Jack Mallers, founder of The Lightning Network wallet Zap, has announced a new application, Strike. It will allow users to make Lightning payments with their debit card or bank account, thus eliminating the need for a wallet, channels, nodes, swaps, or liquidity.
I just published Announcing Strike by Zap
Our biggest product yet, built on top of Olympus.
What if you could pay a Lightning invoice with your debit card? What if your bank account could speak Bitcoin?
— Jack Mallers (@JackMallers) January 30, 2020
Strike foundation is Olympus, and it is “designed to usher in an era of Bitcoin that we believe has the best shot of achieving our mainstream hopes and desires.”
Biggest Reason Behind Launching Strike
Mallers stated that volatility is the biggest stumbling they had as in a consumer-merchant environment, it is a failure as it makes it hard for people to rely on Bitcoin trading.
Another dealbreaker is taxing, Bitcoin falls under the category of property in the U.S. and spending it is a taxable event, and the same applies to the lightning network.
People didn’t fancy the idea of creating a wallet, custody and owning as it is a vexed process in the eyes of many. however Strike, would be the game-changer as Zap founder states.-
“We aren’t just changing how Bitcoin looks, but also how it feels. We’re changing a consumer’s relationship with Bitcoin and Lightning, how it is used, and how it is viewed. We’re opening up new ambitions, new ideas, new possibilities, and a new, mainstream audience.”
The Strike app would provide the selling and buying of Bitcoin, through a simple QR code scanning and clicking pay. It can also be used to give an internet tip.
However, it has its downsides too as given a lack of wallet, if you are hacked, and somebody steals your bitcoin, there’s nothing that can be done about it and you’ve lost your prized possession forever.