Substack Introduces Bitcoin Payments Through the OpenNode and Lightning Network

The Lightning Network, a layered payment network for Bitcoin, will now allow Substack's approximately 500,000 paying members to pay using bitcoin.

- The statement was made by OpenNode, a bitcoin payment processor that has integrated its API into the Substack online publishing platform to enable both on-chain and Lightning payments. To begin, OpenNode and Substack are providing the payment mechanism to a limited number of crypto-focused media.

- The Lightning Network is a layer 2 payment rail constructed on top of the Bitcoin blockchain that allows for low-cost, safe, and near-instantaneous transactions.

- The Lightning Network uses actual bitcoin to execute transactions, however it can handle nearly 3,000,000 times more transactions per second.

- “Having this option will offer authors more flexibility and independence, and we look forward to doing more in crypto to suit the requirements of writers,” said Nick Inzucchi, Substack's product designer.

- “Through our collaboration, content producers throughout the Substack ecosystem will be able to accept bitcoin payments and keep or convert their profits in bitcoin. Writers and podcasters have rushed to Substack in order to reclaim their creative and financial independence, and bitcoin is a perfect fit,” stated Joo Almeida, co-founder and CTO of OpenNode.

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