I would love to see what happens to the connected bank accounts, if millions of people start to send multiple 1-5 cent lightning payments daily. Somehow I don't believe the banking system could handle all these microtransactions.
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I imagine that the fee to pay a bitcoin merchant from a fiat account would be more than the fee to convert the fiat into bitcoin? If so, not sure that I want to waste the money when I could spend a minute and do it myself.
I would love to see what happens to the connected bank accounts, if millions of people start to send multiple 1-5 cent lightning payments daily. Somehow I don't believe the banking system could handle all these micro transactions.
I'm currently reading The Little Bitcoin Book (it's decent).
There is one very good chapter that describes the three stages in which bitcoin will eventually become the global reserve currency:
Phase 1: Store of Value. We are in this stage and its a fantastic store of value. We are now able to secure our wealth from censorship, confiscation and inflation.
Phase 2: Method of Payment: Direct quote: "When enough merchants realize that non-bitcoin money is in fact an inferior store of value, they'll want to be paid in bitcoin." -- things like Zap will kickstart this phase. This is why this is huge.
Phase 3: Unit of Account. BTC is now global reserve currency.
I suppose this works because the user allows USD to be transfered from his accout to Jack's account in app, and then Jack pays the invoice. Do you need to trust Jack for this to work? What is the fee for this service?
There is bitfinex at least and some other smaller ones:
I think the speed bottleneck is moving the USD from the user bank account to the exchange, this I am not sure how it's done quickly...
Can somebody explain how exactly the technical process of buying and selling works that taxes and volatility, which are specially mentioned in the article, and are indeed a huge concern, are not a problem anymore? Would be really interesting to me how the buy/sell process works in easy lay terms to avoid those mentioned problems.
So how exactly do they buy sell btc then at all? how does it differ from paypal then at all? they need to buy somewhere and transfer it to a merchant ? Meaning the merchant got transferred btc at value "x" and has to tax it when he sells?
ZAP has a hot wallet of their own BTC that they are liable that they send btc from.
>how does it differ from paypal then at all?
Paypal only sends fiat , this send fiat and btc
>Meaning the merchant got transferred btc at value "x" and has to tax it when he sells?
merchants can autodump for fiat or keep tc
From the article:
> So, here is the plan. We will continually widen our BETA every week, and start with US users only, until we feel comfortable opening up usage globally. Our goal is to be in a public BETA and put Strike on App Stores in the coming months. This will take a community effort. A lot of testing, reporting of bugs, feedback on features, and collaboration. If you’d like to join the beta list, you can do so at [strike.zaphq.io](https://strike.zaphq.io).
Im new here and dont know wtf im doing. I just read a post about how to get a wallet then someone said to run your own node or some nerd thing. I used the robinhood to get some coin because something about halving or halvening is happening soon (or sooner?) (Also, it should be "halvening" because the other just sounds like "having")
I understood mostly everything in this post and now I want Strike. Im gonna share this to fb now. Thanks for posting this! Now all I need is to be able to explain to my friends and family wtf bitcoin actually is in a simple, non-snake oil sounding way!
This is it. This is the adoption we needed. With the technical literacy in the east the adoption should pick up significantly of they manage to implement it properly and securely across the globe. I wonder how soon we will see other apps integrate this feature.
So how exactly does this set itself apart from any other exchange? KYC? Linking to bank accounts? I understand you are purchasing direct lightning Bitcoin. But you can always just send Bitcoin to lightning...
With an ordinary exchange you can't send bitcoins to someone from your USD balance. You have to manually convert your money to bitcoin first. This app lets you just scan a bitcoin address and immediately send USD and Zack will convert it on the backend. This means that anyone who has a bank account can now pay bitcoin-only merchants. The buyer pays with USD, the merchant gets bitcoin. This has not been possible before now.
A side-benefit is that you can also use this app to pay *yourself* via the lightning network and thus instantly convert "dollars in your bank" to "bitcoins in your wallet."
The exchange rate is what worries me. I have a debit card that takes 2 seconds to convert BTC to fiat but the excahange rate is like 5% higher than the current spot price and vice vera, if you go fiat to BTC. I assume it is the same with this, correct me if I'm wrong. I would rather do the extra step that takes less than a minute in order to save the 5%!!!