Mallers and Strike have delivered on the big day, but is it “enough?” Covered: Shopify Integrates Strike Via Lightning Bitcoin Unmoved Shopify Integrates Strike Via Lightning Jack Mallers, the CEO of Bitcoin payments app Strike, recently took the stage at Bitcoin 2022 and delivered an announcement that is significant but not earth-shattering. Mallers definitely hyped […] The post Breaking: Shopify Integrates Bitcoin Payments via Strike appeared first on CryptosRus.

Breaking: Shopify Integrates Bitcoin Payments via Strike

Mallers and Strike have delivered on the big day, but is it “enough?”

Covered:

  • Shopify Integrates Strike Via Lightning
  • Bitcoin Unmoved

Shopify Integrates Strike Via Lightning

Jack Mallers, the CEO of Bitcoin payments app Strike, recently took the stage at Bitcoin 2022 and delivered an announcement that is significant but not earth-shattering. Mallers definitely hyped up the collective Bitcoin world to expect something great this week, dropping hints on Twitter leading to speculation that an announcement regarding Apple was imminent. That has not materialized as of yet.

Instead, it was announced that Shopify will integrate Bitcoin payments via Strike and the Lightning Network. Per the press release, the integration will unlock “the ability for eligible U.S. Shopify merchants to receive bitcoin payments from customers globally as U.S. dollars.” Jack Mallers said of the announcement: “We’re proud to partner with Shopify to provide merchants with a cheaper and faster way to accept U.S. dollars using Bitcoin technology.”

Bitcoin Unmoved

The price of Bitcoin has not moved since the announcement, either up or down. It appears that when Jack Mallers kept referencing Milk on Twitter in the build-up for the conference, it was in relation to the ability through Shopify for customers to spend Bitcoin at storefronts across the US, including major grocers like Publix, Winn-Dixie, and Whole Foods.

“With the Strike integration, Shopify merchants can accept payments globally and save costs on processing fees, with cash-final settlement.” To get this finality, Strike converts the bitcoin that the merchants receive instantly to fiat, which means the merchants never actually hold any bitcoin. Notably, the 70 million Cashapp users will now have immediate access to this integration.

The idea of this integration is to offer an alternative payment network to merchants while eliminating the processing fees that are associated with card processing. It will also allow for instant finality via the lightning network, something needed to actually use Bitcoin at scale. Still, for the average person, there isn’t really an incentive to “switch over to bitcoin”. For many, though, just supporting a currency like Bitcoin is enough to drive people to opt to spend it.

The post Breaking: Shopify Integrates Bitcoin Payments via Strike appeared first on CryptosRus.