For Shopify retailers in the U.S., a collaboration launched on April 7 would allow them to accept Bitcoin payments from clients all around the world. According to Strike CEO Jack Mallers, it is time to modernize.
Outcomes from this partnership
Shopify retailers can take payments from all around the world and save money on processing fees by using the Strike connection.
For Shopify retailers, the Strike connection provides a way for them to diversify their payment methods and access new markets and buying power.
Shopify shops may save money on payment processing by using Strike’s connection. When bitcoin payments are promptly converted to dollars, Strike reduces some of the difficulties that retailers encounter in keeping bitcoin.
Using the underlying Bitcoin Lightning Network technology, the Strike integration provides an alternative to existing card networks by enabling immediate, worldwide cash-final payments and removing archaic processing costs such as interchange.
More than 70 million CashApp users have access to Strike’s Lightning Network integration, which is available to anybody with a Bitcoin Lightning-enabled wallet.
The Big Deal For Merchants
Shopify merchants will be able to take payments internationally, save money on processing fees, and get a cash settlement as a result of the change. There are many unexplored markets and buying power out there.
With a 10.9 percent market share, Shopify is the third-largest e-commerce platform in the United States, and it is used by 1.7 million businesses worldwide. It was only last month that the company was sued for its role in the Ledger hardware wallet data breach in 2020.
Mallers told the Bitcoin 2022 conference in Miami that the connection was already in place, with retailers receiving Bitcoin payments and cashing out in dollars.
When it comes to micropayments, the Lightning Network is one of the best options for Bitcoin layer two scalabilities. Currently, Bitcoin can only execute around seven transactions per second in its natural form, making it unusable for daily transactions.
The Lightning Network is suitable for Bitcoin [BTC] payments through applications like Strike because it can handle thousands of transactions per second.
Maller’s statement might have accelerated the Lightning Network’s mass acceptance. Earlier this week, Robinhood Markets (HOOD) announced that its new wallet would allow transactions on the Lightning Network for Bitcoin.