The cryptocurrency infrastructure company Lightspark and Revolut, as part of their cooperation, will direct joint efforts to accelerate Bitcoin transactions in the United Kingdom and Europe.
In a post that was published on the Lightspark blog, it was noted that Revolut provides speed and efficiency and guarantees customers a higher level of control over their money. Also in this post, dated Wednesday, May 7, a partnership between the two companies was announced. As part of the announced cooperation, an innovative payment infrastructure will be launched in the United Kingdom and some countries in the European Economic Area (EEA), providing for the use of the Bitcoin network in the course of its operation.
The joint project of the two companies in the context of concrete practical results for consumers means eliminating the need to immerse oneself in the expectations associated with various aspects of more traditional payment systems. Also, as noted in a post, in this case, there is no such financial obligation for clients as high network fees. In this case, the consumer experience is faced with seamless transactions that are carried out using advanced open technology.
Revolut connects to the open Money Grid. As part of this action, the company joins other fintech brands and wallets that offer new and impressive payment solutions such as Lightning transactions or Universal Money Address (UMA).
As part of its partnership with Lightspark, Revolut integrates the best-in-class infrastructure, as stated in the blog of the provider of this infrastructure. The global result of this action is expected to take the form of an increase in the level of convenience of using Bitcoin as part of everyday tasks related to the financial aspect of consumers’ lives.
In general, it is worth noting that payments in cryptocurrency have a significant list of advantages. In this case, one of the most significant positive aspects of the practice of using the mentioned currencies in the context of making payment transactions is the already mentioned low fees. Traditional payment systems very often have intermediaries. This feature of the corresponding systems contributes to an increase in the cost of transactions. Cryptocurrency payments generate a functioning practice that does not involve any intermediaries. This has positive consequences for the financial aspect of the process in terms of the material interest of consumers.
Also, cryptocurrency payment transactions are characterized by a high speed of implementation. Within the framework of bank transfers, which belong to the traditional category, such a parameter as speed of action is sometimes virtually absent. When using the most complex transaction execution schemes, the duration of the process can reach several days, which, in the context of a point of view based on the perception of high-speed advanced technologies as a kind of a dominant of the present historical period, seems like a kind of throwback. At the same time, the processing of cryptocurrency payments is virtually instantaneous. This positive characteristic is most noticeable in international money transfers carried out using digital currencies.
Moreover, as part of the practice of making cryptocurrency payments, it provides a high level of security and fraud protection. In this case, the main factor guaranteeing the mentioned indicators is the blockchain technology. It is also important to note that transactions are recorded in an immutable registry. This reduces the risk of fraud and cancellation of payments. This aspect of cryptocurrency transactions is on the rise against the backdrop of fraud in the payments sector. For example, Merchant Savvy predicts that for merchants, losses from online fraud targeting virtual payments will exceed $340 billion between 2023 and 2027. Sometimes, criminals gain access to the victim’s device at the initial stage of their actions. An Internet query, such as how to know if my camera is hacked, will allow any person to find out about the alarms of the mentioned activity.
Returning to the topic of the advantages of cryptocurrency payments, it is also worth noting that in this case, a positive feature is what can be described as global accessibility. Digital currencies are not tied to a specific country or banking system. For users, this feature means the ability to make payment transactions without encountering various restrictions.
Cryptocurrency payments also provide transparency. In this case, all transactions are recorded in a public registry, which makes them easily verifiable and eliminates the risk of various hidden aspects of the process.
Another advantage of cryptocurrency payments is anonymity. Transactions in digital currency actually guarantee the highest possible level of confidentiality for a participant in a functional financial environment. There is no need to disclose personal data in this case. For this reason, the mentioned advantage can be characterized as conditional or half-hearted. Maximum confidentiality, for example, simplifies the possibility of money laundering. For this reason, the mentioned advantage is also a disadvantage.
Cryptocurrency payments are becoming increasingly popular among companies and users. This trend is especially typical for e-commerce areas and international money transfers.
It is worth noting that cryptocurrency payments have several disadvantages that do not negate their advantages. In the relevant context, it is worth paying attention to regulatory uncertainty. Different countries have different laws regarding digital currencies, which complicates international money transfers. Moreover, some governments ban cryptocurrencies altogether. For example, as of February 2025, relevant bans were in effect in countries such as Bolivia, Afghanistan, Iraq, Morocco, Algeria, Egypt, Nepal, Bangladesh, and China.
There is also virtually no consumer protection in the practice of cryptocurrency payments. Another disadvantage is the limited usage. So far, not all companies accept digital currencies as a means of payment. Perhaps this situation will change over time. However, this scenario is not guaranteed.
Another disadvantage of cryptocurrency payments is the technical barriers. To make such transactions, a certain technical understanding is required. In this case, mistakes very often mean a loss of funds. At the same time, this is a risk related to consumers rather than cryptocurrencies as such.
Also, the mentioned payments face a scalability problem. The high speed of the process in this case is an objective fact, but still, sometimes some blockchains are forced to struggle with transaction processing speed limits without much result. This is the reason for the high fees and delays.
At the same time, it is worth noting that cryptocurrencies continue to be on the trajectory of development. This means that various disadvantages and risks, including those related to payments, will be eliminated or at least minimized over time. It is possible that the integration of artificial intelligence will become a factor in significantly improving transaction data. There is also a high probability that the regulatory environment will eventually become more favorable for digital currencies. In this case, something that corresponds to such a concept as the logic of the epoch can play a role. The development of cryptocurrencies and the expansion of their use will probably reach a milestone at some point, after which bans and restrictions will be objectively inappropriate.
