How do you like the bill pay? You have to keep sats in Strike and they are exchanged to fiat on the due date or how does it work?
Discussion
Haven’t used it just yet, first time but I have it set up to pay my car insurance ect. Yeah it used sats and exchanges then at time of bill
Not trying to rain on your parade but I have some questions. What about fees aren’t you getting hit when you convert to sats then again when you convert to fiat? Seems like you would end up with less sats then just paying bills directly in fiat first and converting what’s left over it bitcoin for saving?
Zero fees on bill pay, also zero fees on purchases via direct deposit, I only get hit with fees if I sell for cash in the app which isn’t much anyway
Check the spreads then. That is probably where the “fees” are. Strike ain’t making hundreds of millions in profit doing zero fees.
Also are you hit with any fees when you send to your own cold storage?
Yes, same as any other exchange though
If you’re going the KYC route then Kraken has the lowest fees and spreads I’ve seen. Might want to compare those spreads/fees add up over time especially if you’re converting all your money every payday.
Yes, there’s no fees to buy with paychecks, just to sell it there’s a fee and obviously a sending fee, I’m not sure if they charge a fee to send or if it’s just an onchain fee
Also if you are sending on chain they will wave the fee for sending it if you choose 24 hours
Sounds pretty good then I would just check spreads compare the price on Bitbo or whatever you use to check market price and compare it to what strike charges at the same time. It’s probably a couple percent, just guessing. If it’s lower than that it’s pretty good. Exchanges either make money from fees or spread or a combination of both.
Their prices are super reasonable, and for the convenience it's worth the price
No on chain fees when you withdraw if you’re patient. Spreads are best I’ve found every time I’ve mathed it out(five or six separate occasions) when they introduced fees over spreads it tighted up significantly. No fees after a week of automatic purchases, no fees on direct deposits. Hard to beat as a pleb.
They make their money on whales.
*checks transaction history on strike*
There's definitely a "Strike Fee" for Bill Pay.
Definitely spreads are the biggest fees and I have long criticized Strike for the outrageous spreads at times. It’s like a hidden fee even though they boast ‘no fees’. Still if you believe Bitcoin will trend up over time it may make sense to eat the spread/fees regardless. Or if you are already living on a Bitcoin standard and only hold sats, having a way to auto convert and pay fiat bills is a nice convenience to have.
I just made a comment on the original post on how I mitigate fees, and use River as a savings account
I've used it since day 1.basically you can keep SATs or dollars on strike and then they pay for the bill from your account. If you use SATs, they handle the tax accounting for you, but personally I just use it as my bank and then use strike to buy from folks on to lasts BC this year I've decided to only buy Kyc free sats. 100% of my bills flow through it. From the transaction history, the one time I used SATs to pay a bill, there was no fees besides a 3 sat routing fee. So unkess their spread is off, I don't think it cost anything extra. Also I think there are only buy fees on strike but even if there are sell fees, my strategy works.
Good choice on the KYC free sats I haven’t bought KYC in years
It’s kyc no matter what somehow unless you buy from someone behind the 7Eleven with cash, money needs to be transferred somehow with a kyc account at least in the USA.
Well you can use robosats that’s what I use
What are you using to pay for them though?
I know what you’re getting at but it’s not the same thing. If it were true exchanges wouldn’t need to KYC you because your funding with a KYC method. KYC links addresses to identity which can be traced indefinitely, when you exchange p2p the KYC part has no knowledge of the bitcoin address therefore has nothing to trace. It’s not the same thing at all.
Yeah that’s true, but also feel like could get you in hot water or investigation more.
Say you mange to acquire 1BTC via exchanges on robosats, the irs looks at your bank or cash app payments or whatever you used to pay with and just sees random payments going out to random people all the time. This is gonna look suspicious. I wish we could all just buy it wish cash without kyc, I hope we can get a no kyc on bitcoin in the future.
I just look at it simply as bitcoin is peer to peer cash so should be used as such buying p2p makes the most sense.
Report back if you can. I’m curious to try it out but haven’t had time to dig too much into it
It converts your sats to usd before paying your bill. Incurring a fee and possible taxable event. Strike should help you eoy with tax docs, fees I cover with cash back from credit card spending. I left a comment on the main thread explaining my process if you’re curious