As I understand it, Strike converts fiat to bitcoin sends via lightning and then converts back to fiat.
It's the finer details of this that i'm trying to wrap my head around and can't quite figure it out. Specifically how the conversion occurs.
Is conversion done on Strike's own exchange? If so that kind of defeats the point of using lightning no? as both users (send and recieve) would effectively have an account on the exchange and funds could be transfered internally? Is it done on a 3rd party exchange? That just seems to add more layers of complexity.
I'm just failing to see the complete picture from start to finish and feel like I'm missing something.
Any ideas or a point in the right direction would be appreciated.
Edit: I understand the benefits and how it works from a user's perspective. What I'm interested in is the technicals of what is going on behind the scenes. Thanks for all the replies so far.
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