Strike and Jack Maller bring you Bitcoin Point of Sale Payments.
Bitcoin as the new payment infrastructure
- If you watched the Jack Maller presentation at Bitcoin 2022 in Nashville, TENN, USA you saw him explain a system using Bitcoin.
- The most important things to remember about using Bitcoin as the infrastructure are:
First, you are using the Bitcoin blockchain to transmit payments.
- People pay in dollars, which are converted to Bitcoin, sent across the blockchain, then converted back to dollars.
- This means the purchaser pays in dollars, and the merchant receives dollars, and neither one has anything to do with Bitcoin.
Second, the Bitcoin is only used as the medium of transfer
- The purchaser puts in dollars and the merchant received dollars.
- There is no exposure to Bitcoin volatility.
- There is no tax situation created for the user.
- The user never buys or owns or sells bitcoin.
- It is purely a utility tool here.
Three, this system creates instant or immediate settlement, with no middlemen or intermediaries and is nearly free. or way less then 3%.
- Jack Maller makes this possible using the Bitcoin Lightning Network.
- So transactions are "Lightning Fast"
- Transactions are 'free" due to all costs of the Lightning Network Node being borne or paid for by the Node Operator
Bitcoin point of sale is live
- Jack Maller did this presentation in 2022, and this system went live or started operating then.
- Jack's company Strike is a regulatory compliant Money Transmitter, so this activity is legal in the USA.
- So this innovation was not only made in the USA, but it can be used in the USA.
- So there is no fine print in this article saying this service is not available in Iran, North Korea, Venezuela and the United States of America.
The End or the Beginning? I think the beginning
Special Note
This is a rewrite of an article I feel I could have done better, especially because it is part of an archive. So I have published it with rewards declined, because it isn't 100% original.