“Strike’s partnership with Shopify, Blackhawk Network and NCR allows people to use Bitcoin in a mainstream way, sidelining traditional payment system monopolists: MasterCard, Visa and the others” — Paul Ebeling
Payment network Strike announced integrations with Shopify, alternative payment processor Blackhawk Network and point-of-sale provider NCR, making it easier for global merchants to accept BTC payments.
Bitcoin Lightning Network, a 2nd layer built on top of the Bitcoin blockchain, will convert BTC payments into USDs quickly, relieving merchants of complexities associated with actually holding Bitcoin.
With this move, mainstream adoption of Lightning Network and therefore cryptocurrency will be accelerated.
Any website using Shopify online card transactions can use the Lightning Network for BTC payments. As this service will be available to anyone with an LN-enabled wallet, Shopify will be able to take advantage of previously untapped global markets and purchasing power, as well as save money with low-cost payment processing.
As Strike’s integration expands into offline retailers as well, such as Walmart and McDonald’s, it could boost Bitcoin adoption to unprecedented heights and even reduce volatility in the #1 digital currency’s price.
Merchants will be able to interact with the Bitcoin network, and users will be able to make purchases privately and permissionlessly throughout the US, taking advantage of the cheap, instant and open access that Bitcoin offers.
Over 400-K storefronts will now accept Bitcoin through the Lightning Network, and any merchant is welcome to join.
What was hard to imagine is now a reality. The future looks like it will bring millions of storefronts across the US accepting Bitcoin in the near future. Other countries will follow suit after seeing the success of this nation-state’s Bitcoin usage.
Financial institutions have been very inadequate to meet the needs of an increasingly digital population, and they are paying the price for this neglect, as there has been no innovation in the payment systems since Y 1949.
The launch of this payment system has revolutionized and disrupted well-established traditional credit card networks thus bringing a new financial world order. It will be an open, global, unfreezable, cash final payment system with no 3% fee.
Moreover, getting rid of legacy banks from the payment flow will reduce inflation. And save Americans money at a time when inflation is at its highest in 40 yrs and prevent the coming recession.
Several examples show how crypto adoption boosted a nation’s economy, including Argentina, who adopted Stike’s Lightning payments system and saw its GDP rise 10.3% in 2021 – the highest rise since 2004.
Technical innovators are working on crypto-friendly legislation, so the regulatory environment to protect consumers and empower individuals and small businesses by encouraging responsible innovation.
This is a revolutionary announcement as it reinvents the payment system as we know it, eliminates the middleman and is likely to bring crypto adoption to unprecedented heights. Also, it will help stabilize the volatility in BTC prices, lower inflation and prevent the US and therefore the global economy from falling over.
Have a prosperous weekend, Keep the Faith!