Jack Maller, CEO of Strike and founder of Zap, announced that Strike’s Lightning Network wallet has collaborated with Shopify, NCR, and Blackhawk Network to bring Bitcoin back to its roots as a means of payment. McDonald’s, Walmart, Best Buy, and Starbucks are just a few of the famous brands here. More information will be released shortly. According to Mallers, any website that uses Shopify for online card transactions may now use Bitcoin’s Lightning Network to handle payments. The collaboration is online right now. It’s a huge step toward Bitcoin’s broad acceptance as a mode of payment.
spending sats >>> selling sats
every major retailer in the U.S. now accepts #Bitcoin via the Lightning Network ⚡️⚡️
Visa and MasterCard are SHAKING pic.twitter.com/Hno4py2Wu4
— Sophia Zaller 🌋 (@sophiamzaller) April 7, 2022
Bitcoin enters new phase
Traditionally, retailers incur significant fees when customers pay using debit and credit cards. However, retailers who are part of the Bitcoin lightning network will be able to accept payments without incurring any fees.
Maller noted,
“Any online merchant that uses Shopify can accept payments without the 1949 Boomer network, receive them instantly in cash, no intermediary, no 3% fee.”
The user can also utilise the Bitcoin lightning network because it is extremely inexpensive and quick. Because Shopify, Blackhawk, and NCR are collaborating with so many shops and significant players, the adoption of the lightning network will be massive.
Strike CEO @jackmallers and Strike just announced partnerships with Shopify and other leading payment providers.
Hundreds of millions of people can now spend bitcoin or dollars across the Lightning Network instantaneously, completely for free at every major US retailer.
— Pomp 🌪 (@APompliano) April 7, 2022
Sources predict that over 400k businesses will begin accepting BTC in the near future. Influencers on Twitter are likewise ecstatic with the recent payment-related development.
Strike CEO @jackmallers and Strike just announced partnerships with Shopify and other leading payment providers.
Hundreds of millions of people can now spend bitcoin or dollars across the Lightning Network instantaneously, completely for free at every major US retailer.
— Pomp 🌪 (@APompliano) April 7, 2022
I don’t think anyone comprehends the true magnitude of @jackmallers announcement today. This changes everything.
— Ran NeuNer (@cryptomanran) April 7, 2022
Former Twitter CEO Jack Dorsey praised Zap CEO Jack Mallers for taking such bold action. At the same time, Ran Neuner claims that grasping the significance of the news is challenging.
thank you @jackmallers. you're an incredible inspiration.
— jack⚡️ (@jack) April 7, 2022
Adoption of Lightning Network
The Lightning Network has been integrated by Robinhood, Kraken, and Bitpay in recent weeks. The Lightning Network is a Bitcoin layer two solution that employs smart contracts to settle payments rapidly and with low costs. Rather than focusing primarily on Bitcoin’s role as digital gold, it promotes its use as a digital currency. Bitcoin has received a lot of attention as an inflation hedge and a gold rival.
Thanks to the Lightning Network, Bitcoin can now scale to compete with any fiat currency on the globe. It’s difficult to compete with instant payment settlements at close to 0% rates. Maller has just taken a major step forward in the use of cryptocurrency as a daily payment option.
Mallers was a harsh opponent of the existing banking system, claiming that it lacked innovation.
“There’s not been since 1949 a superior payments network that allows us to innovate, build on financial inclusion, offer cheaper services, and faster services. My grandfather used the same technology as I do. That’s not American, that’s bullshit. “
Retailers will be able to accept Bitcoin from customers and convert it to fiat currency instantaneously via Strike’s Lighting Network wallet, with no fees or delays. According to Mallers, the currency in which the store intends to settle their payments “doesn’t matter.” As of right now, the price of Bitcoin hasn’t reacted to this news. For many investors, it may appear to be too enormous and too wonderful to be true. Adoption of this scale isn’t something that happens over night.
