Strike, a new Bitcoin wallet, arrives in the country: what advantages does it have

Strike, a mobile application that allows you to connect a traditional bank account and convert fiat money into Bitcoin to make payments, officially landed in Argentina.

Jack Mallers, the founder and creator of Strike, announced the launch of the app in the country. “Welcome Argentina! Today we are launching a superior financial experience for a country that it faces hyperinflation, predatory payment networks, and unusable cross-border transfers. Today we use the global open monetary network, Bitcoin, to give hope to the people of Argentina,” he wrote through his Twitter account.

Nowadays, Strike is used on a large scale in El Salvador, the first country to approve Bitcoin as legal tender, to send remittances. For this reason, the crypto community in Argentina speculated that the arrival of the app in the country would be a great kick for everyone to use Bitcoin.

Nevertheless, Strike in Argentina will only operate with the stable cryptocurrency USDT and all balances will be displayed in that digital currency. That is, users, even if they send and receive Bitcoin, will automatically receive USDT.

It should be noted that the app can read QR codes of Bitcoin addresses through the Lightning Network, a network that allows you to send small amounts of Bitcoin quickly and with low fees; but if it is used to send this crypto, the user will receive USDT.

Your balance in the app is held in Tether (also known as USDT), not in United States of America dollars. USDT is not legal tender and is not backed by any government,” Strike says in its terms and conditions.

Terms and Conditions.

How does Strike work?

To use Strike services, you must download the mobile app on a cell phone.

Then the user must comply with different identity identification processes (known by its acronym in English KYC or know your client, in English).

Ultimately, the verification process seeks to eliminate the illegal use of cryptocurrencies, money laundering, and tax fraud.

Once personal data has been entered -such as, for example, document number, biometric data, proof of address invoice-, the digital wallet is associated with a natural person and will be able to start sending Bitcoin and receiving USDT.

One of the uses that users give it is to link it to their Twitter account to receive stable cryptocurrencies as “remittances” for their content. A local platform that works the same way is Cafecito, but the difference is that users send and receive Bitcoin, not USDT.

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