The Bitcoin Contactless Payments Schema: Bringing Bitcoin into everyday transactions.

Paving the way for bringing Bitcoin into everyday transactions.

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In the heart of El Salvador, a nation embracing Bitcoin's revolutionary potential, a new narrative was unfolding. The Bitcoin Payment Schema is being built, a system designed to bridge the gap between Bitcoin the digital currency, and everyday life, built in El Salvador, Empowering the World.

The IBI, or Individual Bitcoin Interface Standard

At the center of this schema was the IBI, or Individual Bitcoin Interface—a simple, intuitive Bitcoin card that empowered individuals with a global, human-readable payment identifier and digital identity. The IBI wasn't just a piece of plastic; it was a key to unlocking the power of Bitcoin for everyone, regardless of their technical savviness.

Image 1: Making Bitcoin Relatable Money, source: tiankii

The IBI operated on the Lightning Network[1], Bitcoin's secondary layer, known for its lightning-fast and low-cost transactions. This allowed the IBI to function as a true everyday card, used for anything from buying groceries to paying for a taxi ride.

Behind the scenes, BCC or the Bitcoin Command Center [4] acted as the issuer, ensuring the decentralization, security, and smooth operation of the IBI. It was the control room of the Bitcoin Payment Schema, managing the flow of Bitcoin and ensuring the system's integrity, reliability, and high availability.

Image 2: The Bitcoin Payment Schema, source: tiankii

Tiankii's Bitcoin card scheme is an open, decentralized network built on the Bitcoin Lightning Network. It enables contactless Bitcoin payments using cards that adhere to open standards like LNURL[2], Lightning Address, and Bolt card [3]. Unlike traditional card schemes, anyone can join and issue cards, as long as they have a compatible lightning network wallet or operate a Lightning Network node and meet the scheme's requirements.

Traditional Card 4-Party Payment Scheme (Bitcoin can do it better)

Bitcoin NFC card schemes operate within a four-party, open-loop system, similar to—but disrupting—traditional card payment systems [4], where both cardholders and merchants rely on banks to transact.

Image 3: Traditional Card 4-Party Payment Scheme, source: Wikipedia

Unlike traditional card schemas, this system allows consumers to seamlessly purchase goods and services directly from merchants, bypassing the need for card issuers and acquirers.

The cardholder: The buyer. They hold the Bitcoin debit card offered by their own node or their issuer.
The Bitcoin card issuer: Provides Bitcoin NFC cards from the card scheme to its customers. Issuers can be companies, Bitcoin circular economies, or individuals. Even when the card is branded (such as an airline loyalty card), there is an issuer backing the card.
The merchant: An individual or business that accepts Bitcoin as payment to sell goods or services to the cardholder.
The acquirer: A Bitcoin wallet that partners with merchants, or it can be the merchant's self-custodial Bitcoin Lightning Node. The acquirer handles the authorization, settlement, and other aspects of these transactions for the merchant.

While these four core players are essential, anyone can be self-sovereign, acting as their own issuer and acquirer, bypassing intermediaries like payment gateways and processors. This facilitates smooth transactions and aligns with the card scheme's primary goal: to make Bitcoin transactions as seamless as possible for everyone involved. Effortless transactions lead to increased spending, benefiting all four key players.

The world's first self-custodial Bitcoin card.

True to Bitcoin's decentralized ethos, IBI allows anyone to send and receive Bitcoin and pay at Bitcoin POS terminals or wallets via the Lightning Network. Using NFC technology, IBI enables seamless, contactless Bitcoin transactions in a decentralized way, allowing users to link their cards with most Lightning wallets, such as Blink Wallet, Strike, Alby, their own nodes, via LNBits, and LNDhub.

Bitcoin Merchant and Acquiring Tools

On the other end of the transaction, the tiankii Merchant Dashboard provided a comprehensive suite of Bitcoin tools for businesses such as Point of Sales, Payment Links, Sales Dashboard and reports, etc. From accepting payments to tracking sales, the Merchant Dashboard empowered businesses to seamlessly integrate Bitcoin into their operations.

Image 4: Bitcoin Merchant and Acquiring Tools, source: tiankii

Together, the BCC, IBI, and Merchant Dashboard formed a cohesive ecosystem, a Bitcoin Payment Schema that was truly accessible to everyone. The Bitcoin card scheme was a testament to the ingenuity of Bitcoiners, who were not only believers in the technology but also builders of a new financial paradigm. They envisioned a world where Bitcoin wasn't just a speculative asset but a tool for everyday life, a way to empower individuals and businesses alike.

Use cases: Limitless possibilities

The Bitcoin payment schema is untapping new use cases that not only bring Bitcoin into everyday transactions, but also open up new possibilities that improve consumers' daily lives in a fiatized society, such as:

Financial inclusion with Bitcoin.
Lightning for corporations.
Rewards Programs with Bitcoin.
Cashless Events.
Batch Payments.
Empower Bitcoin Circular Economies.
Payments on Public Transportation.
Enable Lightning Wallets on Telcos, Schools, and Universities.
Fintech: Bitcoin adquirence & payment rails.
Enable Lightning Payments on Social Platforms.
Card Issuance by Vending Machines
Many more…

The mission

The Bitcoin Payment Schema is more than just a payment system; it was a symbol of Bitcoin's potential to transform the world of payments. It represented a future where financial inclusion wasn't a privilege but a right, where anyone could participate in the global economy, regardless of their background or location.

The Bitcoin Payment Schema is a story of innovation, empowerment, and the democratization of finance.

About tiankii

Tiankii is paving the way for bringing Bitcoin into everyday transactions, Founded in 2021 tiankii is the first Bitcoin-only startup in El Salvador, building consumer-oriented Bitcoin technology that makes Bitcoin payments seamless and accessible for individuals and businesses of all sizes.

Tiankii Technology empowers organizations with enterprise-grade, state-of-the-art Bitcoin payment infrastructure, simplifying Bitcoin Lightning adoption for everyone, our battle-tested technology, developed and refined in the crucible of real-world Bitcoin adoption, provides businesses globally with the tools they need to seamlessly integrate Bitcoin payments.