OpenNode Review — A Bitcoin-only Payment Service
In this article, we will review OpenNode, a Bitcoin-only payment service for businesses all over the world.
Traditional payments are systemically complex, slow, and expensive. As a payment system, Bitcoin provides a better way to transfer value. OpenNode provides simple user experiences and elegant bridging between fiat and bitcoin.
OpenNode Pros and Cons
- On-chain Bitcoin payments & Instant Lightning Network Bitcoin payments
- Easy to use Platform and simple API integration
- Low per-transaction fees
- Compatible with all smartphones and bitcoin wallets
- On-chain and Lightning Network support (for instant payment and settlement)
- KYC Compliant
- Exceptional technical and customer support
- A relative newcomer compared to incumbents
- 8 local currencies supported for funds transfer
- On-chain & Lightning Network payments
- Payment Buttons/Links
- eCommerce Checkout
- In-person Payments
- Instant Settlement
- Automatic Conversion from Bitcoin to Local Currency at the time of the transaction
- Bitcoin Transfer
- Bank Transfer (T+1)
- Merchant Dashboard
- API Access
- Customer & Tech Support
- Payments Compliance
How OpenNode Works
OpenNode works in multiple ways as follows:
- Plugin integration: OpenNode offers plugins for popular e-commerce platforms like Shopify and WooCommerce with simple setups that take less than 5 minutes to begin accepting Bitcoin payments.
- API Integration: If a business needs a branded checkout or has more complex checkout flows, OpenNode provides an API to make it easy to accept payments and also do payouts.
Comparison with other products
OpenNode provides custodial Bitcoin payment infrastructure for businesses and is often compared to BitPay and Coinbase Commerce. OpenNode has a competitive advantage by offering both on-chain Bitcoin payments and instant Lightning Network Bitcoin transactions.
OpenNode offers instant Bitcoin transactions using the Lightning Network on its platform. With their Lightning Network capabilities, developers can use their API to power instant payments for any application. Their Lightning Network API was one of the first available to the public and powered many of the early Lightning Network applications such as Lightning Spin and Poketoshi.
The platform is a web-based application so anyone with an internet connection can access OpenNode with any smartphone, tablet, or desktop device. OpenNode provides multiple e-commerce shopping cart solutions to make integrating the platform easy. It also offers a simple API to create any custom solution you’d like. OpenNode provides the tools for you to build whatever solution or experience you want, the possibilities with their tech are limitless.
Performance and Security
OpenNode is providing a high-performance platform built on security using Bitcoin payments. With no chargebacks and no holds, OpenNode mitigates the risk of Chargeback Fraud. The platform maintains industry standards for security practices and offers 2 Factor Authentication. OpenNode actively researches and employs the most up to date Bitcoin protocol developments to ensure every transaction is safe. With continuous monitoring of their platform and 24/7 customer support, OpenNode provides a reliable platform for Bitcoin users.
OpenNode offers a competitive, tiered pricing model.
OpenNode believes in the promise of bitcoin as a currency that enables access, freedom, privacy, and sovereignty.
It innovates through the design for simplicity, providing secure and reliable technology for developers and businesses.
OpenNode works tirelessly to build a bridge to a more fairly distributed tomorrow.
Let us know what you think about our OpenNode review in the comment section.
Originally published at https://blog.coincodecap.com on May 19, 2020.