With Jack Mallers Bitcoin Conference announcement that his Lightning Network wallet, Strike, has partnered with Shopify, NCR, and Blackhawk Network, he is bringing Bitcoin back to its roots. According to Mallers, any website that uses Shopify online card transactions can now process payments using Bitcoin’s Lightning Network. The collaboration is already active, and it represents a significant step toward wider bitcoin adoption.
Jack Mallers Bitcoin Conference announcement
“Any online merchant that uses Shopify can accept payments without the 1949 boomer network, receive it instantly, cash final, no intermediary no 3% fee.”
During Jack Mallers Bitcoin Conference announcement, a slide was displayed that included some of the country’s largest retailers, including McDonald’s, Walmart, Home Depot, and Best Buy. According to their websites, Blackhawk and NCR also serve Starbucks, Chipotle Mexican Grill, El Corte Ingles (ECI), Lowe’s, Staples, and Woolworths in addition to thousands of other international firms. There’s still a lot to be learned about exactly when and how some of these companies will start taking Bitcoin. However, Maller claims that over 400,000 businesses have already started accepting Bitcoin through the Lightning Network.
Over the last several weeks, Robinhood, Kraken, and Bitpay have all integrated the Lightning Network. The Lightning Network is a layer two solution for Bitcoin’s blockchain that uses smart contracts to settle payments quickly with minimal fees. It promotes using Bitcoin as a digital currency rather than solely emphasizing its digital gold function. Much attention has been paid to Bitcoin’s role as an inflation hedge and a challenger to gold.
Thanks to the Lightning Network, Bitcoin can scale to match every fiat currency on Earth. The instant settlement with fees near 0% is difficult to compete against. Maller has made a major stride forward in adopting cryptocurrencies as a daily payment method. There has been a lot of enthusiasm for Mallers’ presentation, with Twitter CEO Jack Dorsey offering his backing publicly.
thank you @jackmallers. you're an incredible inspiration.
— jack (@jack) April 7, 2022
Mallers was extremely critical of the conventional financial system and its lack of innovation:
“There’s not been since 1949 a superior payments network that allows us to innovate, build on financial inclusion, offer cheaper services faster services. My grandfather used the same technology as I do. That’s not American, that’s bullshit.”
Mallers claims that retailers will be able to accept Bitcoin from clients and immediately convert it to fiat without charge or processing delays. According to Mallers, the settlement currency “doesn’t matter.”
What is Jack Mallers net worth?
Jack Mallers, is the founder of Strike payments. He also has been working on Twitter’s new Bitcoin tipping tool. He was born on April 9, 1994, in Chicago. He is currently 27 years old and as far as the media is concerned, there is no report on his net worth. But there have been articles referring to him as a Bitcoin billionaire.
Bitcoin price in USD
The price of Bitcoin has yet to react to Jack Mallers Bitcoin Conference announcement. The price of Bitcoin, as of the writing of this article is 43486.33$. For many investors, it may seem too large and too good to be true. Adopting such a system generally takes more time than expected.
With Jack Mallers Bitcoin Conference announcement, has Bitcoin truly made it into the mainstream just as some people predicted, or will merchants create extreme and sustained sell pressure on the price of Bitcoin? These are questions that will be answered over time.
