How does Surfcity uses Bitcoin payments?
Surfcity supports different kinds of Bitcoin payments:
- You can use Bitcoin Lightning as one of supported payment methods for your booking
- For monthly payouts to parking space owners, standard (on-chain) Bitcoin payments are supported as one of payout methods
- You can use Bitcoin Lightning withdrawals to withdraw anytime your payout directly to your wallet
What is Bitcoin Lightning?
Lightning is an instant payment network for Bitcoin. It allows transferring funds between two parties instantly and without posting the transactions to the blockchain. Thanks to this it provides instant and very cheap transactions, while your Bitcoins remain still fully under your control.
Why should I pay for my booking using Bitcoin Lightning?
Payment using Bitcoin Lightning has the following advantages over payment using your VISA/MC card:
- You do not pay fixed 25c fee for your transaction that is charged by our card processor
- If you have Bitcoin Lightning wallet installed on same device, payment is fluent and fast - you do not deal with payment card details and you do not share your payment details with additional processors such as Google or Apple Pay
What do I need in order to use Bitcoin Lightning payments?
You need some ₿ (satoshis) in the wallet that supports Bitcoin lightning payments. Such wallets are for example Breez mobile app, Phoenix wallet or Blue wallet. Just install the app of your choice and follow the steps to set it up.
What do I need in order to get payouts in Bitcoin?
Surfcity support Lightning withdrawals (via LN-URL links) that allow you to withdraw your payout directly to your Bitcoin Lightning wallet anytime! We try to keep open Lightning payment channels to major wallet providers - for now mainly to Breez wallet, so that payments fluently work and do not involve higher routing fees. When calculated withdrawal amount we keep small reserve to cover potential routing fees, however after your first withdrawal completes, you can withdraw this reserve as well (min reserve is 1 sat).
For those payout that were not withdrawn using Lightning we use standard Bitcoin transactions that we process monthly if sum of payouts reaches minimal limit (currently 100k sat). All you need is to provide your Bitcoin address in Surfcity app. To generate such an address you can use any Bitcoin wallet (including, but not only those supporting Lightning payments listed above). For improved privacy, you can provide different address for each payout. Please take these advices with caution if you plan to own higher amounts of Bitcoin. In such case use dedicated hardware wallets and proper backups to safeguard your keys. You can still use convenient Lightning wallets to pay or receive smaller amounts such as from Surfcity.
Surfcity Lightning node information
You need this information only if you would like to open direct payment channel to Surfcity