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Author Topic: Do you think Strike will help mass adoption?  (Read 56 times)
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January 09, 2021, 04:49:41 AM
 #1

First of all, for those of you who don't know anything about Strike, like me a couple of days ago, here is a 1-minute video:

https://www.youtube.com/watch?v=Rt2C3CsLi7k

and here is a summary:

Announcing Strike Global

"Today we are announcing that Strike:

    Has partnered with Bittrex Global and will be launching in over 200 countries.
    Has added support for USDT, USDC, EUR, GBP, CHF, and more.
    Will be onboarding all 1M+ Bittrex users onto Strike and Lightning.
    Will have the Strike Card available in the US Q1 2021.
    Will have the Strike Card available in the EU and UK Q2 2021.

Strike’s US rollout has been an immense success. In our short 6-month public BETA, we’re well into 5-figure registered users and currently process millions of dollars in volume per month. With our announcement today, the first of its kind, Bitcoin-native, neo-bank is expanding its reach to over 200 countries.

We’re not only bringing bitcoin the asset and Bitcoin the network to billions of people, but we’re also disrupting the international funds transfer sector while doing it.

<...>

On January 3rd, 2009 the world was gifted the first ever natively digital, inherently global, asset known as Bitcoin. Bitcoin provides an open network of its own that enables parties worldwide to send and receive information about financial transactions. Sound familiar?

The Bitcoin network, however, came with its own flaws:

    Variable cost to achieve transaction finality.
    Variable time to achieve transaction finality.
    Must use bitcoin the asset on the Bitcoin network.

Enter the Lightning network. Lightning solves the first two issues, both the cost and delay in achieving transaction finality. With Lightning, the Bitcoin network can now achieve physical settlement and final clearance immediately and at virtually no cost.

    V̶a̶r̶i̶a̶b̶l̶e̶ ̶c̶o̶s̶t̶ ̶t̶o̶ ̶a̶c̶h̶i̶e̶v̶e̶ ̶t̶r̶a̶n̶s̶a̶c̶t̶i̶o̶n̶ ̶f̶i̶n̶a̶l̶i̶t̶y̶.̶
    V̶a̶r̶i̶a̶b̶l̶e̶ ̶t̶i̶m̶e̶ ̶t̶o̶ ̶a̶c̶h̶i̶e̶v̶e̶ ̶t̶r̶a̶n̶s̶a̶c̶t̶i̶o̶n̶ ̶f̶i̶n̶a̶l̶i̶t̶y̶.̶
    Must use bitcoin the asset on the Bitcoin network.

That leaves us with the last flaw, the requirement of using bitcoin the asset. However, now with Strike, users can use the Bitcoin network with only their bank account or debit card. They don’t need bitcoin the asset to benefit from Bitcoin the network."

I also opened a thread about the tax implications:

How are lightning payments going to be taxed?

But got no replies so far. So please, if you want to comment on taxes, do it so in that thread.

Finally, I would like to say that I am not very familiar with the technical side of this. I don't know if it will work or not, but if it does I think it will be a huge deal, even increasing the demand because people who don't have bitcoin but want to send money faster (instantaneously) and with cheaper currency rate, will create more demand for bitcoin via Strike.

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January 09, 2021, 10:14:47 AM
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Every bit of infrastructure helps. I love that the Strike card will function as a debit card, bank account with routing numbers, and a crypto account. You can set it up with direct deposit and have them pay 10% of your salary in BTC.

I don't want to hype it up too much though. I'm always skeptical when services say stuff like "onboarding all 1M+ Bittrex users," knowing that most of them will never use it.

10K+ users and "millions" processed per month is a nice start, but let's see where they are in a year or 2. I'm also not sure where regulators stand on all this.

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