The Bitcoin conference in Miami has come with a number of remarkable announcements. These have all been towards propelling the digital asset forward in terms of adoption and its utility as a mode of payment. Most notable of these recent announcements however have been that of payment processor Strike. CEO Jack Mallers announced in Miami yesterday that Strike is integrating the Bitcoin lightning network and the response from the community has been overwhelmingly positive.
Strike Gets All The Applause
With the Strike announcement has come a wave of positive feedback from the Bitcoin community. This has come from notable personalities like Block CEO Jack Dorsey and Wyoming’s Senator Cynthia Lummis. Both of them have lauded the move by Strike as one that will help push bitcoin adoption forward.
Related Reading | Strike To Integrate Bitcoin Lightning With Shopify: Why It Matters
Senator Cynthia Lummis explained that a move like this is very important when it comes to America’s financial system, as well as the innovation in the country. The Senator is quoted saying;
“If America wants to remain the global financial leader, we need to foster innovation. Strike’s financial announcement is a valuable contribution toward bringing America’s financial system into the 21st century.”
Jack Dorsey thanked Mallers for this integration, lauding the founder as an inspiration.
thank you @jackmallers. you're an incredible inspiration.
— jack (@jack) April 7, 2022
What This Means
Strike is well-known around the world for its instant payment options that allow users to receive and send money around the world for no added fee. This has seen the company rise above the ranks due to its utility. However, bitcoin payments for everyday items still remained a far-fetched idea for a lot of people. That is until now that Strike has announced that it is enabling payments through the bitcoin lightning network. It announced that it would be integrating the lightning network into large payment processors including Shopify, Blackhawk, and NCR.
BTC price in low $43,000s | Source: BTCUSD on TradingView.com
This new implementation would not only allow for instant crypto payments but will allow users to be able to spend their cryptos at merchants where they previously couldn’t. This includes using bitcoin to pay in places like Walmart, Starbucks, Krispy Kreme, etc. Basically, Strike just made using bitcoin to pay for everyday items possible.
Related Reading | FDIC Wants All US Banks To Report Crypto-Related Activities, Citing ‘Safety Hazards’
It would also enable users to bypass the banks completely. Not only provides cheaper and better payment options for shoppers but also provides better security for users. It’ll also help merchants grow by opening them up to a whole new user base that would rather pay with bitcoin than with cash, debit, or a credit.
“Any online merchant who uses Shopify can accept payments without the 1949 boomer network, receive it instantly, cash final, with no intermediary, and no 3% fee. Anyone can build anything,” said Jack Mallers. “When I walk into a Whole Foods, when I walk into a Chipotle, I want to be able to use my Lightning node over Tor if I care about my privacy.”
Featured image from Tech Cabal, chart from TradingView.com