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Strike becomes the cheapest way to buy BTC (with KYC)
9 sats \ 6 comments \ @nout 12 Aug 2021 bitcoin
The Strike app just launched the ability to withdraw BTC to any address (and my phone got this update), so this makes it the cheapest way to buy BTC with KYC and stack in your hardware wallet.
From what I can tell Strike is now cheaper than Coinbase, River, Swan, etc., since each of those charge ~2% fee. Strike has no fee, only market spread, so in practice 0.2% for now.
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3 sats \ 5 replies \ @k00b 12 Aug 2021
This is a remarkable move. Anyone have any insight to how they'll make money?
I've heard rumors of an API but that seems kind of inconsistent/distracting with their current offering - but it does make sense if they want to avoid charging consumers. Maybe they just DGAF about the business model right now though and will figure it out later.
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1 sat \ 2 replies \ @gmd 14 Aug 2021
must have missed this before but sounds like the plan is first mover advantage to becoming the most popular lightning wallet for several billion people and then being able to charge 10 basis points at a large scale.
Not sure how he accomplishes all that he does while meeting with presidents and taking phone calls from NFL athletes etc…
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1 sat \ 1 reply \ @nout OP 14 Aug 2021
I think that's exactly how he accomplishes that :) That's what it requires...
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1 sat \ 0 replies \ @gmd 14 Aug 2021
I hate guys like him. Give me severe imposter syndrome :P
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1 sat \ 0 replies \ @nout OP 13 Aug 2021
They can charge on all the other products, like turning paychecks into Bitcoin or if they plan to provide service integrations, they can charge the services.
That said we will have to wait and see where this goes. The beauty of being on open network is that you can just send the money to self custody and that's it.
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1 sat \ 0 replies \ @gmd 13 Aug 2021
Confusing to me as well... seems as it will be a race to the bottom in terms of fees. Especially for a venture backed company.
They say when the product is free... then you are the product. I suspect that strategy won't go over too well with bitcoiners who are hypersensitive about privacy.
He says they will compete based on customer experience but at some point most features also become a commodity...
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