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Bitcoin Lightning Network-powered application Strike Launches Services in Argentina

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Joyashree Dey Follow

INDIA

Jan, 14 2022

Jan, 14 2022

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On January 11, 2022, Bitcoin Lightning Network-powered application Strike has launched its services in Argentina. The residents of South American presently approach a cash balance that can be utilized to set aside or move cash without authorization.

 Argentina will want to make bitcoin settlement payments, get bitcoin tips on Twitter and use the Strike shared exchange service, Company said on Tuesday.

Recently, Jack Mallers, CEO of Strike, declared his company's launch in Argentina via Twitter, “Today, we launch a superior financial experience to a country that faces hyperinflation, predatory payment networks, and unusable cross-border transfers. Today, we use the world's open mo+netary network, #Bitcoin, to give hope to the people of Argentina.”

The South American country will be the second country to receive support from a bitcoin payment processor, following a successful launch in El Salvador with the help of the Nayab Bukele government.

Argentina is the initial phase in a 2022 Latin American extension that will incorporate Brazil, Colombia, and "other Latin American markets," the company included an assertion. The company launched its payment application in El Salvador last March.

Mallers went on to explain that “There is now unprecedented demand for an open monetary system that lives within a distributed network, has a known monetary policy, a fixed supply, and is resistant to censorship,” He added, “Argentina needs the best monetary asset and the best monetary network in human history: Bitcoin.”

In any case, it appears to be that, until further notice, Argentines can't utilize the "best monetary asset" in their Strike accounts-or, in any event, not as they might want to. For now, the main choice accessible for sending and getting cash on Strike is using USDT, a stablecoin given by Tether and fixed to that U.S. dollar that Bitcoiners desire to depose one day.

However, there is a method for getting Bitcoin through Strike in Argentina. Mallers showed that clients could interface Strike to their Twitter accounts and get tips through the new feature empowered by social media. Nonetheless, the service seems to have fizzled for a long time in various cases, like while confirming their personality or when the username contains non-alphanumeric characters like dashes or underscores.

Aside from the Twitter feature, the Strike application in Argentina for the time being just supports USDT on Ethereum, making little exchanges expensive while executing with third-party wallet exchanges between two Strike consumers are free.

USDT's convertibility to Argentine pesos is right now inaccessible, so the application lingers a long way behind the elements proposed to its users in the United States or El Salvador.


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Joyashree Dey

CBW - External Analyst

INDIA

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