0 sats \ 5 replies \ @mrbrownstone OP 17 Sep 2022 \ parent \ on: Why Strike still has no Lightning Address support? bitcoin
Why do you need forex? You just take money on one side and give on the other side.
As a company how do you get the money to give on the other side? :)
Either you have to use existing exchange (forex) or you have to become an exchange that tries to get enough liquidity to not be crashable... and that's the part that's making the whole thing in fiat expensive.
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Slowly start to work with partners that accept bitcoin too. Convince them.
If you still want to have "in papers" the transaction, simply put the value in your fiat.
When you pay through paypal did you go to forex also?
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Yeah, it would have to be slower partnership building. It seems that Strike is sort of hacking around that problem.
I think PayPal uses 3rd party forex, but I'm not sure (PayPal charges 4.5% fee for conversion service).
But for example Wise is the exchange that's matching the sides.
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Bitcoin was created EXACTLY to avoid all these, remember?
Bitcoin wasn't created to just have another paypal...
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Totally, when the economy is in bitcoin, then all of the problems that Strike is solving go away automatically (some new problems will show up, but that's a different story).
The question from @fiatjaf was about why is it using bitcoin for fiat transfers, and so that's why I tried summarizing the reasoning behind that.
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