CJ - Cryptocurrency Enthusiast
Walmart, McDonald's, Chipotle, Macy's, Whole Foods and 400,000 other retailers will be able to accept Bitcoin payments over the Lightning Network, according to Strike CEO Jack Mallers.
Strike utilizes the Bitcoin network as a global payment network. The Lightning Network makes it possible to convert currency into Bitcoin, which is then converted back into currency in the buyer's pocket. The decision is a significant win for blockchain technology since it will teach many people how to use the Bitcoin network similarly to how they use credit cards. However, fees when using Bitcoin are nearly nonexistent compared to the about 3% costs incurred when using credit cards. Visa or Mastercard are two such examples.
Mallers announced Strike's partnership with NCR, Blackhawk, and Shopify at the Miami Bitcoin Conference 2022. Following the integration, any platforms that use the service will be able to leverage Bitcoin's Lightning Network to perform transactions. Mallers has also began working with Senator Lummis of the United States to promote Bitcoin.
At the Miami Bitcoin Conference, Mallers emphasized that the BTC integration was a means of getting around banks. With the Lightning Network, businesses will be able to accept payments without the exorbitant costs that come with accepting debit and credit cards while also giving customers more privacy during the payment process. The Bitcoin Lightning Network is an additional option that users have, since it is incredibly cheap and quick.
"You're going to be able to walk into a grocery store, Whole Foods, Chipotle, and utilize a Lightning node via Tor," Mallers declared on stage at the Miami Bitcoin Conference 2022.
"Any online retailer that using Shopify may take payments without using the 1949 boomer (credit card) network, receive them promptly, and pay them in cash."
On the other hand, Strike handles all fiat to BTC and crypto to fiat conversions. This implies that neither customers nor merchants require Bitcoin trading in order to do business.
To buy and sell cryptocurrency, that is not Bitcoin, visit a well-known cryptocurrency broker – BC Bitcoin where you will be able to find many different services that also includes crypto asset management.