Nostr Web Client

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HoloKat

Does anyone know how strike works?

₿logging₿itcoin 2y ago

Turns fiat to bitcoin and vice-versa.

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Discussion

HoloKat 2y ago

How?

BtcPins 2y ago

You pay Strike to send their Bitcoin to someone else.

HoloKat 2y ago

But the person on the other end gets cash, no?

17c81daa... 2y ago

No, afaict, they get USDT.

You bitcoin/lightning into USDT, USDT to bitcoin/lightning out. You can buy Bitcoin with the USDT in the app.

Not sure what it does for anyone. A bitcoin trading account perhaps?

HoloKat 2y ago

That makes more sense.

Marks 2y ago

Here’s how i understoood it from a mallers interview a while back:

They are the on-ramp and off-ramp on both ends. User1 sends USD to User2 who deals in EUR. You give Strike USD. They convert to Bitcoin, use lightning to transfer, then instantly convert to EUR.

Removes the need for users to like Bitcoin. Bitcoin and Lightning Network route everything and the users deal in the currency they need.

It also does Bitcoin and lightning payments, like you’d expect from a Bitcoin wallet.

⚡ Dee Kay ⚡🇸🇪🇬🇧🇨🇿🇧🇷🇦🇹 2y ago

What's funny is that they are so instant and fast they discover fiat pair prices quicker than traditional markets.

HoloKat 2y ago

How can they I instantly convert it to EUR? That would mean they partner an OTC desk that buys instantly?

Marks 2y ago

Not sure the implementation detail there. Piles of fiat in every country they operate?

Kieran 2y ago

It just converts back and forth to btc and usd, you send sats then it will sell your usd for btc and pay the invoice, same for receive, somebody sends you sats and they sell it for usd. You can also send usd directly to other strike users or merchants