The lightning network is about to cause a huge turn in our economy 🔥🔥 Hello from El Salvador, I watch all your crypto content even before we as a country became crypto news 🤭😂🔥
Do you have to sell your bitcoin on strike to send it to another wallet? For example I have $25 USD on strike and $300 in BTC but I can only send the $25 USD to another wallet.
No, but I’ll add it to the backlog. You’re just trying to see how to move money from lightning wallet back to an on chain wallet? Or is there some bigger workflow/use case that you’re trying to execute that I could demo? If you’re just trying to move to an on chain wallet, just hit send from the lightning wallet and add the public address of the bitcoin on chain wallet.
So I'm just confused on why you need a lightning wallet. Could you send money from a debit card (Bank checking account) through strike (converting it to Bitcoin) to a full node umbrel wallet (non institutional saving account)? Or am I confusing a lightning wallets purpose with the full node? I just don't understand the extra step between the node and strike.
Yes you could send Bitcoin from Strike to your on chain full node Umbrel wallet (or any on chain wallet). When you do, you’ll pay a fee to the miners and shown on your screen by Strike. The fee will increase depending on how many other people are trying to send on chain transactions. Alternative: you could send the money from Strike to your lightning wallet (could be BlueWallet, could be your Umbrel Lightning Node that you used to generate an invoice). When you do you’ll pay close to (or literally 0) fees because you sent the transaction over the lightning network. LN Pros: you can move this money around quickly and for 0 fees / helpful for paying for goods and services. LN Cons: not secured on the base layer blockchain / technical issues could come up / LN not good at routing large transactions If your question was: do you need a separate lightning wallet - no you could theoretically do this whole thing with your Umbrel Node and just pay it to the Umbrel Lightning wallet to avoid fees. Not everyone is going to run a node though and if you don’t want to run a node but you know someone who is running a node and you don’t want BlueWallet to custody your Lightning Wallet you could trust your node operator friend (niche use case, but BlueWallet serves a lot of different users). I should have mentioned that if you’re running your own node you could skip over BlueWallet.
@@RhettReisman Ok! Makes sense! Just clarifying here, but you can set up a lightning wallet on umbrel and send Bitcoin from phone to raspberry pi and vise versa?
Yes you could set up a lightning wallet on umbrel and a different lightning wallet on your phone and if you connect the two nodes with a channel you should get a 0 fee lightning transaction.
Strike tax question (I’m not a tax expert/not tax advice): you have to pay taxes if you sell Bitcoin on Strike or if you spend Bitcoin. Spending / sending to someone else / selling are all taxable events with Bitcoin . If you’re just buying, you won’t incur capital gains tax
Thanks for this video, a lot of great info!! I've connected my BlueWallet to my Umbrel node, but haven't done any transactions yet (still trying to understand how best to set up channels). But this is great to understand how I can use Strike to fund my BlueWallet. Also that direct deposit feature is pretty cool, but doesn't show up in my app yet. Have you used the Samourai wallet?
Think the direct deposit feature is still in beta, here’s the link to sign up: payday.strike.me/?kid=1E9M68 Haven’t used the Samourai wallet yet :/ I’ll probably do a video series of the most popular umbrel apps at some point (especially if they keep releasing so many new ones)
I haven’t heard anything on the debit card yet. You can split it so only a portion of your paycheck gets deposited into Strike through your payroll provider though the same way you would any other bank account
Ok number one you're not very good at helping those who are very new to this tech. Number two you just rocket through things and barley give any time for people to comprehend and you aren't giving clear descriptions of the functionality of the actions within the app. What you're ultimately trying to achieve here is educating us newbies. This is the problem with many content creators in this space, their knowledge is just that, theirs and they can't explain it in a way that older or less tech savvy people can grasp it without us becoming frustrated. I'd bet more people are turned off by these terrible education videos and they don't try again because of the lack of skill some content creators have in educating people in the topic at hand. Now is the time for teaching and doing it with skill and purpose. We need someone to take people by the hand being a guide not a kind of know it all attitude type teacher. No offence but your true skills must lie elsewhere.
Have you used the lightning network yet?
You content is amazing! Keep doing it 😁
Thank you king 🙏👑 comments keep me going 💪
The lightning network is about to cause a huge turn in our economy 🔥🔥 Hello from El Salvador, I watch all your crypto content even before we as a country became crypto news 🤭😂🔥
Yes!! It will be epic to see how things go in the next 12 months!
Thank you! Hopefully the content is helpful :) 🧠🚀🌙
Bro....this is so freaking dope...now I wanna setup my own Lightning node. :)
Yesss 🔥🔥🔥
@@RhettReisman sent you an email earlier today. Hope it got through. 🙏
Saw the email I’ll respond
The more I learn about Bitcoin the more confident I am that this technology will be the worlds currency. Thanks again!
Yeah it’s scary haha
A lot of moving parts here. Great video. Best I’ve seen on Strike.
Thanks Charlie! Hope all is well 😁
I noticed. Blockclock sighting. Well done!
Yes 🔥🔥🔥 video soon!
You really should have so much more subscribers mate
Haha slow and steady 😉 we'll get there soon
Do you have to sell your bitcoin on strike to send it to another wallet? For example I have $25 USD on strike and $300 in BTC but I can only send the $25 USD to another wallet.
No, you don’t have to sell. You can send the $300 of BTC straight to an on chain BTC wallet.
great video, thanks for the info
Thanks 🙏 let me know if there’s anything else you have questions about :)
I didn’t know about BTC since became legal tender in El Salvador, And I can tell you since then I seeing a huge Benefits
I bet! Much easier to transfer money now, don’t need banks as much :)
@@RhettReisman yes much easier. New follower
Cheers Edwin 🥳🥳
You are good, bro!!!
Thanks man 😁 glad to help!
Do you have a video on how to move money from the lightning networks on Bluewallet back to Bitcoin?
No, but I’ll add it to the backlog.
You’re just trying to see how to move money from lightning wallet back to an on chain wallet? Or is there some bigger workflow/use case that you’re trying to execute that I could demo?
If you’re just trying to move to an on chain wallet, just hit send from the lightning wallet and add the public address of the bitcoin on chain wallet.
Thanks mate !
Cheers!
@@RhettReisman tell me : i struggle to understand why to use Wasabi, Samouraï , Specter, Blue, Muun etc wallets … can you help us ?
Yeah like you don’t understand the lightning network / why you need them or your don’t understand how those wallets work?
Strike is awesome, I buy Bitcoin on it and send it to gemini or Celsius.
Yes! Strike is one of the best options, excited to see what else they build out :)
Strike isn’t available Eastern pond side :(
This is the #1 or #2 comment I get on strike videos haha, hopefully soon!
So I'm just confused on why you need a lightning wallet. Could you send money from a debit card (Bank checking account) through strike (converting it to Bitcoin) to a full node umbrel wallet (non institutional saving account)? Or am I confusing a lightning wallets purpose with the full node? I just don't understand the extra step between the node and strike.
Yes you could send Bitcoin from Strike to your on chain full node Umbrel wallet (or any on chain wallet). When you do, you’ll pay a fee to the miners and shown on your screen by Strike. The fee will increase depending on how many other people are trying to send on chain transactions.
Alternative: you could send the money from Strike to your lightning wallet (could be BlueWallet, could be your Umbrel Lightning Node that you used to generate an invoice). When you do you’ll pay close to (or literally 0) fees because you sent the transaction over the lightning network.
LN Pros: you can move this money around quickly and for 0 fees / helpful for paying for goods and services.
LN Cons: not secured on the base layer blockchain / technical issues could come up / LN not good at routing large transactions
If your question was: do you need a separate lightning wallet - no you could theoretically do this whole thing with your Umbrel Node and just pay it to the Umbrel Lightning wallet to avoid fees. Not everyone is going to run a node though and if you don’t want to run a node but you know someone who is running a node and you don’t want BlueWallet to custody your Lightning Wallet you could trust your node operator friend (niche use case, but BlueWallet serves a lot of different users). I should have mentioned that if you’re running your own node you could skip over BlueWallet.
@@RhettReisman Ok! Makes sense! Just clarifying here, but you can set up a lightning wallet on umbrel and send Bitcoin from phone to raspberry pi and vise versa?
And another question... There is absolutely no taxes that have to be payed when converting USD to BTC and vise versa through the strike app?
Yes you could set up a lightning wallet on umbrel and a different lightning wallet on your phone and if you connect the two nodes with a channel you should get a 0 fee lightning transaction.
Strike tax question (I’m not a tax expert/not tax advice): you have to pay taxes if you sell Bitcoin on Strike or if you spend Bitcoin. Spending / sending to someone else / selling are all taxable events with Bitcoin . If you’re just buying, you won’t incur capital gains tax
Thanks for this video, a lot of great info!! I've connected my BlueWallet to my Umbrel node, but haven't done any transactions yet (still trying to understand how best to set up channels). But this is great to understand how I can use Strike to fund my BlueWallet. Also that direct deposit feature is pretty cool, but doesn't show up in my app yet. Have you used the Samourai wallet?
Think the direct deposit feature is still in beta, here’s the link to sign up: payday.strike.me/?kid=1E9M68
Haven’t used the Samourai wallet yet :/ I’ll probably do a video series of the most popular umbrel apps at some point (especially if they keep releasing so many new ones)
@@RhettReisman Thanks just signed up for the waitlist! Ok cool, that sounds like a good idea.
Epic 🔥🔥🔥 cheers Harland :D
Great explain
Thanks 🙏 glad to help!
When I go to use a debit card they need me to verify my identity, is that still non kyc?
Strike has KYC. BlueWallet is non custodial when you set it up with your full node.
Any word on getting a debit card on strike ? What if you don't want to receive your whole check in Bitcoin so you can use US dollars here and there
I haven’t heard anything on the debit card yet. You can split it so only a portion of your paycheck gets deposited into Strike through your payroll provider though the same way you would any other bank account
Thanks 🇸🇻🙏🙂
Hope it helped 😁 🌋 🇸🇻
What the hell … I missed this one :(
AHHH! TH-cam needs to fix the bell notifications!
I have blue wallet
Do you like it?
Ok number one you're not very good at helping those who are very new to this tech. Number two you just rocket through things and barley give any time for people to comprehend and you aren't giving clear descriptions of the functionality of the actions within the app. What you're ultimately trying to achieve here is educating us newbies. This is the problem with many content creators in this space, their knowledge is just that, theirs and they can't explain it in a way that older or less tech savvy people can grasp it without us becoming frustrated. I'd bet more people are turned off by these terrible education videos and they don't try again because of the lack of skill some content creators have in educating people in the topic at hand. Now is the time for teaching and doing it with skill and purpose. We need someone to take people by the hand being a guide not a kind of know it all attitude type teacher. No offence but your true skills must lie elsewhere.
Thanks, this is the most negative comment I’ve ever received 😂 saved it!
Let me know if you have a specific question and I’ll do my best to help!
🤣🤣