100K People Have Signed Up To Use Strike On The Bitcoin Lightning Network in Argentina

More than 100,000 users have signed up to use Strike’s Bitcoin services less than 2 weeks after the company introduced the service. Strike has been operating in Argentina since January  but the company commenced service by enabling users to transact the stablecoin, Tether.

Even though this is a low number compared to the country’s population of 46 million, it is no less indicative of the increasing awareness of cryptocurrency utility in the country.

A Superior Bitcoin Service

There was discontent among users of Strike in Argentina for the inability of the Lightning Network based payment app to support the buying, selling and storage of bitcoin as expected. This is despite the trumpeting of the launch which the CEO of Strike, Jack Mallers said would give users a superior experience on the Bitcoin network.

The introduction of the Bitcoin on Lightning Network service would enable users of the app to buy, sell and hold bitcoins. The app also supports international remittance service via the LN.

Strike’s move into Argentina is part of the company’s push to support the unbanked in regions that have severe financial limitations, especially in Latin America. Strike recently integrated with Cashapp, enabling users to make cross payments across each app and giving the businesses access to a 70 million strong market.

A Second Layer Solution On BTC Network

The Lightning Network is a second layer solution to the scalability of the Bitcoin network. It features higher speed and rate of transaction confirmation. The low fees and faster transactions makes it a desirable alternative to traditional cryptocurrency exchanges and payment apps such as Coinbase.

Buyers and sellers, influencers and followers can also use the service for payments and tipping. The LN is the driver behind tipping services such as features on Twitter.

 

Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative review of projects with the aim to determine the authenticity of their claims.