In this blog, we explain what the Blink Wallet is and why it is particularly suitable for merchants who sell their offerings for Bitcoin but do not want to hold the Bitcoin for the long term, but need its equivalent value for ongoing operations.

In this article, you will learn how to install and set up a Blink Wallet and create a personal Lightning address. We’ll also explain how to choose the right account type for your business needs and how to set the wallet to your national fiat currency.

With the step-by-step guide, you can create a business-ready Bitcoin Lightning wallet in just a few minutes and start marketing your Bitcoin offering.

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What is the Blink Wallet?

The Blink Wallet is a custodial Bitcoin Lightning Wallet that contains two balance accounts – one for Bitcoin, the other for US dollars (Stablesats). “Custodial” means that your funds are held by Blink. (You should therefore regularly transfer your earnings to your Bitcoin hardware wallet).

The two different balance accounts give you the choice of participating in changes in the price of Bitcoin against the dollar (Bitcoin account) or excluding the volatility risk (dollar account), see below.

And – very important – with the Blink Wallet you will also receive a Lightning address, which you can name yourself (and thus e.g. “brand”), see below. You can use this Lightning address for your Coinsnap account – so that all your incoming payments will be credited there!

Another important feature of the Blink Wallet is that you can receive (and of course make) payments with Lightning or on-chain, depending on your needs and wishes. Lightning payments are ideal for amounts under around €1,000, as Lightning payments are lightning fast and particularly cheap. If you need to receive larger amounts, we recommend the on-chain payment method, which takes a little longer and is slightly more expensive but can also process large amounts for which Lightning is not suitable.

We will show you below how to install the Blink Wallet, set up your Lightning address, select your preferred credit type and your local currency.

Install and set up a Blink Wallet

You can find the Blink Wallet in your app store for both Android and iPhones. We will now install Blink for iPhones.

To do that, go to the app store, search for “Blink” and select the “Blink (Bitcoin Beach Wallet)” App [1]. Once she has been downloaded, click on “open” [2] and then on “create new account” [3] on the app’s home screen.

Now you have to accept the terms and conditions [1], enter your phone number and click on “Send by SMS” [2]. You will then receive a code via SMS, which you enter in the next window. You will then be in your Blink Bitcoin Lightning Wallet for the first time [3].

You have now installed Blink and set up an account. To be able to work with Blink – or to use the Blink wallet to register with Coinsnap – you still need to do two things: First, to set up your Lightning address, then to select the default account. We will show you how to do this in the following two paragraphs.

Create your branded Lightning address

Without your personal Lightning address, you cannot receive or make Bitcoin Lightning payments. In particular, you need your Lightning address so that your customers’ payments can be credited to you. Blink makes it easy for you to create a personalized or branded Lightning address.

To do that, go to the menu [1] and click on “Set Your Lightning Address” [2] under “Ways to get paid” on the next screen. In the pop-up, enter the name of your address, we’ll enter “CoinsnapDemo” here, and then click on “Set Lighting address” [3].

Now you have a fully-fledged, personal Lightning address (in our case “CoinsnapDemo@blink.sv” ) – and you’re ready to accept Bitcoin payments from customers from all over the world!

Select your preferred account type (Bitcoin or Stablesats/USD)

Now all you have to do is select your preferred account type. This is important, as the Bitcoin price is subject to constant fluctuations, which can be quite significant.

If you believe in the long-term growth of the Bitcoin price and do not want to spend your Bitcoin immediately or transfer it to your company bank account in your local currency, you should choose Bitcoin as your default balance type. If you want to play it safe or realize your earnings 1-to-1, you are better off with the dollar account.

To choose your preferred account type, go to “Default Account” [1] under “Preferences”. On the next screen, you can now select “Bitcoin” or “Stablesats (USD)” [2]. (In our case, we have selected “Bitcoin”.)

Depending on what you have selected, you will now receive your earnings either on the Bitcoin account, where their value can increase (or decrease), or on the dollar account, where – regardless of the Bitcoin exchange rate – your exact sales value will be kept (in US dollars).

Select local currency

Last but not least, you should select your local currency so that you can see your balances in the currency you are selling your listings for. This is just as easy as selecting the default account.

Simply go to “Currency” [1] in the menu under “Preferences” and select your local currency from the following drop-down menu [2]. Now your home screen is switched to euros [3] and you don’t have to convert your account balances every time to know what you own (in euro-equivalent credit)!

Conclusion

The Blink wallet is quick and easy to install and is characterized by its simple operation.

The offer of a Stablesats dollar account is particularly interesting for merchants who want to act at short notice to pay invoices, for example. With the dollar account, they hedge against short-term fluctuations in the Bitcoin exchange rate and can realize their sales at the actual sales price.

The Blink wallet is therefore ideal for entrepreneurs to be credited with Bitcoin sales from their online store.

If you are unsure whether Blink is the right wallet for you, here are some other wallets that are supported by Coinsnap and that we recommend.

Strike Business is a custody wallet where your funds are held by Strike and you have to go through a KYC process for your business.

In return, you receive a Bitcoin Lightning wallet with a Lightning address and can manage both Bitcoin and Lightning in one account and also receive an account for euros.

You will receive a Lightning address that you can store if you accept Bitcoin payments via Coinsnap in your online store or on your website.

Strike Business is of interest to all companies that receive Bitcoin payments and wish to either keep the Bitcoin received or convert it into euros.

To open a Strike Business account, go to https://strike.me/business The entire process is partly in English, as is the subsequent email communication with the Strike Onboarding Team. After clicking on Get Started, you will be asked to fill out a form.

There you will need to provide your name, your personal e-mail address, the name of the company, the location of the company, the URL of the company’s website and the purpose for which you want to use Strike Business.

If you already have a private Strike account, make sure you use a different email address here. Ideally an email address that is associated with the company.

You will then have to wait until you receive a message from Strike. A few days later you will receive an email to start the registration process:

It is an advantage to find out in advance what to expect and it is advisable to compile the relevant documents in advance.

Shareholder audit

An audit includes the KYC audit of the acting persons of this company. These are the directors and managing directors and all shareholders who hold more than 10 percent of the shares in the company. Each of these persons is then asked by e-mail to send a photo of an identification document and to provide proof of their residential address in the form of a bank statement or utility bill.

Company audit

In addition to the persons involved, the company must also be checked. Company documents such as an extract from the commercial register and a current bank statement with the company name and address are requested for this purpose. Once you have prepared everything, click on “Start your onboarding” in the email. You will be redirected to a website where the onboarding process takes place. The link may already have expired. Then simply reply to the email you received. I’ve always gotten the best email support from this later. Once you’re on the website, you’ll go through several steps where you enter the relevant information we just talked about.

Strike Business Dashboard

After successful registration, we can log in via the URL https://dashboard.strike.me/login log in to the Strike Business Dashboard. In contrast to the Strike account for private use, which is managed as an app on the smartphone, the Strike Business account is managed via the web. Those who already have a private Strike account will be familiar with the handling of both accounts.

Cash Balance Account

At Strike you have an account in which the euro balance is managed. You can receive bank transfers to the account. You will receive the relevant bank details when you click on Deposit. Deposits can only be made from a bank account in the same name as the Strike account and Strike only supports Euro for European customers. Withdrawals cannot be made yet, as we need to deposit our bank account first.

To do this, go to Accounts and then to Add bank account. You can then enter the IBAN of your own bank. Payouts are only made to the company account.

Bitcoin Balance Account

We also have the Bitcoin Lightning account, which supports both Onchain Bitcoin and Lightning. With Onchain, the Bitcoin address is displayed to receive payments. Once as an onchain address and additionally as a QR code. To receive payments via Lightning, you must first create a Lightning Invoice. To do this, enter the amount in Bitcoin that you would like to receive.

Please note that the entry is made in Bitcoin, i.e. with decimal places. So if you want to create a Lightning Invoice for 100,000 sats, the entry is 0.00100000 or 0.001.

Lightning Address

You can also receive Lightning via your Lightning address. Your Lightning address is username@strike.me. But how do you get your username? Click on the three dashes at the top right and your username will be displayed, which unfortunately cannot be changed.

If you accept Bitcoin payments with Coinsnap in your online store or on your website, you enter this Lightning address there. The credits are credited directly to your Strike Business account via this Lightning address. However, the Lightning credit is not credited to your Bitcoin account, but converted into euros and credited to your Euro Cash account.

If you do not want to keep the Bitcoin, but prefer to have the Bitcoin turnover credited in euros, then you do not need to do anything. However, if you want to keep the Bitcoin you receive, you must contact Strike Support and request that the conversion is not carried out and that the Bitcoin is credited directly to your Bitcoin wallet. You can reach Strike support at support@strike.me

Send Bitcoin to the hardware wallet

You can use the Send Bitcoin button to send Bitcoin via On-Chain or Lightning. If your Bitcoin balance on the Strike Bitcoin Wallet has become too high, it is advisable to transfer this Bitcoin to a secure Bitcoin hardware wallet, such as the Bitbox02.

It is pleasing to note that Strike does not charge its own fees for Bitcoin withdrawals, as is often the case with other Bitcoin wallets. Only the fees for the Bitcoin blockchain that the miners receive are charged.

Receive Bitcoin – Credit in Euro

If you have deposited the Lightning address you received from Strike with Coinsnap, your customers’ Bitcoin payments will be credited directly to the Strike wallet. The question now arises as to which Strike account the credit should be made to. To the Bitcoin account or to the Euro Cash account?

The default setting for Strike Business is to the Euro Cash account. For traders who are wary of the volatility of the Bitcoin price, we recommend retaining this setting. For example, if the end customer pays €50, this amount will be credited to your Euro Cash account minus the fees. These fees are on the one hand the fees that Coinsnap charges for its own services and on the other hand the exchange fee from Strike. If you would like to offer your customers the option of paying with Bitcoin, but would like to be credited in euros, Strike offers you an immediate conversion at the most favorable fees. The immediate conversion upon receipt of the Bitcoin payment is very advantageous and you are thus protected against the volatility of the Bitcoin exchange rate. Strike Business is particularly recommended for merchants who receive Bitcoin payments from their customers and want an immediate credit in euros.

Receive Bitcoin – Credit in Bitcoin

Currently, incoming Lightning payments are converted directly into euros via the Lightning address and then credited to the Euro Cash Wallet.

However, if you wish to keep the Bitcoin you receive, you must contact Strike Support and request that the conversion is not carried out and that the Bitcoin is credited directly to your Bitcoin wallet.

You can reach Strike support at support@strike.me

Fees

Strike impresses with its low fees and, unlike other Bitcoin Lightning wallets, does not charge any fees for certain services.

Euro deposits and withdrawals

You can make deposits and withdrawals to the Euro Cash account in our Strike Wallet by bank transfer. Strike does not charge any fees for deposits or withdrawals to another bank account.

Bitcoin deposits and withdrawals

You can send and receive deposits and withdrawals from your Bitcoin wallet via Onchain and Lightning. Strike does not charge any fees for deposits and withdrawals of Bitcoin payments.

Lightning

There are no fees for switching from Lightning to Onchain or vice versa. You can therefore receive Lightning credits from your customers, which are credited to the Strike Bitcoin wallet and transferred to your Bitcoin hardware wallet at no additional cost. Other Bitcoin Lightning wallets charge an average fee of 0.5% for forwarding to an on-chain Bitcoin wallet, which Strike does not charge. To be fair, however, it must be pointed out that network fees are incurred when paying via Lightning and Onchain. However, these fees are not charged by Strike, but the actual network costs are passed on. Lightning payments only incur routing fees, which are in the millicent range.

Onchain

Onchain payments incur fees that depend on how quickly the credit is to be issued. However, these fees are displayed before the payment is executed. Strike breaks this down into three stages:

• Priority – about 10 minutes – network fee plus strike fee
• Standard – about one hour – network fee plus strike fee
• Free – about one day – no fees

Strike here means that a strike fee is incurred, but not how high it is. So please pay attention to this when transferring Bitcoin yourself. But if you transfer the Bitcoin to your own Bitcoin wallet, then you certainly have enough time and then there should be no fees and no network fees.

Exchange fee

But how does Strike earn his money?

Strike’s business model is based on the exchange between euros and Bitcoin. Every time you buy or sell Bitcoin, i.e. exchange euros for Bitcoin and vice versa, Strike charges a fee. This fee is staggered and depends on the monthly exchange volume. If you exchange less than €250 per month, you pay 1.29%. If you exchange €1,000 per month, the fee is only 1% and is reduced accordingly. Every month it starts all over again. So check for yourself what fees you would incur. The standard market rate is around 1.5%, making Strike one of the cheapest providers.

Summary

Strike Business is the ideal Bitcoin wallet for businesses. Strike is a custody wallet where your Euro balance and your Bitcoin are held by Strike. To open a Strike account, KYC is required for your company and the acting persons. You will receive a wallet with a euro account and a Bitcoin account, which you can use to manage both separately. You will receive your own Lightning address for your company and, if you want to accept Bitcoin Lightning payments in your store or on your website, you can have the sales credited directly to your Bitcoin or euro account. You can receive Bitcoin and Lightning payments from your customers and decide whether you want to keep the Bitcoin or convert it into euros immediately. With Strike Business, you have a clean separation between your private Bitcoin and your company’s Bitcoin. Strike Business also scores highly in terms of fees. Deposits and withdrawals by bank transfer are free of charge. There are also no fees for deposits and withdrawals via Bitcoin Onchain and Lightning, only the routing and network fees are passed on. Fees are only charged when exchanging Bitcoin for euros or vice versa. However, these fees are cheaper than what is usually charged on the market. Strike Business is particularly recommended for businesses that want to accept Bitcoin and Lightning payments in-store or on the Internet or online store with Coinsnap.

How is a payout in Bitcoin made?

Sales in your webshop are credited to your Lightning Wallet in the form of Bitcoin Lightning.
Lightning is essentially Bitcoin in a different form.
This difference is comparable to the difference between physical cash, which is used for payments, and money in a bank account, which is intended for savings.
If you want to store Lightning without using it for payments, it is advisable to store it in a secure Bitcoin hardware wallet.
These Bitcoin hardware wallets, such as Bitbox, Trezor or Ledger, do not yet support Lightning, which is why the Lightning balance must be exchanged back into Bitcoin.
This process is also known as a swap.
This swap service is offered by Boltz Exchange, for example.

If we want to make a swap from Lightning to Bitcoin, we select Lightning in the top line and enter the amount in Sats that we want to swap.
In our example, 1 million sats.
The system automatically calculates how many Sats are credited to our Bitcoin wallet.
Boltz charges a fee of 0.5% for this swap service and the network fees for the entry in the blockchain must also be paid.
In the Enter BTC address field, we enter the Bitcoin address to which we would like to receive the credits.
We receive this Bitcoin address from our hardware Bitcoin wallet, for example.
Once we have filled in the relevant fields, we click on the button labeled: Create Atomic Swap.

We receive a Lightning Invoice in the form of a QR code.
The amount of the Lightning Invoice is 1 million sats and we can pay this invoice by scanning the QR code or via Webln.
If we click on Pay Invoice via Webln, we can access our Alby Lightning Wallet via the browser extension and pay.
We can also use Copy Lightning Invoice to copy the Lightning Invoice to our clipboard and then paste it into the Send field in our Lightning Wallet and make the payment.

After we have paid the Lightning Invoice, this is displayed accordingly on the website.

When we click on Open Lockup Address, we are redirected to the Mempool.Space page and receive the status of our transaction. The swap was successfully completed and the bitcoins are credited to our own Bitcoin wallet after six confirmations.

It’s so easy to convert your Lightning balance into Bitcoin and load it onto your own Bitcoin wallet.
Coinsnap is in the process of integrating a direct connection to Boltz Exchange.
This enables automatic conversion and immediate transfer to your Bitcoin address as soon as you have a Lightning balance.

11 good reasons for Bitcoin-Lightning payment

No payment system is simpler, easier to implement and more limitless for users than Coinsnap Bitcoin – Lightning Payment. See here 11 good reasons for Bitcoin – Lighting payment from the perspective of an online store operator:

1. Expansion of the customer base

By accepting Bitcoin, merchants can appeal to customers who prefer or exclusively use cryptocurrencies. This expands the potential customer base and can lead to additional sales.

2. Lower transaction costs

Bitcoin transactions with Coinsnap are very favorable compared to traditional payment methods, especially credit cards, as Coinsnap only charges one percent (1%) of the invoice amount for payment processing. This can be particularly advantageous for international transactions, as there are no currency exchange fees.

3. Faster transactions

Bitcoin – Lightning transactions are processed by Coinsnap almost in real time. This is advantageous for merchants and customers who prefer fast payment processing.

4. No chargebacks

Bitcoin transactions are irreversible. This protects merchants from chargebacks and fraud, which can occur more frequently with credit card payments.

5. Decentralized currency

Bitcoin – Lightning is a decentralized payment method that is not controlled by any government or institution. The Coinsnap payment method is available to merchants anywhere in the world, regardless of their business model. Whether in Andorra or Zambia – with Coinsnap, merchants sell their offers to anyone who wants to buy them with Bitcoin (without cumbersome preliminary checks by a payment provider or limits for the customer).

6. Internationalization

Bitcoin – Lightning allows merchants to easily sell internationally without having to worry about currency exchange or different payment methods in different countries.

7. Marketing benefits

Offering Bitcoin – Lightning payment can be perceived as innovative and modern and can therefore be used as a marketing tool to attract technology-savvy customers.

8. Protection against inflation

Bitcoin is often seen as a hedge against inflation. Traders who hold Bitcoin could also benefit from a long-term increase in the value of the cryptocurrency.

9. Data protection and security

Bitcoin – Lightning payments do not require customers’ personal information, which increases privacy and reduces the risk of identity theft. In particular, customers who are afraid of this feel more secure and more inclined to make a purchase.

10. Diversification of payment methods

By integrating Bitcoin – Lightning as a payment method, merchants diversify their payment options, which can increase resilience to outages or issues with traditional payment providers.

11. No hurdles for end users

In contrast to providers such as bitpay, coinbase, crypto.com etc., Coinsnap is “barrier-free”: Payers can pay with all Bitcoin and Lightning wallets, including those from bitpay, coinbase and crypto.com. Only the merchants need a Lightning Wallet for the credit.

Coinsnap: Bitcoin – Lightning payment for many applications

Coinsnap payment modules are available for the most important, most frequently used store systems and WordPress applications. And more are being added all the time.

See all available Bitcoin payment modules at a glance: Coinsnap modules

Accept Bitcoin (on-chain and Lightning) in your online store in minutes

Coinsnap enables merchants to accept Bitcoin (on-chain and Lightning) in their online stores in minutes. With just an email address and a Lightning wallet, you can set up your account and start receiving payments directly in your wallet or in euros via a settlement partner.

1. Set up your personal Coinsnap account

Click Sign In in the top menu, enter your email, confirm it, and add your Lightning wallet. You’re then ready to receive Bitcoin payments directly in your wallet.

How to open a Coinsnap Account (step-by-step) 

2. Install a module right from the WordPress repository

All Coinsnap plugins for WordPress are listed in the WordPress plugin repository and can be installed with just a click. If you use another system, you can download the Bitcoin payment module from the platform’s extension store or from the Coinsnap GitHub page.

How to install a Coinsnap WordPress plugin (step-by-step)

3. Connect your Coinsnap module with your Coinsnap account

Paste your Store ID and API Key from your Coinsnap dashboard into the module on your website or store, and all payments will be credited directly to your wallet.

How to connect your module with your account (step-by-step)