Bitcoin’s Lightning Network is a massive improvement over how things are done on the network normally. Ensuring this scaling layer is adopted, has proven somewhat challenging. The recent launch of Strike may change all of that, as the app is now in public beta.
What Does Strike do?
For a project that most people may have heard about, Strike certainly has a ton of potential. It is an application that is simply designed to help Bitcoin evolve. Gaining mainstream traction is virtually impossible for BTC in its native state. The network is too slow to compete with payment methods, after all.
With the Lightning Network, all of this is about to change. It all comes down to getting more users to explore LN and everything it has to offer. Rather than alienating people by making this all about just Bitcoin, the Strike team has opted for a very different approach indeed.
Users from all over the world can interact with Bitcoin and the LN in the same way they use traditional payment methods. Using a bank account or debit card to access these protocols is now possible through the Strike application. Regardless of one’s technical know-how or experience with Bitcoin, this solution removes all of the barriers to entry entirely.
All one needs to get started is the Strike app – either on mobile or desktop – and completing a brief signup process. At the time of writing, Strike is only available to US residents in 46 states.. Hopefully, other countries will be included in the near future. Bitcoin is a global financial tool, after all.
Peeking Under the Hood
Bridging the gap between legacy financial systems and modern money is anything but easy. Bank accounts and payment cards are very different from Bitcoin. Strike ensures all of these systems work well with one another, instead of creating barriers to entry.
Building a solution such as Strike requires checking a lot of the right boxes. Regulatory concerns come to mind almost immediately. This is why Strike’s signup process includes a KYC and AML procedure, although it is not as invasive as some might expect.
A name and phone number is all that is required at the current stage. This is a necessary evil to be embraced when switching back and forth between legacy finance and modern finance.
Onboarding users is only part of the team’s vision. Every account created can be used as a strike.me profile. This domain acts as a social platform to send and receive tips, donations, and payments. Everything can be paid for with traditional payment tools.
More importantly, this profile is compatible with any other Bitcoin tool in existence today, or in the future. This is why Bitcoin’s protocol is so powerful: it brings together people from all over the world without having to ask for permission.
Very Successful Beta Testing
During the closed beta testing of Strike, the team has been able to gather a lot of valuable data, No less than $83,644 worth of payments has been completed between Strike’s platform and the Fold app. This goes to show that, for the user, it is all about spending money in a far more convenient way than ever thought possible.
Given the success of this app so far, one has to wonder how a global audience would respond to Strike. It has massive potential to onboard new users to Bitcoin, as well as dethrone a lot of traditional payment solutions. Instead of using half a dozen services for different purposes, Strike seems to do everything within one convenient interface.
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