Sunday, May 26, 2024

Bitcoin is Superior to All Other Payment Networks: Strike CEO

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The CEO of the digital payments platform Strike – Jack Mallers – argued that employing bitcoin as a payment network is “superior” to card or bank processing systems. Additionally, the executive compared the primary cryptocurrency to the Internet, saying they both provide freedom.

Bitcoin is so Much More Than Just an Asset
Jack Mallers is known as an outspoken advocate of bitcoin, and he often outlines the advantages of the leading digital asset. He did it once again during an interview with Yahoo Finance.

After arguing that using BTC as a payment network is cheaper, faster, global, more inclusive, and more innovative, he concluded that it is better than any other settlement system:

“Using Bitcoin as a payments network is superior to card processing networks or bank networks or remitting networks like Western Union.”

He also explained that payment networks should seamlessly facilitate value transition from point A to point B to be called effective. “Bitcoin just does that a lot better,” Mallers asserted.

Jack Mallers, Source: Bloomberg
Nonetheless, Strike’s CEO did not advise people to spend the primary cryptocurrency because it is an asset designated to increase its USD valuation in time. For that reason, people hold it as a store of value and would not easily part with it.

“What I’m advocating for is interfacing it with dollars. We can move dollars over it. We can move euros over it. We can move game points over it,” he clarified.

Mallers sees many similarities between bitcoin and the Internet. The latter represents freedom as everyone can find the truth as long as they are willing to search for it:

“I can go on the web. It’s inclusive. It involves everybody. It’s inherently innovative because anyone can join and build on top of it.”

Bitcoin as a monetary network works at the same principle, he opined. It grants individuals financial independence from the government and central banks.

Subsequently, Mallers touched upon El Salvador’s decision to adopt BTC as legal tender. He described the nation as a “developing country,” which, after the initiative, traveled 100 years ahead in time:

“It’s like they took a steroid. It’s like they leaped into the future. How did they do that – is they jumped on the Bitcoin rail. It’s just the most beautiful thing I’ve seen, right?”

Strike’s Partnership With Shopify
A few weeks back, the digital payments platform announced its integration with the e-commerce company Shopify. The collaboration enabled customers in the US to conduct faster and cheaper BTC settlements via Bitcoin Lightning Network. Mallers explained how the move will benefit the users:

“The Lightning Network is a global payments network that lowers costs, enhances speed, drives innovation, improves financial inclusion, and brings the power of choice to consumers and merchants.”

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