you can spend your cash balance over Lightning today on Strike.
I prefer this over spend and replace because it avoids the capital gain taxable event and is the same thing as spend and replace.
what we do behind the scenes is take your fiat, convert it to bitcoin, and pay the lightning invoice.
what’s mind blowing is that when Square turns this on, a consumer and a merchant can even do USD <> USD settlement with bitcoin as the network, not Visa. cheaper, faster , cash final, etc.
Top notch feature that is probably buried in the UX too far now with all the updates since, and not top of mind for new users.
Do you know if they will turn it on automatically for all sellers?
i don’t. a question for nostr:npub1ds3hmzemzgp9rsuvyvxqdk0y3uxnq9m903dktjxrvyfwk9w99t4sc2hzcn
No, they will not.
Do you know, or are you guessing?
They wrote this in many replies of people asking the same question. So I know.
Ok, thank you! Yeah, that's annoying, that means like 1% of terminals will be enabled 😕
Who knows?
nostr:nprofile1qqsfsv23xtt2hr87gp8n4qzxhqek64zlzj2tzcakae4x8yw94mpy3jgpzemhxue69uhhyetvv9ujumt0wd68ytnsw43z7qgnwaehxw309ahkvenrdpskjm3wwp6kytcpz9mhxue69uhkummnw3ezumrpdejz70th996, what would help the onboarding the most? It sounds like the square integration will be opt-in from the beginning and so probably not many sellers are going to do it initially.
Do you want bitcoiners to ask the sellers about adding bitcoin? Can the person selling in the shop enable it, or do we need to get in touch with the owner? (I'm thinking coffee shops and similar)
You’ll need to get in touch with the owner. It’s a sensitive process from a legal/compliance/regulatory pov. But once they decide to turn it on it only takes a minute.
I would lead with the basics:
1. Zero processing fees until 2027
2. Never miss a sale. An emergent way for customers to pay
3. Instant, no chargebacks, and can be settled in USD so its business as usual
4. They can order a free marketing kit from the Square shop and update their window stickers and table tents
Good point missing that CG
that's pretty sweet! though I like my cash balance being zero 😏
Only applies if you hold dollars
Just go 100% - to quote mallers - "its a capital GAIN it means you didnt get debased"
Oh I misunderstood the situation nvm
Good work Jack as always! 💜
F@&kin ‘A!! 👊🏼
Normie question : could I pay the square vendor directly from my nostr wallet ( primal ) ? When ?
that's a question for square. apparently they are enabling this for vendors this year
That's kind of amazing.
People don’t seem to understand how valuable the network of bitcoin is. Asset price aside, the network is worth trillions.
I just did a test sending $1 from strike cash balance and received 912 Sats in cash app, using lightning address.
Ty, sir.
This seems important. Like replacing credit cards-level important.
How “is [it] the same thing as spend and replace.”?
Do you mean theoretically because you could have bought and spent BTC? That’s an awfully metaphysical way to support the network. While I do see the benefits to strike since it habituates users to alternative spending desire lines, i don’t see how it supports the hodl ethos beyond using BTC as rails to disintermediate visa. Which is not nothing but it’s not sovereign individual behavior per se.
what’s the difference between:
spending bitcoin and then replacing the bitcoin you spent by buying more versus buying the amount of bitcoin you want to spend and then spending it?
I see, so strike is doing the latter on LN avoiding taxation? But calling it US dollar transactions because that’s what merchants get? So is this BTC on USD rails or USD on LN rails? Gets into the taxable-ness of market ontology. Interesting.
I guess it’s Strike incurring and taking care of the taxable event
Yeah, it’s a kind of a private (strike) and public BTC/LN network subsidy for hard money end users. The government could regulate away this arbitrage by redefining taxable events, I guess, also.
Or maybe strike never actually touches the dollar settlement layer (IRS and state purviews) and so the LN networked dollars are only theoretically taxable. Need a graphic for how strike does this to be able to ask better questions.
Spending USD over LN is Strike’s killer feature and differentiator
Few
This has always been one of Strike’s superpowers.
It's the only way I stack corn on strike
It the Super Bitcoin App
Every January I calculate what the 2.9% credit card fees I’ve lost in my business ass up to. Every year it pisses me off. Well done! 👊
I've got a BTC balance on Strike.. I don't even care if I have a taxable event if I buy something using BTC... Hey Jack, you hear anything new about Legislation in regards to this type of taxable event? Maybe Scott Bessent has something new to say..
I was just explaining how Strike worked to my accountant... She asked if I sold any bitcoin, and I said now. All my purchases with bitcoin are with strike in the cash to bitcoin transaction! Works like a charm! The Square thing is gonna be awesome!
>what’s mind blowing is that when Square turns this on, a consumer and a merchant can even do USD <> USD settlement with bitcoin as the network
In other words you reinvent PayPal...
The whole point of Bitcoin is to fuck fiat, not using it.
You are just perpetuating an evil system to exist.
Spending dollars over lightning with no taxable event has always been one of my favorite features in Bitcoin. 🫡
