Re:El Salvador to adopt Bitcoin as legal tender
by atweiden on Saturday June 05, 2021 @08:32PM
(#27409615)
> If they want to actually send money to someone using bitcoin, they will have to get their balance on to the main chain
Strike payment recipients can withdraw their USD balance as BTC to any Lightning-enabled wallet (or any other wallet, for that matter) [1]:
How to purchase bitcoin with Strike
1. Open a Lightning wallet or Bitcoin wallet of your choice. (If
you do not already have one, see our recommendations below)
2. Generate a receive address or invoice for the amount of btc you
wish to purchase.
3. Scan with Strike and hit send. Done! You have just converted USD
from Strike to btc in your wallet.
Re:El Salvador to adopt Bitcoin as legal tender
by Vecr on Saturday June 05, 2021 @09:07PM
(#27409813)
I don't think so, if I have inbound capacity on my lightning node (hooked to my full node, so not centralized), they can just send money to me as long as the routes through the network have enough capacity.
If they want to actually send money to someone using bitcoin, they will have to get their balance on to the main chain, which means that they will have to take it off this wallet and then incur the transaction fees for getting to the bitcoin chain.
Then they will have to take the hit of the transaction fees again to get their actual bitcoin balance somewhere else. This is what happens when you use a purposely crippled cryptocurrency like bitcoin.
They could use litecoin, monero or bitcoin cash directly and not have any 'wallet app' that keeps their balance. Then they would be in control of their own money.