Using Bitcoin (Strike) Instead Of PayPal
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- เผยแพร่เมื่อ 9 ต.ค. 2022
- 𝐋𝐞𝐚𝐫𝐧 𝐓𝐨 𝐁𝐮𝐲 𝐀𝐧𝐨𝐧𝐲𝐦𝐨𝐮𝐬 𝐁𝐢𝐭𝐜𝐨𝐢𝐧 𝐚𝐧𝐝 𝐂𝐨𝐢𝐧𝐉𝐨𝐢𝐧:
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In this video, I discuss how to use the Strike app as a replacement for services like PayPal or Venmo.
The Strike app uses the Bitcoin Lightning network to send USD or Bitcoin. It is a custodial hot wallet, so it is important to only store small amounts of money on it.
Larger amounts of Bitcoin should always be stored in cold storage, using a hardware wallet, and never using a hot wallet like Strike.
I discuss the trade-offs involved when it comes to security, privacy, and convenience.
Running your own node is the most self-sovereign way to use Bitcoin, while apps like Strike or Muun are good compromises for those who want to move away from PayPal, but are not yet ready to deal with the complexities of running their own node and connecting a wallet to it.
Not investment advice! Consult a financial advisor.
Why I deleted my PayPal account:
• Delete PayPal
Strike app:
strike.me/
Muun wallet:
muun.com/
Trezor hardware wallet:
trezor.io/
Coldcard hardware wallet:
coldcard.com/
New York BitLicense law is a nightmare:
www.coindesk.com/policy/2020/...
Check out my online trading courses:
www.trader.university/join
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I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.
My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.
#bitcoin
#paypal
#strike
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please give us your opinion on Liquid network by Blockstream. Also, please of rewards reduce with every halving, can you explore what is required for bitcoin mining to stay profitable? Do ASICS have to keep on increasing in efficiency? If they don’t increase fast enough then is there a difficulty level that pretty much makes a certain number of total asics unprofitable for all. Can you also look into the pros and cons of segwit and upcoming taproot please. Thank you for all the knowledge.
Those are bots, man.
Speaking of scammers, you still doing the whole crypto currency thing here in 2022?
@@ronniepatterson2827 Bitcoin, not crypto. If you don't know the difference, you've just been reading headlines and have very little knowledge of the space. Bitcoin is certainly not a scam, nor am I a scammer.
Thats just it though. Nobody knows anything about it, & like you, they cant explain wtf it really is. Its always replies like yours - dont believe the headlines, we got the facts blah blah blah. You crypto bros all say yours is different from the others, yet can never articulate the difference in a single sentence lol Should be quite simple, then again the best scams are always the ones the least forthcoming lolx2 Tell the truth my guy, are you really here to help total strangers, or are you counting on them being here, to help you lol Catchy name btw@@Bitcoin_University
Matt, I respect your integrity in wanting to stay neutral by not shilling an affiliate code. Few, if any, TH-camrs would refuse an opportunity to make money. I admire your integrity and dedication to the BTC revolution.
Nothing wrong with affiliate marketing as long as one is promoting products that are consistent with one's narrative and values. After all Matt is promoting his own course in almost every video of his and that's fine. Most other TH-camrs are simply promoting the garbage of the day that offers the highest commission rate.
"Crypto" revolution mate. Btc isn't the only one that's decentralised, permissionless and scarce. Not having a go at you, just pointing out the obvious truth.
@@darwonboyful ex. Monero for those wondering
I got to the point of giving a like before watching the video. Honestly one day I'll be able to afford your premium, until then I really appreciate the material you give away. I've learnt so much from you. Let's keep this up!
Thank you.
Me too
@@Bitcoin_University please give us your opinion on Liquid network by Blockstream. Also, please of rewards reduce with every halving, can you explore what is required for bitcoin mining to stay profitable? Do ASICS have to keep on increasing in efficiency? If they don’t increase fast enough then is there a difficulty level that pretty much makes a certain number of total asics unprofitable for all. Can you also look into the pros and cons of segwit and upcoming taproot please. Thank you for all the knowledge.
I use strike every day to dollar cost average into BTC. Love the app. I highly recommend!
Yes, I forgot to mention the DCA function. Thanks for bringing it up.
@@Bitcoin_University My wife buys $5 worth of Bitcoin on Strike every hour, on the hour, 24/7/365. All for free. Very cool app and Jack Mallers is a genius.
50¢ every hour forever 😍
@@blexaarron is it going to be a pain to have all those purchases on your taxes?
@@Baneling93 unless I was going to sell back into fiat. 😉
Was nervous you weren't gonna post today 😅
I closed my PayPal yesterday, and venmo as well. Thanks for what you do Matt ol boy 👍
Yes, video took longer to create and edit than normal, since I was using additional iPhone feed and lots of things went wrong.
sold all my pp shares. tried to close my account, but got an error message saying something went wrong....
Thanks, Matthew. Like you, I am really interested in selling my courses for Bitcoin. I have a lot of Russian customers, and since they got blocked from Swift, Bitcoin is one of the only remaining options to send money out of Russia.
I’ve been w/PayPal over 20 yrs and tried to cancel yesterday and still not able to, but will never use a company that wants to insert communistic attitudes
I really love what Jack Mallers and Strike is doing. Unfortunately, it's not yet available in my country.
I dollar cost average into BTC everyday using Strike. Once a month I transfer the BTC from Strike into a BTC vault held with Unchained Capital.
I use my VISA Debit card linked to my Coinbase account to spend Bitcoin. A dream come true.
I had to call PayPal to cancel, they took away the button that lets you cancel it without calling. Took 15 minutes but it's done.
I view Muun wallet as a warm wallet
Something I learned about Muun, it doesn’t allow you to have control over your own LND node, which Muun does on the backend and ‘holds’ your LND hub url. Blue wallet gives you this
Good to know.
Blue wallet you control on your keys on the on-chain Bitcoin not the lightning! Muun wallet is a lightning node! So basically if use the Muun wallet you kinda running a lightning node!
Blue wallet does allow you to connect to your own lightning node
tap ••• at top right corner and the go to ‘Network’ and you can see options to configure the LND hub URL.
I tried to delete my PP and could not. I’ll keep trying.
Love strike. Easiest way to buy BTC out of the many I have tried.
waiting on strike to become available in australia.
Closed my paypal account yesterday!
I deleted my paypal cause of your last video. Thank you for all the info!
Great, New York is still not available. What about Blue wallet?
Canceled my vintage 2007 PayPal account early this morning and let them know in no uncertain terms exactly why I did so.
Thanks, Mr. Kratter, for drawing attention to PayPal's egregious, unconscionable business practices in your previous video.
i already knew all of this .. but you are doing a great job teaching the new people !!
Is this a scam?
@@sushilramachandran1267 not at all .
Unfortunately I'm in Europe. No strike here! Bitcon and Lightning are very useful but only accepted in a few places.
Try Muun.com as well
Bluewallet is also a good option
@@FarfettilLejl Yes.
or Wallet of Satoshi
Removed all cards and closed my account yesterday.
Unfortunately I can't use Strike in NY. I believe the only other states u can't use it in yet are Hawaii amd South Dakota. Hopefully this changes in the near future
Try Muun.com for now
@@Bitcoin_University thanks I'll definitely check it out
What can I use in the UK? Strike isn't available here.
Unfortunately, the strike app isn't available in Canada yet.
Sadly, Strike is not available in the Philippines (and likely other countries).
l am new to forex/crypto currency and I Find it diffcult using these strategies. where can i find a legal broker? He will then manage my account
I will recommend Samanthan Profits trading services for you their strategies is working for me at the moment and making good profit from bitcoin trading
@@idrisideba5640 Wow, I'm just shocked you mentioned and recommended Samanthan Profits trading services, I thought people don't know them.... they're really awesome
@@mariadambrosio1885 Haha you don't have to be surprised Samanthan Profits trading are really good and everyone loves genuine services, they've helped me recover what I lost trying to trade on my own
thanks for the recommendation, but how do I reach her?
No doubt Samanthan Profits is very good, I invested $2,000 and cashed out $9,700 after one week. I still wonder how she get her analysis
Ive been using Muun, I was excited about Strike at first but they KYC and seem very non crypto friendly, Jacks Bitcoin enthusiasm is awesome but he kinda sold out in my opinion as did Cashapp, I still use Cashapp but cannot send and recieve just buy. It made sense during the last bull run that led to the Nov 21 ATH. I would dump my pocket cash on Cashapp and buy bitcoin.. 9 times out of 10, when Id go to spend, the BTC I bought was up 10-25%. From July-Dec of 21 the Bitcoin I bought and spent was sold at 30% more
I tell people, its like getting 2 free beers for every 6 pk you buy
Muun is not 100% anonymous but no Full KYC
Just what I needed. Thanks Mathew.
Matthew, thank you so much for your invaluable information. You do so much for us in making the space so much easier to navigate.
Love your content. I heard somewhere that if you want to support the bitcoin network, not only do you need to buy and hold bitcoin, you also need to USE it. The Strike app is an easy way of actually USING a small amount of your stash.
Thank you for your knowledge.
EXCELLENT AND TIMELY THANKS 👍🏽😎
Hey Matthew. I know you like Trezor because its fully open source but I recently saw a post on BT or reddit that said coldcards hardware is not open source. Can you comment on that?
Thank you for your video, this was very helpful.
Awesome! Thank you Matt
btcpay seems to be the popular self-hosted cryptocurrency payment provider which integrates with 3rdparties like shopify
Great explanation, thanks! Hope Strike goes global soon.
My biggest holdup for using Bitcoin for transactions is the tax recording that is necessary.
This is brilliant!
Matthew, we can't get Strike in Australia, can you recommend something similar.
Thank you Matthew Kratter from Trader University! It seems PayPal was an epic failure of a test for CBDC, digital ID, social credit score system. Let us speak forth their demise!
My first time seeing the 'Strike' app - I like it. Clean, simple, practical and user friendly. Hopefully it sees global access and adoption.
I closed my PayPal a fees years and they do make it very difficult to close your account you have to get loud with them or they won't listen
I was wondering how you feel about the decreasing Income (in terms of SATs) for miners as time goes on. That plus the lightning network bypassing fees, do you think this is sustainable in the long run? I know you’ve briefly mentioned how you believe the fees in terms of SATs will be a sufficient incentive for miners when the day comes, but I’d love to see a more in-depth explanation from you.
Thanks for being my go-to BTC teacher!
Imagine if this app had no buy/deposit/withdraw limits, and if it had no KYC. It would be heaven.
Good info
Emptied my Coinbase account and emptied my Paypal account. Time to sit back and watch the show.
Strike app would be 10 times better if they had more banks on thier list. On the plus side the debit card rout forces you to save in bitcoin.
great post, thanks. I was hoping for info on replacing PayPal and Coinbase for my Shopify payment processor, but this was still valuable info. Please keep us posted when you find a paywall solution for merchants.
Merci Matt.
Hi Matt, while you are explaining Strike, why didn’t you demonstrate how to pay to a lightning receipt or generate lightning receipts in the app? That’s pretty cool to use too.
Absolutely positively ❤ it
Strike is great, trying to get more people to use it.
"When a hot wallet signs a transaction, the private keys may be briefly readable online"
I've never heard of this. Please elaborate...
Hi Matt, thanks for the video. Think you can probably move your paid courses over to Strike using the Strike API. There might be some development effort needed (integrating your course with Strike API via web hooks) but should be possible.
Thanks Matt! I am so excited about strike and hope they expand soon to EU as well. I hope I can land a job at strike, would love to help them. I am curious when you send 20$ like in your example is there any transaction fee? Or only strike for commerce will generate revenue for them?
So sad strike app isnt available in brazil.
There's some seemingly sketchy stuff going on with the PayPal app that I can't quite get over. I've never seen it act this way before today. It simply refused to let me transfer my balance out of PayPal. No error screens, no nothing at ALL upon requesting bank transfer. Connectivity totally fine. All other functions of the app working flawlessly. Was forced to login on the full website to work around this issue. Is it too much to assume they sabotaging mobile withdraws with plausible deniability?
Legend
I see strike has an API. It might be possible to integrate the API straight into your website.
Mr. Kratter, I have a feeling that many viewers/subscribers would dearly love to see you present information on ways to self-custody BTC *without* KYC restrictions.
EDIT:
Nevermind, your example clearly shows the lmits. Thnx and keep up the great work!
PEACE...
Hi Matthew. Ok, Ok. So you mention that we don't need to worry about Cap gains when using strike. So (and I will investigate myself of course, lol), from what you understand, does this mean I can take say $50K of BTC us strike with no CAP gains? Is there a limit to the amount that used? etc etc. I think you know what I am getting at. Well, in reality it would be a short term solution to be able to "access" BTC capital without the CAP gain thing. Long term is a different story... NEVER SELL THE BTC!!!! lol
Thnx
Jess
Strike is probably the best way to pay for something in btc. There is no capital gains since you are really spending dollars and strike is doing the conversion. Also negatives the argument that no one wants to give up btc to pay for anything.
💯 PayPal has done their users dirty for many years now. If you’re still using that giant bully platform, I would suggest deleting your account ASAP
Yes, they are just terrible.
Could you make a nuanced video on how bitcoin eliminates the middle man but not completely vs all other ways of making transactions that need a complete middle man?
By that I mean that to transact bitcoins we either need a layer 2 application like Lite Network and the miners to being involved (and be paid) to register the transaction. So how do we mean that bitcoin eliminates the middle man since it’s not technically true?
FYI, I couldn’t find any video that discusses this.
Thoughts on ledgers Matt?
Great video - Thank you! Is it possible to use Strike to send money to someone who is unbanked (without a bank account)? In this situation, the funds would go to a wallet on the person's phone. Secondly, can the person spend the funds in their wallet at a grocery store or wherever that accepts credit or debit cards? If not Strike, is there another Bitcoin backed app that can?
A nice hardware wallet is passport, a very secure wallet is cold card mk4, for lightning it is best to use wallets that are lnurl compliant, muun is not lnurl compliant nevertheless it is a very good wallet.
Btc paywall module in Lnbits if you run your own node.
Matt, do you think bitcoin will be concentrated and manipulated by corporations and government if people use bitcoin for spending things? for example buying Tesla with bitcoin.
I'm not a huge fan of PayPal, however, PayPal is the only service I know that will allow me to link my mortgage company with the fold debit card and earn 1% back in sats. As crazy as it sounds, I believe one day that 1% in Bitcoin will be equal to my current month payment.
I have been using Strike for a few months now to buy small amounts of Bitcoin. But what I don’t know is how to get Strike addresses from other users. With PayPal you can simply use email addresses.
I don't believe you can get their Strike address. The other person would have to send you a request for you to send to them as Matt showed in the video.
Since so few young people are used to carrying cash, a reasonable amount to keep in your hot wallet or cash in your wallet is a week's pay.
Avoid custodial wallets they are dangerous for long term storage. Examples mtgox got hacked, intersango ran with the money, Coinbase changed their policy of no kyc and locked non kyc accounts enforcing kyc which is a form of black mail since it's not their money and opting out of kyc is not an option. Originally on Coinbase kyc was optional for small amounts.
I was wondering if anybody could help with a question
Can you send btc directly from strike onto a hardware wallet like block stream jade? Or do you have to have a separate software hot wallet on the computer to create a Bitcoin address (public keys) first? I'm just getting into this and I don't have a computer that can run a software wallet that I want. Please anybody let me know
Hope we get Strike in Australia soon
No strike app in the uk yet 😬
I want to be able to use bitcoin at all pos
It's coming:
www.nasdaq.com/articles/jack-mallers-strike-integrating-with-worlds-largest-pos-providers-to-enable-sovereign
I have Stike and use it to purchase BTC as soon it’s purchase I move it out to Bluewallet at about $500 worth then I move to my cold wallet Trezor. I also laser etch on stainless steel.
I’ll look into using Strike as a Payapal alternative. I’m also looking at AlignPay as an alternative
I also am a huge Strike fan and it is my go-to for buying BTC. Coincidentally I also use Bluewallet to seamlessly transfer Bitcoin to my Trezor. You could eliminate a step by using Trezor's public Key because Bluewallet can create a "watch-only" wallet that can also create addresses to receive transfers from Strike into Trezor (no fee!). The "watch-only" feature is especially nice because my wife and I can check Trezor's balance anytime on our phones without worrying about fiddling with the Trezor or giving access to the Bitcoin itself if our phones get into the wrong hands.
Matt, have you considered btcpay server for accepting payment for your courses?
Hi Matt, thanks a lot for all your free content. What do you think about Trust Wallet ? It is open source, which I think is a good thing. Thanks again for all the education and information !
Hey Matt how would I use Strike in Australia. The app is not available in the iOS store here. Would you suggest vpn or is my actual address important to strike? Any suggestions champ.
Nano S okay?
Does strike have the acceptance of PayPal an Venmo?
Matthew, thank you for your content. I can see buying and holding Bitcoin as a store of value and a (possible) hedge against inflation, but at this present time I cannot see the logic in using Bitcoin for sending 'money' to friends/family or for consumer purchases. The reason is because here in the U.S., the IRS considers Bitcoin (and other cryptos) as property, not currency. So anytime I send someone Bitcoin, 1. that constitutes the sale of property and I must report my (short or long term) capital gain (or loss) on that sale. 2. and the recipient must pay income taxes on it's current value. Imagine if I used Bitcoin for several transactions every day. Seems like a tax reporting nightmare. Any thoughts?
If you use Strike to send money, these possible cap gains taxes are not an issue, since you never touch the Bitcoin. Hopefully Congress will soon pass tax exemptions for sending or spending small amounts of Bitcoin:
bitcoinmagazine.com/business/heres-whats-in-senator-lummis-bitcoin-bill
I would never condone breaking any laws, but I personally believe that the IRS is not going to go after anyone for 60 cents of cap gains if they use BTC to buy a coffee or something like that. But you raise some good points-- and it also helps to demonstrate how early we still are.
@@Bitcoin_University Being early can be frustrating. It takes great patience to wait for the rest of the world to catch up.
@@Bitcoin_University If you never touch the Bitcoin does it even really count as using Bitcoin?
@@trenton1190 Well, it does help to increase Lightning network liquidity and adoption, so it's good for Bitcoin.
Unless I'm mistaken, you would want to add cash to your Strike by clicking on Deposit. Then, don't buy Bitcoin with the money in your account, but rather click on the HOME icon, click on PAY, click on the little QR CODE icon in the upper left corner, and then scan a bitcoin address of the person you want to pay. This way, you have never purchased or sold any Bitcoin in that transaction. You transferred US dollars to Strike, *Strike* converted it into BTC, and then *Strike* sent it to who you told them to. You're not sending Bitcoin, you're sending dollars (but the person ends up with Bitcoin). When you go to send, Strike won't ask you how much Bitcoin you want to send. They will ask you have many US Dollars you want to send.
Isn't the beauty of lightning, that CashApp could be used with Strike payments as well?
Strike isn’t available in NY :(
What is your view on cash app? Strike UI looks allmost the same.
Couldn't you use a hot wallet to store your bitcoin if you kept the device offline, thus keeping it very safe, and only going online to move it around/use it?
Any suggestions if I live in Hawaii? Very difficult to transfer funds to an exchange from local banks. Looking for a solution help please 🙏
Great content
Closed my paypal , have been using crypto since 2013 so for me its not super hard . i have cold wallet Secu X w20 and have Hot wallet as well .
I'm curious about a hardware wallets 24 word pass phrase. If the keys never touch the internet and the words are generated at random, what is to keep the same pass phrase from being generated twice?
Nothing. But the odds of that happening are like 1 in 1 trillion trillion or something. Haven't heard of it happening yet and likely never will.
Not available in Brazil yet :(
Hey Matt. What’s your view on paper wallets? I love the simplicity. It’s also immune to emp which can occur when a nuke is dropped in space. I’m not convinced a hardware wallet would survive this? Thoughts??? Thanks for considering.
When you use a hardware wallet you still keep a paper backup with the seed phrase on (in case the hardware wallet breaks).
th-cam.com/video/u5qQveEDQ_s/w-d-xo.html&ab_channel=TraderUniversity
So just to recap only people that have a strike account can send and receive USD or BTC to each other also not including merchant stores for example like ebay or Estsy etc.
Strike users can send BTC to any Bitcoin address or lightning network invoice.
Strike app keeps giving me error message after entering all my info and completing KYC to sign up "Oops something went wrong. Please try again." Tried three times same thing. I live in California and never had a problem signing up with any exchange before. Very frustrating. Currently use Coinbase One.
I have some non-custodial cash in a secret place. Is that OK?