Bitcoin Usage will be Fueled by Lightning Network – Morgan Stanley
According to an article from CoinDesk, Morgan Stanley, one of the world’s major banks, has claimed that bitcoin has passed an important milestone toward becoming a more generally accepted currency. According to the article, Strike, a fintech payment processor for the Bitcoin Lightning Network, has integrated with BlackHawk Network, the world’s biggest payment processor, paving the door for bitcoin to entrench itself as a currency.
Bitcoin’s use as a form of payment will “evolve” as a result of the capacity of customers to use the peer-to-peer (P2P) currency in brick-and-mortar shops rather than exclusively online, according to Morgan Stanley.
The second-layer Bitcoin network can route transactions while incurring nearly no costs, which makes it more feasible to transfer modest payments with Lightning than with debit cards, according to the banking giant. According to Morgan Stanley’s analysis, low transaction costs and open accessibility make it simpler for shops to accept bitcoin or other cryptocurrencies as a form of payment, which might contribute to a decrease in volatility.
During the Bitcoin 2022 conference, Strike CEO Jack Mallers unveiled the company’s merger with BlackHawk and its lack of innovation over the last three decades. As a side note, Strike uses Bitcoin as a way of payment for merchants that don’t want to deal with bitcoin itself. Customers may use their BTC while merchants are paid in dollars with a near-zero charge reduction and do not have to worry about extra accounting procedures.