Cryptocurrencies slowly began to enter the markets and to be accepted as forms of payment in place of fiat money. The latest startup to join the movement is the online publishing platform Substack. In an announcement made on Monday, August 23, payment processor Bitcoin OpenNode announced its partnership with Substack which has more than 5,000,000 paid newsletter subscribers. It said it has integrated its application programming interface (API) to accept Bitcoin as payment for cryptography-related publications. OpenNode will allow Bitcoin payments on the network and Lightning Network on the publishing platform.
Substack and OpenNode will work together to make the option of quick and cost-effective payments available to subscribers who are exclusively interested in cryptography-related publications on their platform. All readers will be able to subscribe and make payments using Bitcoin to select publications. Publishers will be able to retain their earnings in Bitcoin itself. Bitcoin price in India was around Rs. 38 lakhs on August 24th.
In a tweet, Substack said they “have enabled Bitcoin payments, starting with selected cryptographic publications.”
Today, we enable Bitcoin payments, starting with selected cryptographic publications.
We will continue to invest in resources that give writers more control over their subscriptions and community.
To read some of the great cryptography scripts in Substack, visit: https://t.co/e8M8K9VZ2W
– Substack (@SubstackInc) August 23, 2021
In a subsequent tweet, the company called this an early experiment and stated that the “option is not yet available to all editors” and added that it was “eager to explore broader availability based on feedback and demand.”
In a press release, Nick Inzucchi, Substack Product Designer, said: “We are excited to be working with OpenNode to enable independent Substack publishers to accept cryptographic payments.” Adding further, “Having this option will give writers more flexibility and freedom, and we look forward to doing more in cryptography to meet writers’ needs.”
João Almeida, co-founder and CTO of OpenNode, said: “Our partnership will allow content creators across the Sub-stack ecosystem to accept Bitcoin payments and retain Bitcoin earnings or convert to preferred currency. Writers and podcasters flocked to Substack to regain creative and financial freedom, and Bitcoin is a natural fit. ”
Cryptocurrency is being accepted as a payment option in many places around the world. Recently, more than 85,000 merchants in Switzerland said they would accept cryptocurrency as payment from their customers and collaborated with Worldline, a French payments and transaction services company, and Bitcoin Suisse, a crypto-financial services company in Switzerland.
In India, the cryptocurrency market is neither legal nor illegal. Some companies and restaurants offer customers the option of making payments for their products using cryptocurrency.
Suryawanshi Restaurants in Bengaluru, Karnataka accept Bitcoin payments. A home decor brand in Delhi, The Rug Republic also accepts cryptocurrency as payment for its products.