What is Strike app, and how to use it?

As an analyst with extensive experience in the fintech industry, I believe that the Strike app is an innovative and promising addition to the world of payment apps. The app’s utilization of Bitcoin’s Lightning network sets it apart from traditional payment platforms by offering faster transaction speeds and lower fees.

What is the Strike app and what role does it have to play in the world of payment apps?

The remittance sector is presently controlled by major players such as Western Union, Euronet, Moneygram, and predominantly PayPal, holding a market share of approximately 50%. Despite this, fledgling blockchain-transfer companies could potentially surpass smaller competitors in the industry due to their cost advantages and quicker transaction processing.

What is the Strike app?

Strike is a innovative mobile payments application built on blockchain technology. It is the creation of Zap Solutions, a fintech company based in Chicago. Launched in 2020, Strike initially focused on US operations but aims to broaden its reach towards emerging markets such as Latin America.

Strike relies on Bitcoin‘s Lightning Network, an additional layer on Bitcoin’s main network designed to enhance transaction speed without compromising the leading network. This implementation leverages the decentralized nature of blockchain technology, allowing users to conduct P2P transactions directly with one another.

As a crypto investor, I can tell you that one of the advantages of using cryptocurrencies for financial transactions is the elimination of intermediaries in the process. Instead, funds are sent directly from my digital wallet to another person’s wallet. This not only makes the transaction faster but also ensures greater control and security over my assets.

How does the Strike app work?

As with most mainstream payment apps, the first step involves opening an account.

The Strike payment app can be used by Android and iPhone users, in addition to those utilizing the Chrome web store software on desktops.

To register, please provide your complete name, email address, and phone number. Following submission, you’ll be sent an email for verification of your email address, and a text message or call for confirmation of your phone number.

The app is currently available in over 95 countries, with plans to expand its reach.

How to use the Strike app

Once you’ve set up a Strike account, you need to deposit some funds into it prior to executing any transactions. Utilizing the platform’s fiat-on-ramp function simplifies this step.

Users can connect their Strike account to their chosen banking account using the provided instructions, or they can input their credit card information instead.

Once you provide your bank account or credit card information to Strike, they utilize Plaid’s expertise to link your accounts. Subsequently, loading money into your Strike account is as simple as entering the desired amount and clicking “send”.

Sending via the account

As a researcher studying the use of Strike, I can explain that once your account is established and funds have been added, you’ll encounter various choices. One of these alternatives involves transferring funds. To execute this function, it’s essential that you connect a Bitcoin-compatible crypto wallet to Strike. Given that Strike operates under the Bitcoin umbrella, ensure that the wallet you link supports Bitcoin transactions.

Once linked to the Strike app, sending funds to another user involves inputting their wallet address. This works well for smaller transactions. However, additional steps are necessary when dealing with larger value transfers.

To complete a Bitcoin top-up of $1,000 or more, additional KYC (Know Your Customer) procedures must be met. This involves supplying your address and social security number. These measures are implemented to prevent money laundering, a concern in crypto transactions due to their increased anonymity.

Other specialized transactions on offer

While simple funds transfers are the main service, other options also exist within the platform.

bitcoin is one payment method available. Employees can choose to receive their salaries in Bitcoin by adjusting their payroll settings. To do so, they should access their profile, select “direct deposits,” and then opt for the desired percentage of USD to BTC conversion.

this feature, called dollar-cost-averaging, enables users to make routine transactions such as pocket money transfers or rent payments. To access it, go to the BTC tab and click ‘buy’. Next, input the desired USD amount and set the frequency of purchases. The options range from hourly to monthly. Please note that this functionality is currently restricted to US clients who have undergone KYC verification.

Transaction costs

As an analyst, I would explain it this way: Whenever you conduct a transaction using the Strike app, there’s a fee involved. This fee gets processed through the Bitcoin blockchain network. Essentially, it’s a compensation paid to the miners for confirming and verifying your transaction. Each of these fees is equal to 1 Satoshi – which is equivalent to roughly $0.00059 in US dollars.

Rewards

When making transactions through Strike, you can earn cashback. The amount varies between 5% and 15%, and there are no transaction fees involved. However, the list of merchants offering this benefit is more restricted than those accepting credit cards.

Is the Strike app safe?

As a security analyst, I can assure you that no payment app is completely risk-free. However, I want to highlight that the Strike app takes robust measures to safeguard users’ funds and transactions. Similar to Bitcoin exchanges, it offers two-factor authentication for enhanced security. Moreover, it collaborates with Prime Trust, LLC, a state-regulated trust company, to ensure the safety of your funds. In my assessment based on a Strike app review by CryptoVantage, I would rate it four out of five stars due to its “nearly instantaneous transactions.”

Conclusion

As a financial analyst, I believe that blockchain-based payment apps are poised to revolutionize global money transfers and payments for several reasons. Firstly, these applications offer significantly reduced transaction fees compared to traditional methods. Secondly, they boast impressive processing speeds, enabling near-instantaneous transactions.

The Strike payment app has a strategic advantage due to its use of Bitcoin, the most widely-used cryptocurrency, and its integration with the Lightning Network. This innovative solution addresses the common issues of expensive transactions and congested speeds associated with the Bitcoin blockchain’s main network.

When considering the use of Strike or any similar platform for money transfers, keep in mind that each user is responsible for assessing its suitability for their specific needs. It’s essential to conduct extensive research beforehand, taking into account your financial goals, user feedback, and available customer support.

FAQs

What is the Strike Network?

Strike Network is a worldwide crypto payment solution operated on Bitcoin’s Lightning Network. Merchants can easily receive payments from customers in various locations through Strike’s API.

Does Strike support Bitcoin?

Yes. Strike supports Bitcoin and Tether’s stablecoin USDT.

Where can I download the Strike app?

Android users can download the Strike app from Google Play, while IOS users can find the app on the Apple Store.

What is the Strike app used for?

The Strike app functions as a Bitcoin Lightning network-enabled tool for businesses to facilitate global transactions in bitcoin, allowing them to both send and receive payments.

2024-05-13 15:34