reply on: Bitcoin Payments App Strike Expands to More Than 65 Countries From Three \ stacker news ~bitcoin

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10 sats \ 0 replies \ @cointastical 21 May 2023 \ parent \ on: Bitcoin Payments App Strike Expands to More Than 65 Countries From Three bitcoin

doesn't seem to have any way to do on/off ramp

Buying bitcoin with fiat, which Strike supports (via debit card, but with 2% fee, or with ACH bank transfer), is an on ramp. You can withdraw the BTC you buy via LN or on-chain.

Before this announcement, Strike did not work as an off-ramp. There was no way, as far as I could tell, that you could receive bitcoin, either on-chain or Lightning network. (There was a Sell Bitcoin button, but I think that was only for selling bitcoin you had previously bought from Strike but then never withdrew it).

But now, they are saying every user gets a username @strike.me Lightning address. So that is a way to deposit bitcoin (presuming Strike doesn't auto-convert it to fiat).

It's also very unclear here what truly "expansion to 65 countries" means.

Strike's Send Globally is an arrangement where Strike delivers bitcoin to the foreign exchange (via Lightning network), and the foreign exchange delivers fiat to the recipient. The key here is that the recipient doesn't need an account with the foreign exchange. The funds just arrive in their bank account or mobile money account.

With Send Globally though, it is a "fiat" transaction on both ends, as far as the sender and recipient are considered. The sender isn't sending bitcoin. The sender is paying for the transfer from their fiat (USD) balance. The recipient isn't receiving bitcoin. The recipient is receiving a bank transfer or a deposit to their mobile money account. Those Send Globally countries are "receive only". They do not use Strike or even know what Strike is (the payment comes from Fintech payment intermediary ...e.g., for Kenya, the m-Pesa mobile money payments show as being sent by "Tanda").

If Stike is saying they are going to be in 65 countries where those residents can get an account with Strike and be able to buy / sell bitcoin with their domestic fiat bank networks, well then that would be quite a significant development. But that is not what they are saying. At least not yet.

I found more info:

Currently, customers in Strike's new markets will only be able to receive Bitcoin from other users, although Mallers said that he aims to launch new features, including a debit card, later this year.

Strike expands Bitcoin payments to 65 countries, moves global headquarters to El Salvador https://finance.yahoo.com/news/strike-expands-bitcoin-payments-65-205900613.html #181151