Following Strike’s partnership with a host of businesses like Shopify and Blackhawk Network, people are increasingly adopting the use of Bitcoin in more mainstream transactions as the traditional payment system faces a decline in use.
The partnership between Strike and other enterprises has made it easier for merchants worldwide to accept payments in Bitcoin, thereby expanding the use and adoption of the flagship digital currency.
In the new development, the Bitcoin Lightning Network, another layer hosted on the Bitcoin blockchain, is designed to easily convert BTC into USD promptly, taking the burden off the shoulders of merchants who have no business with the complex nature of holding BTC.
This also shields the merchant from the volatile nature of Bitcoin, which prevents losses whenever there is a price change.
Crypto Adoption on the Rise
Since the news of the partnership was announced, there has been a considerable shift in the transaction pattern involving merchants. The record shows an increase in the use of Bitcoin payment alongside the adoption of the Lightning Network.
According to the CEO of Strike, Jack Mallers, any website that uses Shopify online card transactions can easily use the Lightning Network for Bitcoin payment. Mallers further added that the service is available to anyone accessing the Lightning Network-enabled wallet.
The latest development ensures that Shopify can take advantage of the opportunity provided by the hugely untapped market and purchasing power of individuals and save costs via the low transaction fees involved.
Furthermore, Strike’s integration also involves offline retail businesses, which could boost the mainstream adoption of Bitcoin payments from globally established firms like McDonald’s, Walmart, and others.
Additionally, analysts believe that should such large-scale adoption of Bitcoin happen, there is a high chance that Bitcoin’s often reoccurring price volatility will be drastically reduced.
It is a win-win situation for all involved as merchants can interact with the Bitcoin network through payment processing, and users can make purchases in the comfort of their homes or offices without hassle.
Could the Adoption of Bitcoin Lightning Network Induced Inflation in the United States?
According to Mallers, traditional financial service providers have been slow in meeting the demand of an increasingly digital and tech-savvy population, which is the price for their inadequacies.
He further added that since 1949, there had not been any disruptive innovation in the financial sector by the establishments, which paved the way for the Blockchain industry to proffer solutions to an already known problem.
Besides, the conventional financial system has excluded many people from accessing financial services, thus making the digital financial services attractive to most people because it is inclusive as it caters to the needs of the previously unbanked and underbanked population.
The launch of the latest payment system has disrupted established credit card financial service providers like Mastercard, Visa, and others.
It is hard to imagine that digital finance would come this far, and the future seems bright for the industry once other countries follow suit.
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