Strike says its free to send money via Lightening - how is that possible?

zander1983

member

Activity: 65

Merit: 27

Quote from: NeuroticFish on April 28, 2022, 01:43:45 PM

Quote from: zander1983 on April 28, 2022, 01:35:39 PM

non-custodial wallets? As in hard wallets? Im new to this, Im using coinbase. So I guess you're saying I should extract from coinbase to a hard wallet?

Non custodial means that you (and only you) have access to your wallet seed phrase or private key.
If the amounts in discussion are big then it's advised you acquire hardware wallet or learn how to properly setup and use cold storage (hardware wallet would be much easier).
If the amounts are rather small and it won't be a big loss if you get hacked and lose those funds, an Electrum on PC (downloaded from electrum.org and verified) or Electrum on Android (but at least go to electrum.org and get the link to the correct Electrum on Play store) would do the job. Make sure you write down the seen and save it securely.

Thanks for this info, very helpful.

Potato Chips

hero member

Activity: 2786

Merit: 902

yesssir! 🫡

Quote from: Apocollapse on April 28, 2022, 08:30:28 AM

Quote from: zander1983 on April 28, 2022, 07:49:32 AM

What decentralised exchanges would you recommend?

AFAIK the truly decentralized exchanges to buy Bitcoin is Bisq, Localcryptos and Hodl hodl.

Hodlhodl and localcryptos are just websites running on centralized servers and can easily be taken down which means they aren't truly decentralized. IIRC hodlhodl had to issue a statement for misusing the term decentralized lol.

NeuroticFish

legendary

Activity: 3668

Merit: 6382

Looking for campaign manager? Contact icopress!

Quote from: zander1983 on April 28, 2022, 01:35:39 PM

non-custodial wallets? As in hard wallets? Im new to this, Im using coinbase. So I guess you're saying I should extract from coinbase to a hard wallet?

Non custodial means that you (and only you) have access to your wallet seed phrase or private key.
If the amounts in discussion are big then it's advised you acquire hardware wallet or learn how to properly setup and use cold storage (hardware wallet would be much easier).
If the amounts are rather small and it won't be a big loss if you get hacked and lose those funds, an Electrum on PC (downloaded from electrum.org and verified) or Electrum on Android (but at least go to electrum.org and get the link to the correct Electrum on Play store) would do the job. Make sure you write down the seen and save it securely.

zander1983

member

Activity: 65

Merit: 27

Quote from: Apocollapse on April 28, 2022, 08:30:28 AM

Quote from: zander1983 on April 28, 2022, 07:49:32 AM

What decentralised exchanges would you recommend?

AFAIK the truly decentralized exchanges to buy Bitcoin is Bisq, Localcryptos and Hodl hodl. Not all P2P platform is decentralized e.g. Localbitcoins which already implemented KYC, there's no way decentralized exchanges ask your KYC. Don't forget to send your coins to non custodial wallet, holding your coins in exchanges is pretty risky.

non-custodial wallets? As in hard wallets? Im new to this, Im using coinbase. So I guess you're saying I should extract from coinbase to a hard wallet?

Apocollapse

hero member

Activity: 1190

Merit: 803

Quote from: zander1983 on April 28, 2022, 07:49:32 AM

What decentralised exchanges would you recommend?

AFAIK the truly decentralized exchanges to buy Bitcoin is Bisq, Localcryptos and Hodl hodl. Not all P2P platform is decentralized e.g. Localbitcoins which already implemented KYC, there's no way decentralized exchanges ask your KYC. Don't forget to send your coins to non custodial wallet, holding your coins in exchanges is pretty risky.

zander1983

member

Activity: 65

Merit: 27

Quote from: Despairo on April 27, 2022, 09:27:42 PM

Right now no fees transactions is impossible even you used LN network you still need to pay few cents. The way he talking no fees is just promoting his app e.g. Strike, if you read their FAQ they didn't say they will cover the network fees, they only not charge additional fees like other exchanges. They're centralized exchanges and would ask your KYC whatever they want, I would use decentralized exchanges rather than this one.

https://strike.me/en/faq/fees/
https://strike.me/en/legal/tos/

Thanks, yeah i get it now.

What decentralised exchanges would you recommend?

Darker45

legendary

Activity: 2576

Merit: 1860

Please anybody correct me if I'm wrong, but my understanding is that free here doesn't mean you won't have to pay anything. Free here means Strike doesn't charge you anything for their services, so you're not paying the platform at all. However, network fees are beyond Strike's services. And so the network will still charge you for your transactions. Unlike other platforms, however, whatever fees you are paying aren't padded for profit or revenue. As regards BTC to fiat conversion and vice versa, it's still determined by the market.

Despairo

hero member

Activity: 1064

Merit: 843

Right now no fees transactions is impossible even you used LN network you still need to pay few cents. The way he talking no fees is just promoting his app e.g. Strike, if you read their FAQ they didn't say they will cover the network fees, they only not charge additional fees like other exchanges. They're centralized exchanges and would ask your KYC whatever they want, I would use decentralized exchanges rather than this one.

https://strike.me/en/faq/fees/
https://strike.me/en/legal/tos/

zander1983

member

Activity: 65

Merit: 27

I was watching Strike's announcement that their API can transfer money by converting from fiac money to BTC, transferring that over the Lightening Network and converting back to fiac at the merchant. The video is here https://youtu.be/o73fWsqJDdY?t=304

But given the spread when buying and selling BTC, how is this possible? Wont the consumer have to spend more to buy the BTC that will then be converted back to fiac at the merchant?

Topic: Strike says its free to send money via Lightening - how is that possible? (Read 123 times)