The company mentions that they provide an easy way for merchants to accept Bitcoin, charging 1% for every transaction. The platform is a ‘reliable payments stack’, made up of ecommerce and retail plug-in solution, payment infrastructure API’s for developers, and ‘payment processor limits to allow for brand new payment models and instantaneous settlements’. As OpenNode’s goal is to drive Bitcoin adoption to the masses, they planned to create an avenue, allowing merchants from all over the globe to accept Bitcoin.
One reason for the company’s decision is that ‘merchants love Shopify’, and the platform enables them to sell anywhere, anytime, as well as it helps them with the many tasks that come with running a retail business. Moreover, OpenNode wants to create a borderless future with Bitcoin at the center, and this is why the platform is open to all merchants regardless of what they offer. It develops up-to-date, forward-thinking features, and fronts security by employing industry standard security and data encryption practices.
OpenNode believes that in order for Bitcoin to be made accessible to the public, people should be allowed to expend their stash rather than holding them in their hot or cold wallets. Bitcoin is a medium of exchange and a store of value, but like Visa and other centralised services, it is also an ultra-secure settlement system that is immutable. Challenges of scaling have been addressed by the Lightning Network, a layer-2 solution that automatically scale the underlying making payments near instantaneous. Thus, buyers are free from chargebacks, enjoy low fees, which are charged in pennies, and there is no need of creating a bank account.
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