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What is Strike and how does it work?
Strike is a payment application that leverages Bitcoin and the Lightning Network to facilitate faster and cheaper bitcoin transactions. Some of the benefits of using Strike over legacy payment applications include:
Physical finality through the Lightning Network, which is more efficient than finality through banks.
Profitability through near-zero fees. The base fee per transaction on the Lightning Network is 1 satoshi, or 0.04 cents.
Globality through borderless payments. You can send and receive money in any currency and to any Bitcoin address or Lightning invoice.
Simplicity through easy onboarding. You can sign up with your phone number and scan your ID, without needing a password or a private key.
Strike was created by Jack Mallers, the founder of Zap, a Lightning Network-enabled Bitcoin wallet. Mallers wanted to make Bitcoin more accessible and usable for everyone, without requiring them to buy, hold, or understand Bitcoin. With Strike, you can pay in fiat, but use Lightning to send and receive Bitcoin. This way, you can enjoy the benefits of Bitcoin without the hassle of managing it.
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What are the benefits of using Strike?
As mentioned above, Strike offers several advantages over traditional payment methods. Here are some of them in more detail:
Low fees and instant transactions
One of the main benefits of using Strike is that it leverages the Lightning Network, a second-layer solution that enables fast and cheap Bitcoin transactions. The Lightning Network works by creating channels of payments between users, without having to record every transaction on the Bitcoin blockchain. This reduces the congestion and fees on the network, and allows for instant and scalable payments.
With Strike, you can pay as little as 1 satoshi (0.04 cents) per transaction, regardless of the amount or the distance. This is much lower than the average fee of $5.50 for a Bitcoin transaction on the blockchain, or the 2.9% + $0.30 fee for a PayPal transaction. You can also enjoy near-instant settlement, as Lightning transactions take only a few seconds to complete, compared to 10 minutes or more for a Bitcoin transaction on the blockchain, or 3-5 business days for a PayPal transaction.
Global and borderless payments
Another benefit of using Strike is that it enables you to send and receive money in any currency and to any Bitcoin address or Lightning invoice. This means that you can pay anyone in the world who has a Strike account or a Bitcoin wallet, without having to worry about exchange rates, conversion fees, or intermediaries. You can also receive payments in your preferred currency, regardless of what currency the sender used.
With Strike, you can enjoy the global and borderless nature of Bitcoin, without having to deal with its volatility or complexity. You can use your local fiat currency to access the Bitcoin network, and benefit from its speed, security, and openness.
Easy and secure onboarding
A third benefit of using Strike is that it offers a simple and secure way to create an account and use the app. All you need is your phone number and your ID, which you can scan with your camera. You don't need to create a password or a private key, as Strike uses biometric authentication and encryption to protect your account and funds.
With Strike, you don't have to worry about losing your password or your private key, as they are not required to access your account. You also don't have to worry about hackers or thieves stealing your funds, as Strike is a non-custodial service that does not hold your money. Instead, it uses third-party custodians that are regulated and insured, such as BitGo and Prime Trust. You can also enable two-factor authentication and set spending limits for extra security.
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How to create an account on Strike in seconds
How to deposit and withdraw cash on Strike
How to request and deposit bitcoin on Strike
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How to buy and sell any amount of bitcoin on Strike
How to send bitcoin using your cash balance on Strike
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How to pay any bitcoin or lightning invoice with Strike
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How to receive bitcoin from a bitcoin address or a lightning request on Strike
How to set up a secure PIN code on Strike
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How to link your bank account or debit card on Strike
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How to contact customer support on Strike
How to access your transaction history on Strike
How to manage your profile and settings on Strike
Download STRIKE: Bitcoin & Payments from Google Play Store
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Download STRIKE: Bitcoin & Payments from Chrome Web Store
STRIKE: Bitcoin & Payments app reviews and ratings
STRIKE: Bitcoin & Payments app features and benefits
STRIKE: Bitcoin & Payments app updates and news
STRIKE: Bitcoin & Payments app privacy and security practices
STRIKE: Bitcoin & Payments app data safety and protection
STRIKE: Bitcoin & Payments app availability and limitations by region
STRIKE: Bitcoin & Payments app terms of service and user agreement
What are the drawbacks of using Strike?
While Strike has many benefits, it also has some drawbacks that users should be aware of. Here are some of them:
Beta phase and limited availability
What are some alternatives to Strike?
While Strike is a promising app that offers a unique way to use Bitcoin and the Lightning Network for payments, it is not the only option available. There are some other apps or services that offer similar or different features to Strike. Here are some of them:
Coinbase Wallet
Coinbase Wallet is a popular app that allows users to buy, sell, store, and send various cryptocurrencies, including Bitcoin, Ethereum, and many others. Coinbase Wallet also supports the Lightning Network, which means users can send and receive fast and cheap Bitcoin transactions via the app. Coinbase Wallet is a custodial service, which means users do not have full control over their funds and need to trust Coinbase to secure them. Coinbase Wallet also charges fees for buying and selling cryptocurrencies, as well as network fees for sending and receiving them.
ZenGo Wallet
ZenGo Wallet is a non-custodial app that allows users to buy, trade, and earn various cryptocurrencies, including Bitcoin, Ethereum, and many others. ZenGo Wallet also supports the Lightning Network, which means users can send and receive fast and cheap Bitcoin transactions via the app. ZenGo Wallet is a non-custodial service, which means users have full control over their funds and do not need to trust ZenGo to secure them. ZenGo Wallet uses a novel cryptographic technique called threshold signatures to protect users' private keys without requiring passwords or backups. ZenGo Wallet also charges fees for buying and selling cryptocurrencies, as well as network fees for sending and receiving them.
Bottlepay
Bottlepay is a social media integrated app that allows users to send and receive Bitcoin via Twitter, Reddit, Discord, and Twitch. Bottlepay also supports the Lightning Network, which means users can send and receive fast and cheap Bitcoin transactions via the app. Bottlepay is a non-custodial service, which means users have full control over their funds and do not need to trust Bottlepay to secure them. Bottlepay also allows users to buy and sell Bitcoin with fiat currencies, as well as tip or donate Bitcoin to their favorite content creators or causes. Bottlepay does not charge any fees for using the app, but users may incur network fees for sending and receiving Bitcoin.
How to use Strike to send Bitcoin and money?
If you are interested in using Strike to send Bitcoin and money, here is a step-by-step guide on how to download, set up, and use the app for payments:
Download the app from the official website or app store
The first step is to download the Strike app on your device. You can do this by visiting the official website or by searching for "Strike: Bitcoin & Payments" on the Google Play Store or the Apple App Store. The app is free to download and use.
Sign up with your phone number and scan your ID
The next step is to create an account with Strike. You can do this by entering your phone number and verifying it with a code that will be sent to you via SMS. Then, you will need to scan your ID with your camera to verify your identity. This is required by law for anti-money laundering purposes. You can use your driver's license, passport, or national ID card. The verification process may take a few minutes or hours depending on the volume of requests.
Connect your bank account or debit card
The third step is to link your payment method to your Strike account. You can do this by connecting your bank account or debit card to the app. This will allow you to deposit and withdraw money from your Strike account in fiat currency. You can also use your payment method to buy or sell Bitcoin via Strike.
Send or receive payments via Bitcoin or fiat currency
The final step is to use Strike to send or receive payments in Bitcoin or fiat currency. You can do this by tapping on the "Pay" button on the bottom of the screen and entering the amount you want to send or request. Then, you can choose whether you want to pay in fiat currency or in Bitcoin. If you choose fiat currency, you can select from more than 200 different currencies that are supported by Strike. If you choose Bitcoin, you can enter any Bitcoin address or Lightning invoice that you want to pay or request payment from. You can also scan a QR code with your camera or select a contact from your phone book if they are also using Strike.
Conclusion
Strike is a promising app that leverages Bitcoin and the Lightning Network for fast and cheap payments. It has many benefits, such as low fees, instant transactions, global and borderless payments, and easy and secure onboarding. However, it also has some drawbacks, such as beta phase, limited availability, Bitcoin volatility, regulation, and technical issues. Strike has some competitors that offer similar or different features, such as Coinbase Wallet, ZenGo Wallet, and Bottlepay. Strike is easy to use and offers a seamless payment experience for users. All you need to do is download the app, sign up with your phone number and ID, connect your bank account or debit card, and start sending or receiving payments in Bitcoin or fiat currency.
If you are looking for a new way to use Bitcoin and the Lightning Network for payments, you should give Strike a try. You can download the app from the official website or the app store, depending on your device. You can also visit the Strike blog or the Strike FAQ for more information and updates. Strike is not only a payment app, but also a vision for the future of money. As Jack Mallers said, "Strike is here to change the world. We're here to make history."
FAQs
Here are some frequently asked questions about Strike and their answers:
Q: Is Strike safe and secure?
A: Yes, Strike is safe and secure. Strike uses biometric authentication and encryption to protect your account and funds. Strike is also a non-custodial service that does not hold your money. Instead, it uses third-party custodians that are regulated and insured, such as BitGo and Prime Trust. You can also enable two-factor authentication and set spending limits for extra security.
Q: How much does it cost to use Strike?
A: It costs very little to use Strike. Strike does not charge any fees for using the app or for sending or receiving payments in fiat currency. The only fees you may incur are the network fees for sending or receiving Bitcoin transactions via the Lightning Network. These fees are usually very low, around 1 satoshi (0.04 cents) per transaction.
Q: What currencies does Strike support?
A: Strike supports more than 200 different currencies that you can use to send or receive payments in fiat currency. You can also use Bitcoin to send or receive payments via the Lightning Network. You can choose your preferred currency in the app settings.
Q: What devices does Strike support?
A: Strike supports Android and iOS devices. You can download the app from the Google Play Store or the Apple App Store, depending on your device. You can also access Strike from your web browser by visiting strike.me.
Q: How can I contact Strike support?
A: If you have any questions or issues with using Strike, you can contact Strike support by emailing support@strike.me or by filling out a form on the website. You can also follow Strike on Twitter or join the Telegram group for more updates and community discussions.
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