👀 Ones to watch: Undervalued stocks to buy before they report Q3 earningsSee Undervalued Stocks

Walmart, Mcdonald’s, and Thousands of Other Stores to Accept Bitcoin Via Strike’s Lightning Network 

Published 04/08/2022, 11:00 AM
Updated 04/08/2022, 11:02 AM
Walmart, Mcdonald’s, and Thousands of Other Stores to Accept Bitcoin Via Strike’s Lightning Network
MA
-
VYX
-
V
-
CMG
-
SHOP
-
BTC/USD
-

Strike CEO Jack Mallers announced Walmarts, McDonald’s, Chipotle (NYSE:CMG), Macy’s, Whole Foods, and 400,000 other stores will now accept Bitcoin payments via Lightning Network.

Strike uses the Bitcoin network as a form of global payment rails. Through the lightning network, fiat gets converted into Bitcoin, and then Bitcoin becomes fiat in the merchants’ pockets. It’s a significant win for blockchain technology, as many will realize that the Bitcoin network can be used the same way as the credit card network. Yet with Bitcoin, the fees are close to 0, compared to around 3% cost with credit cards (Mastercard (NYSE:MA), Visa (NYSE:V)).

During Miami Bitcoin Conference 2022, Mallers disclosed that Strike is partnering with NCR (NYSE:NCR), Blackhawk, and Shopify (NYSE:SHOP). Any platform that uses the service will be able to conduct transactions over Bitcoin’s Lightning Network. Mallers has also begun working with U.S. senator Lummis to encourage Bitcoin.

At the Miami Bitcoin Conference, Mallers said that the reason behind the BTC integration was to avoid banks. Generally, paying with debit and credit cards costs the shop owners a lot of fees. But with the lightning network, shop owners will be able to accept payments without expensive fees while also giving users more privacy during the payment process. Using the Bitcoin lightning network is also feasible for the user as it is incredibly cheap and fast.

“You’re gonna be able to walk into a grocery store, to Whole Foods, to a Chipotle, if you want to use a Lightning node over Tor, you do that,” Mallers said on stage at Bitcoin 2022.

“Any online merchant that uses Shopify can accept payments without the 1949 boomer [credit card] network, receive it instantly, cash final, no intermediary, no 3% fee.”

On The Flipside

Strike takes care of the fiat conversion to BTC and vice versa, which means that neither customers nor merchants will need Bitcoin to make transactions.

Continue reading on DailyCoin

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.