This must be the 4th time ive seen this app linked here and every time i go to use it THERE IS NO WORKING PRODUCT THAT I CAN USE. Also the hipster tone from the founder of this app makes me cringe every time because it seems very forced.

I thought this was Hacker News? What does the personal style of the founder have to do with the technology?

The app has already launched in the US and you can use it if you live there. Global launch is coming soon - they're running a trial in El Salvador.

Why is a community of makers hating on a fellow maker? Beats me.

There's always a cost. Even if you do not see it in the numbers.

I think in the case of crypto the cost is the volatility of the coins against the dollar . So that if you wanted to do something with those 64 usd you may end up with 1 million less by the time you exchange it due to volatility and slippage.

No doubt. But that also applies to the legacy financial system. It's just much more difficult to calculate.

This is not true. I'm sorry to post this twice but it's relevant to the discussion and also an answer to the OP.

Strike (https://global.strike.me) has built a product in which they use Bitcoin and the Lightning Network to send money (fiat currency like USD, EUR, etc.) around the world instantaneously and at virtually no cost. In some cases, they are able to offer exchange rates that are better than the inter-bank FX rate.

Explanation of how it works: https://jimmymow.medium.com/announcing-strike-global-2392b90...

If they are able to beat the interbank rate it means they are either buying the currency from someone below market value (in which case that person is being shafted) or taking on Forex risk themselves.

From the article:

> Strike maintains a live Forex rate and compares that to its own rate before every transaction. However, in our testing, a Strike international transfer has never been done at an unfavorable exchange rate when compared to Forex rates. Shockingly (or maybe not) it was even cheaper sometimes, exposing the flaws and lag in Forex rates and how they are used. Bitcoin, as the most liquid, globally transferable asset is already acting as the new world reserve currency with Strike.

A Forex trade is still taking place so there must be a counterparty. The USD don't just disappear and reappear as EUR. Someone is buying them on the other side. Getting a better rate implies the counterparty getting a worse rate.

I'm not sure I understand your criticism. The USD is used to buy BTC. The BTC is then sold for EUR. There's no Forex trade, not directly at least.

If x EUR is worth y USD, any discount results in someone losing money or taking on Forex risk through some derivative product. It doesn't matter which settlement layer is used.

Sadly still not available, do you know of any fully functional alternatives? Even if more expensive. Just surprised no one has done a Transferwise / traditional bank alternative yet considering it is one of the main publicized advantages of Bitcoin.

Strike is promising a lot (which is exciting!) but don't have a fully functional product yet.

I'm not aware of any alternative. Hopefully the global launch is not too far away.