Strike’s BTC app in Argentina will only support Tether for now, after helping El Salvador adopt Bitcoin and launching in this South American nation too so let’s have a closer look at today’s Bitcoin news.
The CEO of Strike Jack Mallers announced that his company arrived in Argentina. The nation will be the second to receive support from this BTC payment processor after a launch in El Salvador with the help of president Nayib Bukele. Mallers noted:
“Today, we use the world’s open monetary network, #Bitcoin, to give hope to the people of Argentina. The country needs the best monetary asset and the best monetary network in human history.”
🇦🇷 Welcome, Argentina! 🇦🇷
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 monetary network, #Bitcoin, to give hope to the people of Argentina pic.twitter.com/Z2RYLxmKSL
— Jack Mallers (@jackmallers) January 11, 2022
He explained how the use of crypto could help the people in Argentina to protect themselves from inflation and devaluation of their fiat currency. It seems however now that Argentines cannot use all the features of the app because the only option available for sending and receiving money on Strike is via USDT or Tether’s stablecoin that is pegged to the US dollar. The users in Argentina now cannot buy or sell or trade BTC using Strike as they do in other countries and Strike’s BTC app in Argentina is not really a BTC app right now, isn’t it?
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There’s a way to receive Bitcoin via Strike, however. Mallers showed that the users can link their app to their Twitter accounts and receive tips for the new features enabled by the Social Media platform. However, the service seems to have failed for a few users on different occasions like when verifying their identity or when the user name has non-alphanumeric characters like underscores. Apart from these features, the Strike App in Argentina only supports USDT on Ethereum making smaller transactions very expensive when transacting via a third-party wallet whereas transactions between strike users are free.
USDT convertibility to the Argentinean pesos is now unavailable so the app falls behind the features offered to some other customers in El Salvador or the US. Strike now plays a huge role in the adoption of Bitcoin as a legal tender, especially in El Salvador. Strike is the most widely-used wallet for BTC and the developers have a leading role in the development of Chivo’s wallet in El Salvador. Mallers however doesn’t plan to limit Strike to these countries alone. The company is aiming for a broader market as he mentioned:
“Strike will continue to launch in more countries throughout the year, with a focus on Brazil, Colombia, and other Latin American markets and plans for other regions throughout the world.”
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