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Payment platform Strike says US users can now convert their salaries to Bitcoin. The new feature allows access regardless of the employer’s adoption.
Strike, a Lightning Network payments platform, is now letting its US users opt for instant conversion of their paychecks to Bitcoin. The feature, dubbed Pay Me in Bitcoin, was introduced on Thursday and does not require paying employers to have or embrace BTC. Instead, recipient-users can deposit all or part of their salaries into their Strike account, select an amount, and convert it. The new sum credits to their Bitcoin balance after which they can cash it out in BTC or leave it untouched. This feature is available throughout the US except for New York and Hawaii, according to a Strike spokesperson. At the moment, Strike is not charging a commission fee for this service.
Strike founder Jack Mallers recently enthused about the new initiative. In an announcement post shared with Bitcoin Magazine, Mallers stated:
“I am unbelievably excited to announce and publicly release Pay Me in Bitcoin with Strike. Today, anyone with a Strike account, no matter their employer, can get paid in bitcoin.”
Strike first began flirting with the ‘PMIB’ feature in 2020 when NFL offensive player Russell Okung used the service. The player split his $13 million salary 50-50 between BTC and fiat money. Since then, several other players have followed suit.
Strike Offering Users the Bitcoin Conversion Service in the US Seems Practical
Pay Me in Bitcoin offers a viable helping hand to those who cannot directly receive BTC as payment. By doing so, these recipients can now start saving portions of their income in BTC. In addition, they are further hedged against high inflation rates and assume more financial sovereignty. As Mallers put it:
“If you are not getting a 25% raise every year and you are saving in dollars, you are not out-earning or out-saving the rate of inflation or the increase in cost of living, and your quality of life will degrade as time goes on.”
Strike’s Pay Me in Bitcoin feature arrives less than a month after prominent US crypto exchange Coinbase made a similar announcement. The exchange issued a blog post on September 27th, that users could deposit all or part of their paychecks in crypto or dollars. Furthermore, just like with Strike’s PMIB service, Coinbase is not charging a fee. However, unlike Strike’s offer which is restricted to BTC, Coinbase offers more digital assets.
Strike operates as a custodial solution, meaning users do not own the private keys to their funds in the app. Notwithstanding, the application allows for the withdrawal of BTC to third-party Bitcoin wallets where users can possess private keys. This subsequently grants them financial sovereignty if they wish to have it. Back in July, Strike helped the Central American nation of El Salvador with Bitcoin adoption. However, El Salvador residents have since protested the new Bitcoin law seemingly forced on them. The people’s displeasure could have stemmed from other issues, including corruption, authoritarianism, media abuse, and interference with judicial processes.