1 sat \ 3 replies \ @ClubAlpaca 22 May 2022 \ on: The TRUTH about BITCOIN in EL SALVADOR 🇸🇻 (Bitcoin Beach Tour) bitcoin
Good to see them using bitcoin, but curious what brought them to the practice of wanting to use the same wallet as the one the merchant uses. I can see not wanting to use Chivo if it is not a mature system, sure.
But according to Strike, they do not charge a fee when receiving or sending bitcoin. https://strike.me/faq/fees/
So if I had Bitcoin Beach wallet, or any LN-enabled wallet, I could pay the merchant that uses strike without having to worry about fees, and because it is LN , there should be no delays, and the fee trivially low.
"Trivially low" though is still an amount greater than zero, so maybe even that tiny fee is is still the reason they use the same app as the merchant, at least when the merchant has a custodial wallet (e.g., Strike, Chivo) where transfers are instant and completely free of fees.
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21 sats \ 0 replies \ @itsrealfake 23 May 2022
if chivo had some troubles sending to different wallet, that might be enough to stimulate a sort of cyber-superstition about wallets not being compatible. perhaps 'superstition' doesn't give enough credit to the users, and i'm still using the word because i think it's fun to write. superstition. ha.
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20 sats \ 1 reply \ @Brunswick 23 May 2022
Strike doesen't transact in lightning like most wallets. Strike automatically converts bitcoin to and from the local currency into and out of lightning. This transacting in dollars or the local currency was against the initial conditions for the donation that started bitcoin beach in the first place.
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8 sats \ 0 replies \ @ClubAlpaca 23 May 2022
I see. Strike now does have a Bitcoin wallet (account) as well as the USD wallet (account), but that doesn't interact with lightning. There is a Send button so I can pay bitcoin on-chain, but there is no Receive / Deposit for bitcoin, as far as I can see. You can buy (and sell) BTC from this wallet (account), so at least you can self-custody your coins.
But for LN payments, you are correct -- incoming sats (via LN) will be added to the USD balance, and outgoing sats (via LN) are subtracted from the USD balance.
For internal / account-to-account (i.e., send to another Strike user), the amount is in dollars only.
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