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Strike Launches in El Salvador with Jack Mallers, Miles Suter & Michael Peterson

Peter McCormack

Interview | Description | Timestamps | Show Notes

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Strike Launches in El Salvador with Jack Mallers, Miles Suter & Michael Peterson - WBD338 Peter McCormack

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Location: Remotely
Date: Tuesday 6th April
Company: Strike, Square Crypto & Bitcoin Beach
Role: CEO, Bitcoin PM, FounderCIO

Bitcoin Beach is an experiment set up by Michael Peterson, trying to help the people of El Salvador. The organisation built a Bitcoin economy in Punta Mango, a small beach town in El Salvador where local businesses now accept Bitcoin, creating a local Bitcoin circular economy.

In rolling out bitcoin services in this part of El Salvador, the speed and cost of transacting on the base layer presented challenges. Migrating to using the Lightning Network has solved these issues and helped build a circular bitcoin economy.

Jack Maller’s Strike has also launched in El Salvador to solve other issues for the local people. With the Strike app using the bitcoin network as the payment rail, users can send fiat currencies instantly and at no cost.

In this interview, I talk to Zap CEO Jack Mallers, Square Crypto's Miles Suter, and Bitcoin Beach's Michael Peterson. We discuss the Lightning Network, international remittance and how Strike solves problems for people in El Salvador.

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00:04:59: Introductions
00:07:32: Bitcoin Beach
00:09:16: Pros and cons of establishing a circular Bitcoin economy
00:11:44: How Bitcoin Beach connected with Strike
00:14:23: Miles describes his time at Bitcoin Beach
00:18:55: Strike, the company
00:24:18: Strike, the product
00:26:57: The technology behind Strike
00:29:15: The transformative effect of Bitcoin in El Salvador
00:33:47: Examples of use cases in the community
00:38:26: Circular economy network effect
00:42:56: The people Bitcoin was designed for
00:45:18: Jack's little secret!
00:46:06: What Strike has learnt from El Salvador
00:51:03: The rollout status of Strike in El Salvador
00:53:23: The prototype for the world
01:00:04: The Lightning Network
01:03:31: Security and custody in El Salvador
01:05:12: The El Salvador Olympic Surf Team
01:06:35: The Katherine Diaz tragedy
01:11:55: Final comments


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