Strike! Complete Disruption of The Financial Industry Is Here
Payments application Strike is about the completely disrupt the financial industry with its new global payments application Strike Global.
Zap CEO Jack Mallers announced his latest payment tool, which fully utilizes the Bitcoin and Lightning Network to offer instantaneous cross border transactions, free of charge.
Actually, Strike isn’t new, it was rolled out in the US and has been in public BETA for the last 6 months, but Jack Mallers has confirmed that the payment application is ready for distribution to more than 200 countries worldwide.
In the announcement, Mallers, who calls Bitcoin ‘the hope for humanity‘, explains how the company has partnered with US-based cryptocurrency exchange Bittrex and will be onboarding its 1 million+ customers directly onto Strike and Lightning Network.
The Strike Global payment app will initially support USDT, USDC, EUR, GBP, CHF, and other leading currencies.
Strike has also partnered with VISA and will be releasing a debit card in the US in Q1 2021, and in the EU and UK in Q2, 2021.
The Strike payments application can be run from a smartphone and is basically a neo-bank account, that will anybody to send instantaneous transactions pretty much anywhere in the world for no cost.
A user’s Strike balance is spendable wherever Bitcoin is accepted, and once the payment’s app is fully rolled out it will give individuals, especially those living with hyperinflating economies, access to synthetic USD, and of course Bitcoin.
How Strike Global Works
Every transaction on Strike will use the Bitcoin and Lightning Network, and which ever currency is sent will immediately be transferred to BTC, sent wherever it’s intended, and be delivered in the currency of choice.
All done in a split second. It will be that quick, it took you longer to read that paragraph than it would to send dollars from the US to someone receiving Rupees in India.
Crazy? Welcome to Strike and welcome to Bitcoin and the Lightning Network.
ELI5 Strike Payments
Lets say Alice is in New York and Bob is Mumbai. They both have the Strike payments app, and Bob is enjoying his trip around India, but has suddenly run out of Rupees and needs another $1,000 worth.
Bob calls Alice, who assures him he’ll have some money in seconds.
Alice then sends Bob $1,000 from her Strike account. Strike debits Alice’s account for $1,000, automatically converts the money into Bitcoin and then sends it over to Mumbai using the Lightning Network.
The Bitcoin lands in Bob’s wallet and is spendable in the currency he wanted, which would be Rupees in this case.
Again, it takes a split second to complete the transaction and there is no transaction fee.
US Dollars to Rupees escrowed thousands of miles, in real time, and using USD and INR at the user’s convenience, free of charge.
For exchange rates, Strike compares its own Forex rate to that of other companies, and in every single case since the BETA launch not one Strike international transfer has ever been completed at an unfavourable exchange rate when compared to Forex rates.
Jack Mallers Disrupting The Financial Industry To Its Core
Jack Mallers is making headlines recently and for good reason. The 26-year old developer created Strike in his bedroom, and is determined to change the world.
With the Internet, we saw postal services, the media and music industries get a complete overhaul, but the financial industry was relatively untouched and could actually use the internet to strengthen its position.
Until Bitcoin came along, that is. Then we saw Lightning Network, which many critics claim isn’t working, and now using both networks, Jack Mallers is going to disrupt the financial industry to its very core.
Mallers announced last week Zap’s new payday option, which NFL Russell Okung is the first to use, and ensures the Carolina Panthers star will be paid in Bitcoin.
Strike’s Payday application allows Okung to be paid his $13 million salary into his Strike account, with 50% immediately converted into Bitcoin and stored in Russell Okung’s secure Bitcoin wallet.
The amount of conversion from USD to Bitcoin is completely Okung’s choice and once the Payday application is rolled out to the general public they will have the option of converting their salary into Bitcoin.
It’s one of many developments being rolled out by Jack Mallers and Strike, and the financial industry is going to have to work with them or die.
This is disruption, this is Bitcoin, Lightning Network, and Strike!
How Can You Get Involved?
Strike is being tested in the US, EU, UK, and the company is deploying a BETA test payments application in El Salvador. The company intends to roll it out globally as quickly as possible, and only government bureaucrats are standing in their way.
To gain early access to the BETA and help Strike test, you can register here and help Jack Mallers and his team disrupt the financial industry to its very core.
I will end this article with the words of Strike CEO Jack Mallers:
‘This is not a drill. I have more partnerships and products to announce and release. Too much work to do, too much world to change. As exciting as this is, I promise this is only the beginning.’
Author: Tommy Limpitlaw
What is the point of Bitcoin?
Bitcoin is a decentralized money. A money that nobody can control or manipulate, and a money that nobody can print and devalue. It’s also not necessary for any third party to verify transactions, so it makes it much faster and cheaper to send value. It’s also money built on the Internet: a society of almost 5 billion people.
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How can I buy Bitcoin in Latin America?
You can buy Bitcoin in many places in Latin America, but it’s always good to do some research, as there are some questionable exchanges. Paxful or CEX are two global platforms that allow buyers to purchase Bitcoin in most countires in Latin America. Look here for many other ways to buy Bitcoin in your location.
A Bitcoiner since 2017 and a Bitcoin Maximalist since 2018, Tommy is our main writer and editor at Bitcoin Maximalist. Other than researching and writing about Bitcoin, Tommy loves spending time with his family and supporting his beloved Leeds United.