
Kilian echoed Michael’s sentiment, as he shared that “running your own Lightning node is not a realistic or advisable goal for many people, and even professionals like traders, as of today.”
Previous solutions for accepting Lightning payments without running a node were custodial, introduced counterparty risk, or were only available in certain jurisdictions.
Since this plugin is new and the first of its kind, the Boltz team noted that while the software is ready to use, users should do so with caution because it could still be buggy. Kilian shared that the plugin did indeed handle thousands of transactions and that Tenselyan online marijuana seller, now runs entirely on it.
“After a month of testing the Boltz plugin in front of thousands of users, I can say that this is truly a game-changer,” said Alan, CEO of Strainly, who previously had mixed success using Lightning custodial solutions like LNBank and other Lightning Service Providers (LSPs). “Processing LN payments directly to and from a non-custodial Liquid wallet, as well as automatically consolidating the Liquid balance into my non-custodial btc wallet according to my own pre-set threshold – hands down the most impactful plugin ever launched on BTCPay!”