Is Bitcoin and Lightning a means of payment or a payment method?
What is the difference between means of payment and payment method
Means of payment and payment method are two terms that are often used in the context of financial transactions. The difference between them is that means of payment is the actual physical or digital means used to make a transaction, while payment method describes the way in which the payment is made. Means of payment refers to the instrument or technology used to pay for a transaction, such as cash, credit cards, debit cards, bank transfers, e-wallets or cryptocurrencies. It is the means that the buyer or payer actually provides to transfer the value of the transaction. On the other hand, payment method refers to the process or way in which the payment is made. It refers to the selection of the preferred payment instrument and the steps that need to be taken to complete the payment. Examples of payment methods include using online payment platforms, manually entering credit card details at the checkout or scanning QR codes. To summarize, the means of payment is the instrument used to pay for a transaction, while the payment method describes the way in which the payment is made.
Is Bitcoin and Lightning a means of payment or a payment method?
Bitcoin can be considered both a means of payment and a payment method, as it is a digital currency that can be used to carry out transactions and there are various ways to send or receive Bitcoin. As a means of payment, Bitcoin can be used as a digital currency to buy goods and services or to send money to other people. Some retailers and businesses accept Bitcoin as a means of payment and there are also dedicated Bitcoin ATMs and payment providers that process Bitcoin payments. As a payment method, Bitcoin can be considered as a way to make a transaction. For example, you can send or receive Bitcoin via a digital wallet, which you can use via an app on your smartphone or via a web application on your computer. There are also various platforms and payment providers that can accept and process Bitcoin payments. Overall, it can be said that Bitcoin can be considered both a means of payment and a payment method, as it is a digital currency that can be used for transactions and there are various ways to send or receive Bitcoin.
