10 sats \ 3 replies \ @gmd 7 Dec 2022 \ on: Bitcoin App Strike Launches Instant, Cheap Remittances To Africa bitcoin
Can someone ELI5 how this wasn't done before? Is he using lightning in some special way? Or just all of the traditional companies taking an exorbitant rake of the remittances?
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109 sats \ 2 replies \ @hey 7 Dec 2022 freebie
Strike works by converting fiat > sats on LN > fiat. So I assume they needed a partner in Africa to do the sats on LN > fiat on their side. The partner is Bitnob.
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165 sats \ 1 reply \ @k00b 9 Dec 2022
Western Union can update entries in its database as easily as Strike can, so I think it's a bit of both: lightning settling between BitNob, which has local banking partnerships, and Strike, which has US banking partnerships, and trad companies not previously having competition (and price gouging).
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1108 sats \ 0 replies \ @gmd 10 Dec 2022
here because this is getting discussed on SN Live- hello!
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