- Bitcoin’s lightning network will now seamlessly support the worldwide transactions of both fiat money and cryptocurrency
- The services will be accessible across 200+ countries
- Currency pairs like the euro, pound and swiss franc will be supported for cryptocurrency exchange
- This will allow instantaneous payments to take place worldwide without any processing fee
Supporting Currencies from Across the World
Bitcoin’s banking service and wallet, Strike, is an application programming interface (API) which allows instant tradeoffs at minimal costs. Strike has announced the integration of numerous currencies from different countries, which will occur post its partnership with Bittrex Global, a platform that provides blockchain technology and cryptocurrency trade and exchange.
This move to enable worldwide exchange will also include fiat money, which is a legal tender issued by the government, as well as stablecoins which are cryptocurrencies that provide stability in price and a backing of reserves for determination of value.
Apart from the inclusion of European currencies, Canadian and Australian dollars will also be supported by the network. The financial system will now be accessible to billions, according to Tom Albright, the CEO of Bittrex Global. The reduced price of transactions will indefinitely align with Bitcoin’s vision and its use of faster technology.
The Way Strike Works
Jack Mallers, the founder of Strike, announced Strike Global through a tweet, describing this innovative project as an enabler of “sending money anywhere, at any time, in seconds, and at no cost.” This is exactly how the lightning network will function.
The movement of fiat occurs on the platform through real-time trade of Bitcoin, which is used as a conversion tool for the former. Transactions which will take place between different countries will have the fiat currency stored within the Strike app post conversion. Cryptocurrency and stablecoins will also have a similar means of global transaction procedure. The low-cost of payments will allow flexibility to users to make decisions on when and how to pay, and the absence of a supervising intermediary to facilitate international transactions will highlight the actual rate of exchange.
Mallers also mentioned the constructive usage of the app by users who do not have access to traditional financial institutions in areas like El Salvador in Central America. The transition to digital assets will help the customers avail full authority over their cryptocurrency, without the fear of paying additional fees to banks for transactions or disputes with local gangs which result in losing hard-earned dollars.
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