10 sats \ 2 replies \ @nerd2ninja 3 Dec 2023 \ parent \ on: Why all the UMA hate? bitcoin
You have a protocol and payment services tangled together and I need you to untangle them stat!
I genuinely do not comprehend why you assume that. We're just using a different protocol remember. Its almost like you've never used Bitcoin before. You can withdraw from one exchange and directly into another, you can withdraw into a wallet with full noncustodial control over the funds and then where ever including an exchange if so desired.
Okay, so now that we remember that we're using Bitcoin, Strike and CashApp say "Pay with lightning". When you hit the button, it goes into your fiat balance, buys Bitcoin and sends it off to where ever the fuck you tell it to send it off to. That could be your wallet (no fucking banking partner) that could be another payment app that's selling the Bitcoin in some other country that doesn't share the same bank because banks are not relevant to what's going on except for the Fiat side stuff.
I can not break this down any further
Good point on protocol vs payment service- I am definitely tangling those.
Re: Strike, I’m talking about the “send globally” feature. It seems like to send a remittance to someone in one of those countries in their preferred currency, you’re relying on Strike having a banking partner in that country. I know you can send money out of your bank account to any other Lightning account. It’s just the “fiat currency -> BTC -> BTC -> different fiat currency” piece that I can’t tell the difference between UMA and Strike.
I am genuinely trying to learn, not trying to be divisive.
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Strike is a payment app, UMA is a protocol. Strike can use the protocol called lnurl (which is what UMA is based on)
So really, you need to understand the difference between lnurl and UMA first
https://thebitcoinmanual.com/articles/what-is-ln-url-and-how-does-it-work/
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