Nostr Web Client

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.

Vitali 2y ago

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 :)

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Discussion

jascha 2y ago

Nice. I pay developers on my team in BTC so might look into it for this approach.

hh 2y ago

Wise does this much better.

Vitali 2y ago

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.

hh 2y ago

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.