“Using Bitcoin As a Payments Network Is Superior to Card Processing Networks,” Strike CEO Stated

Using Bitcoin As a Payments Network Is Superior to Card Processing Networks

In a recent Yahoo Finance interview, Jack Mallers, the CEO of the digital payments platform Strike, stated that using bitcoin as a payment network is “superior” to the card or bank systems. Furthermore, the CEO compared the principal cryptocurrency to the Internet, claiming that both give freedom. 

He concluded that utilizing BTC as a payment network is superior to any other settlement system after explaining that it is cheaper, quicker, global, inclusive, and innovative:

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

He also stated that in order to be considered functional, payment networks must enable smooth value transmission from point A to point B. “Bitcoin just does that a lot better,” Mallers claimed.

However, Strike’s CEO advised against spending Bitcoin because it is an asset whose USD value is expected to rise over time. As a result, people regard it as a valuable asset that they would not simply give up.

“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 says.

“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.”

He believes that Bitcoin, as a monetary network, operates on the same logic. It gives people economic independence from the government and central banks.

“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?”

Jack Mallers stated that his company has teamed with three of the world’s leading payment providers, Shopify, NCR, and Blackhawk Network, to enable bitcoin payments at stores across the United States at Bitcoin 2022. 

Blackhawk is a large American payments company, meanwhile, NCR is also the largest point-of-sale provider around the world. Starbucks, Chipotle, El Corte Ingles, Woolworths, and hundreds of other worldwide retailers are among the brands Blackhawk and NCR serve, according to their websites. We have to wait for further information to discover when and how these companies will begin accepting Bitcoin.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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