Strike – Bitcoin Transactions at Lightning Speeds

28 September 2021 | Updated: 28 September 2021

Earlier this year, Jack Mallers, the founder of Bitcoin transaction app Strike announced that ark Salvador chose his company as the primary partner in their Bitcoin Adoption journey.

Strike has gained significant recognition as one of the best Bitcoin transaction apps in the market today. Some analysts have predicted that Strike, through the increased adoption of BTC, could boast 1 billion users in the next decade.

With this, you start to understand why El Salvador partnered with this platform in what many called the boldest Bitcoin move this year. Jeff Wilser, an author at Coindesk, talked about what he felt was the reason behind the El Salvador move, noting that:

“This didn’t happen because El Salvador farmers are hoping their Blockfolio balances will ‘go to the moon.’ This wasn’t fueled by dreams of a BTC index fund. This wasn’t about price speculation. In a nation with a 70% cash economy, villagers and farmers are actually using bitcoin, sending small amounts of satoshis (or ‘sats’) to buy fruits and vegetables, embracing the original peer-to-peer vision of bitcoin that would make the actual Satoshi smile.”

El Salvador Partners with Strike to Boost Remittance

Interestingly, before the official declaration by the Salvadoran government to adopt Bitcoin as a legal tender alongside the dollar, the country has recorded massive adoption of BTC via Strike.

Reports show that about 70% of Salvadorans do not have bank accounts. That said, remittances account for 24% of El Salvador’s gross domestic product, and a significant amount of this remittance goes towards transaction fees.

With Strike, transactions are cheaper and faster than conventional channels, which explains why the Salvadoran government selected the platform. In March, analytics platform Chainalysis reported that BTC transfers under $1,000 to El Salvador reached $2.5 million on Strike alone.

Thanks to its ability to payout funds in local currencies and its massively cheap and fast service, it’s no wonder that El Salvador partnered with Strike.

How Does Strike Facilitate Fast and Cheap Transactions?

Strike operates the way it does due to its Lightning Network (LN) attribute. Lightning Network functions as a separate blockchain that facilitates transactions “off-chain” through a decentralized network of nodes and records these transactions on the main blockchain in batches. By doing so, LN reduces transaction fees to significantly low levels.

This makes Strike the go-to option for quick and cheap Bitcoin transactions. Some analysts regard this BTC transaction app as a better way of handling transactions compared to cryptocurrency exchanges, as it is significantly cheaper. However, this service exists only for BTC.

That said, the team behind Strike has revealed that more features are coming to the app to allow for more use cases, including receiving BTC payments, rounding up BTC savings, and many more.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.