“You’re gonna be able to walk into a grocery store, to Whole Foods, to a Chipotle, if you want to use a Lightning node over Tor, you do that,” Mallers said on stage at Bitcoin 2022. “Any online merchant that uses Shopify can accept payments without the 1949 boomer [credit card] network, receive it instantly, cash final, no intermediary, no 3% fee.” The announcement is a major innovation in merchants' ability to interact with the Bitcoin network and in users’ ability to privately and permissionless make purchases throughout the U.S. Now, they will be able to take advantage of the cheap, instant and open access offered by Bitcoin. non-kyc bitcoin payment... prolly nothing... https://www.nasdaq.com/articles/jac...lds-largest-pos-providers-to-enable-sovereign Jack Mallers’ Strike Integrating With World’s Largest PoS Providers To Enable Sovereign Payments With Bitcoin CONTRIBUTOR Casey Carrillo Bitcoin Magazine PUBLISHED APR 7, 2022 5:35PM EDT Maller’s announcements all centered around increasing accessibility to the superior payment system of Bitcoin. Strike CEO Jack Mallers announced at Bitcoin 2022 that the company has partnered with three of the world’s largest payments providers, Shopify, NCR and Blackhawk Network to enable bitcoin payments at stores throughout the country. He explained that the integration eliminates legacy banks from the payments process, saving merchants on fees and enabling privacy for shoppers. “You’re gonna be able to walk into a grocery store, to Whole Foods, to a Chipotle, if you want to use a Lightning node over Tor, you do that,” Mallers said on stage at Bitcoin 2022. “Any online merchant that uses Shopify can accept payments without the 1949 boomer [credit card] network, receive it instantly, cash final, no intermediary, no 3% fee.” The announcement is a major innovation in merchants' ability to interact with the Bitcoin network and in users’ ability to privately and permissionless make purchases throughout the U.S. Now, they will be able to take advantage of the cheap, instant and open access offered by Bitcoin. An image shared by Mallers as part of the presentation listed McDonald’s, Walmart, Walgreens and more U.S. franchises as places where the Strike integration will be useable. Mallers also emphasized that he is dedicated to protecting Bitcoin innovation in the United States, reporting, “I’ve been working with Senator Cynthia Lummis to make sure that in the United States of America we support this open payment standard and it isn't threatened by anybody else.” Last year, at Bitcoin 2021, Mallers, alongside President Nayib Bukele, announced that El Salvador would introduce a bill to make bitcoin legal tender, which would later be passed. This was a historic announcement and a turning point in the rapid adoption by politicians we’ve seen over the last year. Strike is a global payments network that utilizes Lightning. After last years’ El Salvador announcement, the industry has been looked to Mallers as a leader in global adoption and development toward nation-state Bitcoin usage. The announcements today only added to the company's reputation of increasing access to the Bitcoin network. Mallers finished the presentation by saying, “This is our announcement,” referring to the larger Bitcoin community.
In the strike.me FAQ: "The IRS has said that for US federal income tax purposes, bitcoin is considered property. General tax principles applicable to property transactions therefore apply to transactions in bitcoin. This means that you must report gains and losses on bitcoin transactions in the relevant tax year. Those gains and losses may be used to determine how much federal income tax you owe." Happy IRS fillings!
There are automation services for crypto assets tax reporting and filing The service has the ability to connect to exchanges via API, and also to wallets and other services Absolutely amazing. It can even produce IRS forms and detailed schedule reports It can calculate your cost basis based on amounts and dates of crypto purchases and apply to trades and transactions
To be honest, I wish this wasn't the direction. We can't on the one hand be saying BTC is going to 500k in 10 years, but at the same time be encouraging people to use it to buy things. Doesn't this even infringe upon the rule about there not being a competing form of legal tender? I think that all we need is enough people to see the destruction of the value of any fiat, and then to realize that their savings need to be in something else. Lets the currencies continue to function as methods of payment, as least for the countries where its easy to do, but trying to get people to actually spend their bitcoin seems counter-intuitive. I understand how sending money and general transactions are much better with a blockchain, and much of the financial is just bloatware and can easily be replaced by blockchain which is not only cheaper but can also be faster, but it just seems wrong to me to encourage people to spend their bitcoin.
I hear you loud and clear, Noah!! Here's the thing, since 2013, the message is spend Bitcoin, but make sure to replace the Bitcoin as soon as possible or to keep stacking more sats than you're spending Money is a 1. Medium of Exchange 2. Store of Value 3. Unit of account Our current target for Bitcoin is to surpass the Gold market cap, that boomer coin (gold) sucks b*llz. There are tons and tons of gold bars sitting in warehouses. F*ckin' ridiculous. Oh but they're shiny, tho What can we do with Gold bars? Can we buy groceries or McDonalds, or Starbucks or Chipotle when we get hungry? Of course we can cut off a piece of it and sell for fiat $ then spend that on those things Is that what we want for Bitcoin to be limited to? a store of value only? So, what this thread is saying, is to go ahead and put for me most of our net worth, for others maybe a small portion of net worth and all of the value that is earned from efforts, work, employment, side hustle and put into a savings and investment account called Bitcoin When you need food or shelter, go ahead and spend a little bit of your Bitcoin holdings without having to convert to fiat $ first and paying exorbitant fees to sociopathic bankers Now we can buy a house with a mortgage secured by Bitcoin crypto assets. You can't do that with boomer coin gold Bitcoin is 100x better than boomer coin gold and adoption and acceptance in financial transactions and global transactions and pristine collateral and store of value for billions of people in the world will be the proof So go ahead and spend a small portion of your Bitcoin at Starbucks or Chipotle or Whole Foods, but do not spend all your Bitcoins!!
So will these merchants price merchandise in bitcoin or in fiat? How much will the tax service cost me?
The merchants will charge in $ but the cash-register will auto-convert to bitcoin based on exchange rates and display a QR code for very easy transaction process https://geekflare.com/finance/crypto-tax-software/
So there is no advantage over a credit or debit card as long as your bank doesn't charge a transaction fee. I have a cash back card so there is actually a disadvantage. A cup of coffee will cost a different amout of bitcoin depending on what time you purchase it. For someone doing a lot of transactions it looks like a hundred bucks or more for the tax service on a yearly basis.
It looks like the customers using crypto would have to pay some extra fees too. https://strike.me/en/faq/fees They also don't mention the bid/ask spread -- I wonder who pays that. https://strike.me/en/legal/tos And if you have a dispute with a merchant after paying with crypto, good luck getting a refund.