McDonald’s, Walmart and other big names will be able to accept Bitcoin (BTC) thanks to the Lightning Network

400,000 retailers able to be paid in Bitcoin thanks to the Lightning Network

As the conference unfolds Bitcoin 2022 in Miami, Jack Mallers, the founder and CEO of Strike caused a stir about the Lightning Network. Strike is a wallet allowing instant payments between people thanks to an overlay of the Bitcoin network, the famous Lightning Network.

Jack Mallers’ speech concerned a major partnership between its portfolio, as well as Shopify, NCR and Blackhawk Network. Which means in other words that no less than 400,000 stores will be able to accept Bitcoin.

And as if that were not enough, we find among these names McDonald’s, Walmart or Starbucks to take just a few emblematic examples.

In order to measure the weight of this announcement, it should be understood that NCR is one of the world leaders in cash registers and ATMs, and that for its part, Blackhawk Network, specializes in prepaid gift cards. As for Shopify, it is an e-commerce reference allowing you to easily set up your sales site.

If we still have only a few details to consider the full scope of the news, we can nevertheless say that all these brands will be able to receive payments in seconds if they wish.

Jack Mallers also clarified that all of this would be possible, regardless of the currency at the input and at the end of the chain. He also underlined, in his own way, the lack of innovation in payment systems until today:

β€œSince 1949, there has not been a superior payment network that allows us to innovate, to bet on financial inclusion, to offer cheaper services, faster services. My grandfather used the same technology as me. Β»

πŸ‘‰ Find our guide to buy Bitcoin (BTC)

Robinhood also joins the party

While it was previously only possible to buy and sell Bitcoin on Robinhood appthere too, a Lightning Network integration changes the situation. This paves the way for exchange between wallets, a feature promised since last fall.

Note however that this wallet still remains limited outside of bitcoin. Indeed, the digital wallet still does not support ERC20 tokens from the Ethereum (ETH) network, except for ETH itself, nor does it integrate non-fungible NFT tokens.

Despite everything, Robinhood’s product manager, Aparna Chennapragada, defends a strategic choice according to which BTC remains the platform’s first recurring purchase.

While Bitcoin’s layer 2 has faced some criticism and a rocky start, it would appear that the wind is slowly turning. Of course, there is no guarantee that all the brands mentioned above will actually use the Lightning Network, but they will in any case be able to do so.

That said, we have a technical solution here that reconnects Bitcoin to what it was created for: be a peer-to-peer means of payment. Beyond the safe-haven aspect of the asset, perhaps 2022 will see the inflection point from which the monetary use of it will grow.

πŸ‘‰ Related – Lightning Labs Raises $70M and Unveils Taro Protocol

Source : Bitcoin Conference 2022

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About the Author : Vincent Mayor

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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
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