Announcing Cashback by Strike

The Story

To understand our reasoning behind Cashback by Strike, we have to first understand who foots the bill for processing payments in today’s world. Today, when you swipe your credit card, merchants pay, and it’s not cheap either. Popular credit card companies such as Mastercard, charge anywhere from 1.29% + $0.05 to 2.64% + $0.10 per transaction. Many businesses, mostly small businesses or those in underprivileged industries like cannabis, are charged much more. For example, online payment processing giant Stripe charges 2.9% + $0.30 per transaction and in industries like cannabis, payment processors charge upwards of 10% at times. Not cheap.

How It Works

It doesn’t get simpler than Cashback by Strike. As a user, you simply have to:

  • Scan a QR code
  • Confirm the payment
  • Earn your cashback
  • BitcoinShirt.co, a bitcoin-only online apparel store. Strike users get 5% Cashback.
  • Bitrefill, offering gift cards for over 1,000 businesses. Strike users get 5% Cashback.
  • CryptoCloaks, a bitcoin-only online shop. Strike users get 5% Cashback.
  • Lightnite, a Lightning Network powered video game that allows you to spend and earn bitcoin inside of the game. Strike users get 15% Cashback.
Cashback by Strike demo

Going Forward

As I stated above, this is only the beginning. We will onboard more merchants over the coming weeks. However, the bigger idea here is to create a network effect with incentives for consumers and merchants to benefit from using Bitcoin as a settlement rail.

Thanks

Alright y’all, ending it here for now. With Cashback by Strike, everyone wins. Merchants save on their bottom line, customers get rewarded cash when they spend. The world of commerce migrates towards settling on a global, permissionless, peer to peer, value transfer protocol that is interoperable with wallets and applications from all walks of life.

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