ELI5 how strike is good for bitcoin? I’m genuinely curious 🧐
Discussion
Devil’s advocate: It uses LN rails to transfer funds while keeping people comfortable with the monetary unit they already know. Baby steps.
So the thought is that because it uses LN, it’s good for the network? I’m not trying to accuse or anything, just wondering how it’s helpful to bitcoin specifically. I know it helps people 🙌
I guess so, yeah? It’s a nice clean simple interface to ease people into bitcoin. I think their goal is to be like Venmo, but without the social media bs and on ln rails. Jack definitely has eyes far beyond the bitcoin community.
I have an account, but I’ve only ever used it minimally for spot buys or short-term hourly DCAs… and I haven’t used it for at least a year, so I’ve got no idea what it’s currently like.
Does it ease people into bitcoin if they don’t know what’s happening on the back end? Or are we taking about media exposure?
Bitcoin is visible on the front end, too. You’re aware it’s there, you just don’t need to actively do anything on-chain if you don’t want to.
If anything, Strike is far more bitcoin-forward than CashApp is (so far).
Interesting 🧐 do you have screenshots of the app UI? I suppose I could Google too
Yeah, lemme reinstall it. 😜
Oh dude, don’t worry about it in that case. Not important
Too bad! Here’s a tour:
Comes with a snippet of the podcast I was listening to, too!
Dump your fiat, merchant gets bitcoin
Hmm? Doesn’t strike just use LN but deposit fiat?
There are multiple flows, and I think that’s one of them.
But I use it to buy from bitrefill. I deposit dollars, then pay a bitrefill invoice, and bitrefill gets bitcoin
So acts as a way to onboard people? I see. Thanks!
It does do that yes. But I’m more saying I can support bitcoin merchants, without having to touch my main stack, by spending fiat (which is what I get paid in, unfortunately).
I also think Strike is making a pretty savvy play in terms of international payments. Producer in country X wants to sell to importer in country Y. They can negotiate price in any denomination ($, btc, etc), importer pays in any currency, value moves over LN, and then producer gets either their local currency or btc. Essentially strike is replacing international banking rails with lightning, which is obviously good for bitcoin
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