Instant cross-border money transfers using Bitcoin network coming soon

Just came across this upcoming product fully taking advantage of the Bitcoin network - highly recommend to spend 10mins to read for anybody interested in cross-border money transfers and its future.

This solution is pretty much Transferwise on steroids - the article actually explains the difference between Strike and TW in detail.

They are currently getting people to register to get early access / testing and I’d assume most of the folks here would be at least as interested in this as myself.

  • Strike then moves the bitcoins across the Atlantic Ocean where it arrives in one of our many European infrastructure pieces in less than a second and for no cost.

dafuq? Sounds like a scam to me…

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He? BTC is already cross-border ready… scam!

are you for real? you realize we are talking about all the points there happening within seconds, right?
instead of following TW and matching relevant fiat transactions, they convert fiat A to btc (which operates 24/7/365) and then btc to fiat B (w/o any intermediary costs)

not sure whether that’s sarcastic or not, but nobody argues that it’s not. looks like you haven’t really read the article tbh

Looks like revolut but using BTC as a common pair when doing “forex”. No idea how they claim to be better than actual forex though.

Yeah but then the blog post shouldn’t try to explain it like that. Other scam flags:

  • medium subdomain “jimmymow” but Author: Jack Mallers
  • official page: http://global.strike.me/ doesn’t list any team and “only” has one open job

Sorry if you ask me this is some random dude trying to get rich quick.

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I’m waiting for Cash App coming to switzerland

Transaction time for big ticket transfers

Sure, you got your own judgement - appreciate that. Jack Mallers is not really a random dude in the BTC community.

Presumably you may also be a bit skeptical towards such innovations given your “adventure” in the p2p space. Guess we’ll see once the rollout has gone global and how widely it will (not) be accepted.

I’m sure they have some transaction limits (though they don’t say what they are).

I saw this as well and was very impressed. I installed the app on my phone but not yet launched in CH… coming soon. Jack just did a podcast last week with Preston Pysh who is also well regarded in the BTC community. You can listen to it here https://podcasts.apple.com/us/podcast/btc007-bitcoin-disrupting-payment-clearing-houses-w/id928933489?i=1000504476029

image

I didn’t know they accepted credit cards in ancient Rome… :grin:

On a more serious note, as @nabalzbhf said it’s hard to believe they can arbitrage the Fx market by adding an additional transaction to/from BTC without fees anywhere.
Is this supposed to be a nonprofit organization?

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They indeed have transaction limits, and they’re not very high according to their FAQ:

@Swisslife , this Jack Mallers might be well respected in the BTC community, but what he’s doing is at best misleading advertisement

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So it’s worse than revolut?

I disagree.
Go to that link provided.
Read the first paragraph of marketing hyperbole (actually, I’m going to quote it verbatim here for you):

“Today, the world changes; the fundamentals of value exchange between our species enters a new epoch.”

Don’t bother wasting the estimated remaining 11:50 of reading time but just skip the rest and do your own due diligence:

Go to their website and find out:

  • Who is Zap Solutions, Inc.?
  • Where is the company headquartered and/or located? Do they disclose it on their own website?
  • Do you believe a company that was registered in 2019, by a front-end web developer that lists a whopping two months of relevant crypto currency coding exposure as work experience, little other relevant coding skills, is currently processing “millions of dollars in volume per month”?

Let’s go to the business model and examples (OK, admittedly I did skim through the article):

  • Why would you need to convert into BitCoin, to send currency around the globe?
  • Read the claim in the announcement you linked: “An El Salvador user can simply go to a Bitcoin ATM or local Bitcoin teller and receive their local fiat currency” How many BitCoin ATMs are there, in El Salvador? (hint: it’s supposedly a non-zero number)
  • We believe the true exchange rate between two individual fiat currencies are the net of a BUY and a SELL between them and Bitcoin” Read and digest. Now ask yourself: When and where has exchanging between fiat currency and BitCoin every been free and without costs?
  • Look at the YouTube video. It claims 10 USD have been sent to EUR “at no cost” and without fees. Look closer: The receiver supposedly received 8.02€. Now look up the mid-market exchange rates for USD/EUR: They didn’t drop below 0.81 within the last year. Doesn’t look like no-cost, does it? You could’ve done better through Revolut, I believe.
  • Lastly, ask yourself this: The transfer claimed to have been from fiat currency to fiat currency: Do you honestly believe you’re going to get away doing this on a worldwide scale without authorisation as a payment service provider? If not, what kind of authorisations or licenses do Zap Solutions and/or their partners have - and do they come “free” and with “no cost”?
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Stellar is the coin for this use case. Bitcoin transactions are too expensive and slow, and Bitcoin itself is too volatile even for short timespans. But in general this business model is something that traditional banks have to implement internally to speed things up and minimize technical costs.

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… or even better: NANO

No fees, green and instant! You can check it out (and get some for free): https://nano.org/get-nano

… and fully decentralized ofc!

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The founder did a great interview recently on the “What bitcoin did” podcast.

It is actually pretty good, I see it more as a future payment network/infrastructure using the Lightning wallet rather than a simple transfer method. Think about it as an open, decentralized, non-custodial transfer solution.

What is more interesting is that people are starting to build real application on the btc network.

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