We Study Billionaires - The Investor’s Podcast Network BTC007: Bitcoin Disrupting Payment Clearing Houses w/ Jack Mallers (Bitcoin Podcast)
Jan 6, 2021
Jack Mallers, Founder and CEO of Strike, dives into the revolutionary potential of Bitcoin as a payment system. He explains why the Lightning Network is crucial for fast and cheap transactions, transforming the way we think about payments. The conversation also tackles Bitcoin's role in supporting the unbanked, particularly in places like El Salvador. Additionally, Mallers discusses innovative solutions like an app that enables athletes to receive payments in Bitcoin, showcasing the currency's potential in combating inflation and reshaping personal finance.
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Bitcoin: Asset vs. Network
- Differentiate between Bitcoin the asset (a store of value) and Bitcoin the network (a payment system).
- Strike leverages the network for innovation, not speculation.
Paytm and Open Networks
- Paytm, a large Indian fintech company, lost market share after the government mandated an open payment standard (UPI).
- Open networks foster competition and innovation, challenging established players.
Strike's Global Impact
- Strike offers free, instant global payments, leveraging the Bitcoin Lightning Network.
- This empowers individuals in countries like El Salvador, who often face high remittance fees and limited financial access.