Strike launches Send globally with cryptocurrency

The Bitcoin crypto app To hit has officially announced that it can deliver remittances instantly and cheaply to Africa. In fact, people in Nigeria, Kenya and Ghana can now receive cheap instant remittances in local currency through The Bitcoin Lightning Network.

The Strike platform offers the easiest way to send, spend, remit and invest money through digital payments. Specifically, it is an app used to buy and sell Bitcoins, wager on the web, send and receive micropayments, send money, pay merchants for goods and services, and make payments with friends.

As already mentioned, Strike is also one of the easiest ways to buy the most prestigious crypto, Bitcoin. All you need to do is connect a payment method to the app and then you can monitor the price of the coin and, why not, even buy it.

Send globally: the new Strike feature, what it is and how it works

The official statement of the new Strike feature, Send globally, arrived a few days ago. The new specification introduced by the app allows US users to send money to Africa instantly and cheaply.

Jack Mallersfounder and CEO of Strike, commented on the new feature:

“With exorbitant fees to move funds in and out of Africa and incumbent providers cutting back on services, payment companies are struggling to operate in Africa and people can’t send money home to their family members. Strike offers people the opportunity to transfer their US dollars easily and instantly across borders.”

The remittance service allows people in Nigeria, Kenya and Ghana to receive money from the United States and instantly convert it into the local currency. The feature is made possible through a partnership between Strike and Local Bitcoin app bitnob.

Bernard Parafounder and CEO of Bitnob, also said in a statement:

“The current financial system is not set up to guarantee equal access to African people and institutions. What we have built reduces the pressure on our financial institutions to provide dollar liquidity.”

Thus, through the partnership between Strike and Bitnob, citizens can now easily exchange value from the US to people in Africa in the cheapest way possible. The biggest benefit is that sending money home to Africa can save money billions of dollars in transfer fees.

Strike and Bitnob: Connecting the Continents Using Bitcoin

Strike and Bitnob unite the two continents by connecting local financial institutions with the Universal Lightning Network, Bitcoin’s layer 2 protocol for cheap and fast payments.

Using Lightning RailsStrike’s Send Globally feature offers users in the United States a cheaper, faster, and more innovative way to instantly send payments to Africa.

Indeed, payments are instantly converted into naira, cedi or shillings and deposited directly into the recipient’s bank, mobile money or Bitnob account. Additionally, Strike said it plans to enable Send Globally in more African countries in the future.

Lightning Network: The Solution to Bitcoin’s Scalability Problems

As anticipated, to enable the new feature, Strike will use Bitcoins Lightning network. But what is this proposed solution for the Bitcoin cryptocurrency?

According to experts, it is probably the definitive solution to the scalability problems of the famous cryptocurrency. Specifically, Lightning Network is from Bitcoin layer-2 solution, which is a network built on top of an existing blockchain, known as layer-1.

For instance, Ethereum it is a 1 level upon which several second levels are built, including Optimism and arbitration. These structures serve to improve the existing chain and among the main objectives is to increase the scalability and speed of transactions.

Lightning Network is a off chain solution and provides a peer-to-peer protocol. In fact, transactions do not travel on the blockchain, but through a private channel between users. Therefore, its operation is quite simple: participants open the channel, load funds, trade cryptocurrencies as many times as they like, then they can close the channel.

The innovation is that the opening and closing of the channel takes place on-chain. While the peer-to-peer transactions they remain on the channel and are not shared with the Bitcoin blockchain. This mechanism allows you to always keep the balances of the participants correct, but avoids interacting with the chain for each individual transaction.

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