Strike Revolutionizes Philippines Remittances with Bitcoin Lightning Network: Say Goodbye to Slow, Expensive Transfers!

Are you tired of exorbitant fees and snail-paced transfers when sending money to loved ones back home? Imagine a world where remittances are near-instant and cost a fraction of traditional methods. Well, that future is rapidly becoming a reality, especially for Filipinos!

What’s the Buzz? Strike Launches Send Globally in the Philippines!

Get ready for a game-changer in international money transfers! Strike, a pioneering Bitcoin finance company, has officially launched its groundbreaking Lightning Network money transfer service, Send Globally, in the Philippines. This move is set to disrupt the country’s massive $35 billion remittance industry, offering a faster, cheaper, and more efficient way to send and receive money from abroad.

Starting January 31, 2023, Send Globally is live in the Philippines, empowering both businesses and individuals to seamlessly accept international money transfers in Philippine pesos. This is huge news for a nation that relies heavily on remittances from overseas workers.

Why is This a Big Deal for Filipinos and the Remittance Industry?

Strike’s CEO, Jack Mallers, sums it up perfectly: “Remittances are a broken system, and Strike provides a compelling experience for consumers to move money around the world in almost a second.” Let’s break down why this is such a significant development:

• Speed: Forget about waiting days for money to arrive. The Lightning Network enables near-instantaneous transactions. Imagine sending money and it arriving almost as quickly as sending a text message!
• Lower Costs: Traditional remittance services often come with hefty fees that eat into the hard-earned money being sent home. The Lightning Network’s architecture allows for significantly lower transaction costs, meaning more money reaches the recipient.
• Efficiency: Strike simplifies the process. Here’s how it works:

1. Sender sends fiat: The sender uses their local currency to send money through Strike.
2. Conversion to Bitcoin: Strike instantly converts the sender’s fiat currency into Bitcoin.
3. Lightning-Fast Transfer: This Bitcoin is then transmitted across the Lightning Network to Strike’s partner in the Philippines, Pouch.Ph.
4. Conversion back to Fiat: Pouch.Ph converts the received Bitcoin back into Philippine pesos.
5. Funds reach recipient: The pesos are then deposited directly into the recipient’s bank account or mobile money wallet.

Crucially, Strike handles the Bitcoin transactions behind the scenes, shielding users from the complexities and potential tax implications of directly dealing with Bitcoin. It’s all about making the process seamless and user-friendly.

The Magic of the Lightning Network: How Does it Enable Near-Instant, Low-Cost Transfers?

The Lightning Network is the secret sauce behind Strike’s speed and efficiency. Think of it as a layer built on top of the Bitcoin blockchain – a “layer-two solution.” It allows for micropayments and a high volume of transactions to occur off the main Bitcoin blockchain through payment channels. This is in stark contrast to traditional payment networks, where costs can be significantly higher.

Key benefits of the Lightning Network:

• Micropayments: Designed for small transactions, making it ideal for remittances of various sizes.
• Scalability: Handles a much higher volume of transactions compared to the base Bitcoin blockchain.
• Reduced Fees: Transactions on the Lightning Network incur minimal fees, often near-zero, leading to significant cost savings.
• Speed: Transactions are processed in seconds, a massive improvement over traditional banking systems.

Strike’s Global Expansion: Philippines is Just the Beginning

The Philippines isn’t the first country to experience the benefits of Send Globally. Strike launched this service in Ghana, Nigeria, and Kenya on December 6, 2022, and it has already gained considerable traction in these markets. The Philippines, with its substantial remittance inflows, represents a significant next step in Strike’s global expansion and mission to fix the “broken system” of international money transfers.

Furthermore, Jack Mallers is pushing the boundaries of Bitcoin adoption even further. He has launched a pilot program with Fiserv’s Clover Commerce point-of-sale technology. This initiative enables merchants using Clover to accept Bitcoin payments via the Lightning Network, opening up exciting possibilities for everyday Bitcoin transactions.

Will Send Globally Take Off in the Philippines? Factors for Success

While the potential of Send Globally in the Philippines is immense, widespread adoption will hinge on a few key factors, particularly network effects driven by smartphone and internet penetration. The good news is that the Philippines is already well-positioned in these areas:

• High Smartphone Penetration: According to Statista, smartphone users in the Philippines are projected to reach 87 million in 2023, growing to 91.5 million by 2025. This means a large majority of the population will have the devices needed to access and utilize services like Strike.
• Growing Internet Access: Statista also predicts that around three-quarters of the Philippine population will have internet access by the end of 2023. Increased internet availability is crucial for the adoption of digital financial services.

The Philippines has already shown its openness to crypto innovations. The popularity of the crypto game Axie Infinity in the country demonstrates a willingness to embrace digital currencies and new technologies. This existing familiarity with crypto could pave the way for faster adoption of Strike’s Send Globally service.

Looking Ahead: A Faster, Cheaper Remittance Future for the Philippines?

Strike’s launch of Send Globally in the Philippines marks an exciting step towards a more efficient and affordable remittance landscape. By leveraging the power of the Bitcoin Lightning Network, Strike is offering a compelling alternative to traditional money transfer methods. If smartphone and internet penetration trends continue, and Filipinos embrace this innovative solution, we could witness a significant shift in how remittances are sent and received in the country. This could mean more money in the pockets of families who rely on these vital funds, and a more streamlined, modern financial system for the Philippines. Keep an eye on this space – the remittance revolution might just be getting started!