Strike will connect millions of (web) stores to Bitcoin and Lightning

Lightning payment service Strike has entered into partnerships with payment giants Shopify, NCR and Blackhawk. Millions of affiliated physical stores and online stores, including large chains, will soon be able to receive payments via bitcoin and lightning.

Strike CEO Jack Mallers announced the collaborations at the Bitcoin 2022 conference in Miami. According to him, it will allow many well-known American stores and online stores to receive bitcoin payments through their existing payment infrastructure.

Shopify serves more than one and a half million webshops in 175 countries, including the Netherlands. NCR is the global market leader in Point-of-Sale terminals, serving Walmart, Burger King and Starbucks, among others. Blackhawk is also a leader and is used by companies such as Spotify, Netflix, Microsoft and eBay.

Lightning

Strike provides the infrastructure to enable transactions via Bitcoin and Lightning. That will not be a closed system, but a real bridge with the Bitcoin and Lightning network. “You’ll be able to walk into a grocery store, or Whole Foods, all the way to Chipotle. If you want to use a Lightning node through Tor, you do ,” Mallers said.

Retailers can choose the currency in which they want to receive payment. If they want to receive payment in a fiat currency, such as the dollar or euro, the bitcoin payments will be automatically converted during the transaction. As a result, retailers reap the benefits without having to expose themselves to volatility risks.

Bitcoin transactions via Lightning are almost instant and virtually free. ?ǣAny online retailer using Shopify will be able to accept payments without the 1949 boomer network, and receive it instantly, definitively, and without a middleman, with no 3% fee ,?ǥ said Mallers.

Spend or hold?

It is potentially an important development for bitcoin as a payment infrastructure. Of course, it raises the question of whether many people are willing to spend their bitcoins. If bitcoin owners believe that the price will be higher in the future, they will not be inclined to part with their bitcoins in the present.

For example, the Dutch online payment service Mollie used to offer bitcoin payment options, but it stopped doing so in 2019 because, according to Mollie, bitcoin was mainly used as an investment tool and not enough for payments.

Yet it works slightly differently with Strike, because Strike also supports dollar payments. They are not sent through the banking system, but converted to bitcoin and sent via Lightning, to be exchanged for dollars (or another currency of your choice) shortly before arrival. Dollar payments via Strike are actually also bitcoin payments, although the sender and recipient hardly notice this.

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