26 sats \ 1 reply \ @k00b 29 Jun 2023 \ on: Why, in your opinion, stablesats are not widely used? bitcoin
I’m kind of ignorant on the matter but it doesn’t allow you to remove banks, right? It just allows you to outsource bank relationships to exchanges.
For strike, they’re trying to be an exchange in addition to a money transmitter/wallet so they need relationships with banks regardless.
Nothing is stopping you from using it. The Galoy folks would probably love for you to use it.
It is just something that can be redeemed for dollars to someone across the world. No different than what Circle, Tether, whatever does.
Either way, someone has to interact with the fiat system to switch out. Tether, Circle, make money doing that part. Why aren’t there their counterparts where they take derivatives Bitcoin (stablesats) from you and give you dollars? For a 0.5% fee or something.
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