Oddbean new post about login | logout I may be stating the obvious but not everyone knows the Elevator Speech on what Jack is doing. Strike allows you to Direct Deposit, Wire Transfers, and then you can link YOUR (doesn't have to be Strike special) Debit Card to Strike and so no matter where Visa/Debit Card (not credit) is used the currency is converted from FIAT to Bitcoin(at Strike) and back to FIAT? No need to wait for merchants to become Bitcoin Ready or whatever it is called? https://jimmymow.medium.com/strike-upgrades-direct-deposit-wires-cards-and-more-6f1f1721fa21 https://m.primal.net/HWzQ.png
I suppose this is a great thing for small amounts. However if you are relying on strike to hold 'your bitcoin' , you might as well just keep your money at a normal bank and use a debit card. An advantage could be I suppose if you keep all of your bitcoin in a self hosted wallet, then transfer amounts to strike as needed, spend on the debit card, then send back out any leftover or not?
The problem with that approach is the scarcity. I wrote an entire article on this, basically there are two options with Bitcoin. 1) SOV - self hosted wallet/Cold Storage/Bitcoin is Money 2) Strike - other - Bitcoin is currency You won't be able to interact cheaply with the Base Layer, think Digital Property with a fee of $1000 in the future. You may never interact with Base Layer so use L2 and if you get too much currency convert to SOV on Base Layer. https://bitcoinapolis.blogspot.com/2023/09/bitcoin-like-time-scarcity-in-base.html and https://bitcoinapolis.blogspot.com/2024/01/bitcoin-bitcoin-scaling-biggest.html
It's not ideal, hence why I don't recommend it. But certainly you could use lightning, as strike is fantastic with LN. I have a few nodes, and one main node with plenty of bitcoin in channels. Plenty enough value in usd to live off of. Not sure on strikes LN limits however.
Wait "back to fiat" with the linked card? ie having some hot wallet balance in btc on strike with a linked card, and being able to pay USD bills with it in your daily life? afaik, that's not possible yet; or am I incorrect?
That is my understanding where you can choose either FIAT or BTC on Strike side. I wish Jack would clarifty. If this is incorrect then I will zap back the 500 sats.
No worries, take good care of those sats, they are yours. As I was reading it, it seemed like linking debit cards helps just for smoothing out the btc purchases. The other way around would be really helpful in getting on 0.
Hey Camper, I had to zap you back the 500. My note sucked, super confusing. I wonder if Jack has a 'Strike Debit Card', I think you are right the stupid 'your bank' debit card is just to buy Bitcoin. There will be a way to do this somehow, in the future. A lot still being developed.
Thank you. I hope we get it soon. Clearly there's some demand.
Exactly, Coinbase has their own Debit Card, I am not sure why Strike doesn't do this? https://www.coinbase.com/card Regardless, wait until the first person can do something like this and the merchants don't have to pay that ridiculous 2-3% fee. Game over.
