The Lightning Network is a Bitcoin layer two scaling solution that enables micro-payments across the network. In its native state, Bitcoin is too slow to be used for everyday payments as it can only process around seven transactions per second. The Lightning Network can process thousands of transactions per second, making it fit for Bitcoin [BTC] payments with apps such as Strike.
The move is important for Shopify merchants, who will be able to accept payments globally, save costs on processing fees, and get a settlement in cash. This would enable them to reach untapped markets and purchasing power. Strike has also integrated peer-to-peer Bitcoin payments using the Lightning Network. The company has partnered with alternative payments processor Blackhawk and point-of-sale provider NCR to facilitate these transactions.
There are 1.7 million businesses around the world that use Shopify, and it is the third-largest e-commerce platform in the US, with a 10.9% market share, according to the press release. The company was sued this in April 2022 for its involvement in the Ledger hardware wallet data breach in 2020.
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