Strike Announces Shopify Integration for Bitcoin Lightning Payments

Written by C, Fiona

Last updated: 2022-04-12

Why Trust BTCC

BTCC, a seasoned player in the cryptocurrency sector, has established a solid foundation of credibility through its over a decade of platform operation and profound industry experience. The platform boasts an experienced team of professional analysts who leverage their keen market insights and profound understanding of blockchain technology to offer precise market analyses and investment strategies to users. Furthermore, BTCC adheres to rigorous editorial standards, ensuring that every report and analysis is fact-based, striving for objectivity and fairness, thus providing investors with authoritative insights they can rely on. In the rapidly evolving cryptocurrency market, BTCC stands out as an indispensable partner for numerous investors and enthusiasts due to its stability, professionalism, and forward-thinking approach.

Attorney Kevin Thompson thinks that the event will make regulators frustrated, leading to the creation of reporting requirements for Shopify.

Following the announced integration of the payment app, Strike, with e-commerce platform Shopify to accept Bitcoin (BTC) through the Lightning Network, the crypto community raised concerns over the legal implications of the move.

Crypto researcher Matt Ahlborg believes that the event is a very significant development for BTC as it allows the offloading of BTC without the need to go through the Know Your Customer (KYC) process.

However, lawyer Kevin Thompson pointed out in a reply that the event is likely to make regulators frustrated. Being able to spend BTC without going through KYC enables users to dump BTC and avoid taxes, according to Thompson. He predicts that regulators may respond to the event by “creating reporting requirements for Shopify.”

Glennhodl, a Twitter user, also thinks that the government may take steps to address the issue of offloading BTC in major stores without doing KYC. However, he notes that while regulators can try to fight it, they won’t be able to really stop it.

David Hood suggests not taxing low-value transactions. In a tweet, he commended the recent development but also explained that more people would “take advantage” of the integration if there are no taxes on BTC purchases under $600.

Back in February, e-commerce giant eBay also hinted at the integration of crypto payments with its platform. In an interview, eBay CEO Jamie Iannone said that the company is eyeing different payment methods as they process billions of dollars in volume within their platform.

Meanwhile, the New York Digital Investment Group (NYDIG) recently launched a program that enables employees within participating companies to get paid in BTC. Through a Bitcoin Savings Plan, employees have the option to take a part of their pay in BTC without paying any transaction costs.