Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
One of the reasons to check the WO at least once in a while - V8's findings... (This is one of the most bullish among recent posts IMO.) (Did I mention nice outfit BTW?)
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Didn't get that.
The article talks to me like I am a child.
Where is bitcoin there, exactly?
AFAIU, Strike has a LN node, you simply deposit cash from your bank account or debit card into Strike (as a prepay?), strike then "takes" your cash, 'virtually' exchanges it for btc in their "channels", use their channels to pay your LN invoice, debits your cash. They interact with btc, you don't (for payment). Is it a "good thing"? I dunno. Maybe I misunderstood their setup, but what exactly the following means?
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Bank accounts and debit cards can now speak to nodes all over the world, and nodes all over the world can now speak to bank accounts and debit cards.
Apart from the simplistic language, there is some substance here it seems.
You can buy and sell btc through Strike. One more on/offramp can't be bad, even admitting functionality isn't at the top.
Although the service requires fiat custody in the shape of a bank account or debit card, it is noncustodial from a btc angle: if you buy btc, they go to your wallet rather than staying in your Strike account.
If selling, the fiat goes to your Strike balance. I assume it is reasonably easy to cash out in the case of a bank account. It might be trickier to cash out in the case of a debit card but hey, you can use the fiat for any payments anyway - not only Strike payments.
It actually uses btc as the underlying technology for value transfer.
Their story about the cannabis store in Colorado is a good example of easing payments in that grey area where credit cards and banks often refuse service. Depending on how anonymous QR codes or LN invoices can be, this is a good shot at uncensorable payments.
As a seller, you can opt to convert the payment in cash 100% - keeping volatility risk to a minimum - or 0%, getting your btc secured by your own wallet, your own keys - or any amount in between.
Looks big to me. I'm hoping it takes off and invites imitation and competition in what can be a profitable business line.