Not sure I get what all the hype over Strike? It's still just a KYC Bitcoin wire transmitter. Am I missing some killer feature no one else has? I briefly installed it and deleted after all the KYC stuff.
Discussion
The CEO wears a hoodie tho
A black hoodie and a cap at that! 🤣
Haven't people learned from the Zuck hoodie!?
I’ve never used strike so I don’t know maybe I am missing something. I think it’s just convenience of using lightning and being able to DCA with small amounts, is what I’ve gathered from other plebs.
hahahaha 😂
Lowest fees (at least in USA), smooth UX, charismatic CEO.
If you’re building separate stacks - kyc and not - it’s a pretty good option for the former
I think their selling point is sending money to another country and saving on these huge fees that normal banks charge you.
If I remember correctly there was an example that if an el Salvadorian lives in USA and sends money to his family in El Salvador, the bank charges you 30% fees on that amount just to transfer the money between these borders.
With strike you avoid these fees. So more of your hard earned money for your family. Which is awesome for these people and that use case.
Strike never advertised themselves as a non KYC Bitcoin model.
As I don’t have that case, Strike is not that relevant for me. But for these people who need to send money abroad, Strike is awesome :)
Nice. I pay developers on my team in BTC so might look into it for this approach.
Wise does this much better.
Market will decide who does it better.
But I think in the early days of Strike , people made a lot of comparisons between Wise and Strike.
I’m not exactly sure now who did what better, but I can remember that Strike had some good benefits over Wise when I researched both platforms back then.
Wise still does it better, the comparison is laughable.
I get paid in USD instantly through ACH and live in the Euro zone operating daily on SEPA. I also travel for work extensively, and I never have to worry about currency anymore.
I exchange on the fly and instantly, exactly the amount I need when I need it. Hotel? Taxi? Uber? Flights? Supermarket? Currency slippage does not exist anymore for me.
I get the real exchange rate (the one you get on Google for instance), and I can transfer for free to any of my own Wise currencies, and in seconds or minutes at most to an account belonging to someone else. SEPA and ACH are both instantaneous, regardless.
I can pay using my phone(s), and whenever touch pay is not available, I can withdraw cash in the currency without incurring extra exchange rate fees because I hold the currency in my Wise account.
The exchange rate fees are ridiculously low too: USD/EUR costs me 0.3-0.5%, EUR/JPY, same, USD/KRW same, IDR, same, SGD same, CLP same... All around 0.4% and always well below 1%.
So, the supposed use case for Strike may be valid against old legacy banks, but it just falls extremely short against a service like Wise.
Yes you are missing the implications of the fact that you can send directly from fiat to a bitcoin on-chain address or lightning invoice without needing to first purchase bitcoin.
Think about it as a usual fiat bank account where you have (close to) 0 fees to send money internationally.
If you are already on Bitcoin standard, then it doesn't give you anything and it's essentially hot KYC garbage, but if you are on fiat standard, then:
- you have a cool bank account and you can pay any lightning invoice / onchain address without creating a taxable event.
- you can buy KYC Bitcoin for your fiat essentially without fees and directly to your LN wallet.
How is strike different from cash app crypto? Is it just that i do fiat -> btc -> send on cash and on strike i do fiat -> send btc on stirke?
Personally I like the idea of being able to do KYC lightning... but is this just a walled garden app or is it open source or have some sort of sdk / api?
Very closed
So the advantage over cash app is?
Strike started as a bitcoin wallet and now strives to be a global money transmitter. Cash app on the other hand is trying to be a better modern bank. Strike marketing claims to have advantages in its support to many countries over the world, zero fees, and the free currency exchange rate. However, these claims may not be accurate. I don’t personally use the two.