This Week in Startups Bitcoin payments on the Lightning Network with Strike's Jack Mallers | E1462
May 17, 2022
Jack Mallers, CEO of Strike, is on a mission to revolutionize Bitcoin payments using the Lightning Network. He discusses the history and evolution of payment networks, emphasizing why traditional giants like Visa and Mastercard struggle to compete. Mallers explains the benefits of Strike’s API for businesses and how it can unlock Bitcoin's true potential. He also tackles misconceptions about Bitcoin transactions, highlighting their efficiency and the technology's capability to enable instant payments, paving the way for a more inclusive financial landscape.
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Digital Networks for Non-Digital Assets
- Traditional payment networks are essentially digital systems built for non-digital assets, like dollars or gold.
- They rely on promises of future settlement, creating inefficiencies and complexities.
Bitcoin's Advantage
- Bitcoin, as a digital bearer instrument, eliminates the need for future settlement and allows for instant value transfer.
- This makes it inherently faster, cheaper, and more inclusive than traditional systems.
Strike's Integration with NCR
- Jack Mallers explains how Strike integrates with point-of-sale systems, allowing customers to pay with Bitcoin seamlessly.
- The system converts dollars to Bitcoin and then back to dollars for the merchant, eliminating traditional intermediaries.