Thread - Nostr Hypermedia

Liberty Farmer the_liberty_farmer@nostrcheck.me 1 year ago

I suppose this is a great thing for small amounts. However if you are relying on strike to hold 'your bitcoin' , you might as well just keep your money at a normal bank and use a debit card. An advantage could be I suppose if you keep all of your bitcoin in a self hosted wallet, then transfer amounts to strike as needed, spend on the debit card, then send back out any leftover or not?

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Replies (2)

BR Bitcoinapolis brbitcoinapolis@nostrplebs.com 1 year ago

The problem with that approach is the scarcity. I wrote an entire article on this, basically there are two options with Bitcoin. 1) SOV - self hosted wallet/Cold Storage/Bitcoin is Money 2) Strike - other - Bitcoin is currency You won't be able to interact cheaply with the Base Layer, think Digital Property with a fee of $1000 in the future. You may never interact with Base Layer so use L2 and if you get too much currency convert to SOV on Base Layer.

Bitcoin: "Like Time: Scarcity in Base Layer Units and Blockspace"

Bitcoin Commodity Saylor Data

and https://bitcoinapolis.blogspot.com/2024/01/bitcoin-bitcoin-scaling-biggest.html

1 replies ↓

Liberty Farmer the_liberty_farmer@nostrcheck.me 1 year ago

It's not ideal, hence why I don't recommend it. But certainly you could use lightning, as strike is fantastic with LN. I have a few nodes, and one main node with plenty of bitcoin in channels. Plenty enough value in usd to live off of. Not sure on strikes LN limits however.