Strike App | Reviews | Fees | Lightning Network | CoinBeast Exchange Review

Who are they?

Strike is a payment app that allows users to send funds anywhere in the world through the Bitcoin Lightning Network. Zap Solutions, Inc. developed the application to provide free transactions for anyone with a smartphone. Jack Mallers (the founder) continues to expand its services around the world. Users use Strike to pay each other, buy goods and services online, make micropayments, tip content creators, as well as buy and sell Bitcoin.

The Bitcoin Network allows for transactions to occur on-chain every ten minutes. This method allows for about 2,700 transactions to occur per day and about 4 to 7 transactions per second. The Bitcoin Lightning Network is a second layer solution (built on top of Bitcoin) that allows for millions of Bitcoin transactions to occur per second. Strike is not a traditional exchange but is included in the exchange section because anyone with access to the app has the ability to pay themselves in Bitcoin. One is able to do this by connecting a commercial bank account, transferring their funds to the Strike app, and then creating a Lightning invoice from a third-party Lightning wallet like Bluewallet or Muun Wallet. This process is geared more towards users with prior experience using the Lightning Network.

Features

Strike aims to make worldwide transactions free and easy. Here are the main features that Strike provides for its users:

• Lightning withdrawals: Users may create an invoice from a third-party Lightning wallet and pay for it with Strike. After completion, there is less fiat in the Strike app and more bitcoin in their Lightning wallet.
• Flexible funding: Users may create a request in Strike and then send funds from their third-party wallet. After completion, they will have more fiat in Strike and less bitcoin in their wallet.
• QR code scanning: QR code scanning allows for quick payments.
• Micropayments: Users are able to make $0.01 transactions if needed by scanning the QR code and then clicking “pay”.
• Strike rewards card: Strike is partnered with VISA and will offer a rewards card so users can earn cash back with partnered merchants.
• Security: Strike has implemented industry-leading security measures to protect users and their accounts.‍
• Customer support: With Strike’s dedicated support team, users are able to have all issues resolved within a timely manner.

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How does it work?

Strike is available for iOS and Android users.

1. If you are new to Strike, you may select the “Get Started” button. From there you will be required to type in your name, email, phone number, and username. If your account is already set up, you will be required to type in the phone number associated with your account.

2. You will then be redirected to the main menu to view the funds in your account. Strike may require further personal information before you are able to connect a bank account. For most accounts with the minimum KYC and AML requirements, users will be allowed to deposit $100 per week.

3. Once your external bank account is attached, you should now be able to deposit funds. If for whatever reason Strike does not provide the option for depositing funds even after attaching an external bank account, you may email their support at [email protected] from within the app.

4. Once funds are deposited into your Strike account and you wish to exchange those funds for bitcoin, you may now create an invoice from a third party Lightning wallet like Blue Wallet, Wallet of Satoshi, or Muun Wallet. Copy the Lightning invoice, select the Send option in Strike, and then paste the invoice within Strike.

The Strike app is not a conventional exchange but it allows for users to receive their lightning funds within minutes. No need to worry about leaving funds on a custodial exchange.

Cryptocurrencies

• Bitcoin (BTC) on-chain and Lightning

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Fiat Currencies

• United States Dollar (USD)

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Payment Methods

Strike supports the following payment methods:

• Lightning network
• Strike allows user accounts to be funded instantly with USD once their banks are connected

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Supported Countries

Strike operates in the following countries:

• United States
• Areas outside of the US may vary. Check with Strike Global to see if it is available in your area.

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Fees and Buying Limits

• Strike does not charge fees for its service.
• If a user decides to send a payment to their Strike account on-chain (the Bitcoin network), fees are determined by the current market rates.
• It is recommended for users to receive or send Lightning invoices. These transactions usually cost a few cents or less.
• Unverified account limits: $100 maximum per deposit, $1,000 maximum total deposits per week, $100 maximum per payment.‍
• Verified accounts: $1,000 maximum per deposit, $1,000 maximum total deposits per week, $10,000 maximum per payment.

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Customer Reviews

“To me this application is the perfect blend of simplicity and power – smart, ergonomic user interface with a KYC system that allows instant user access for micro transactions.”

https://hodlnerd.com/a-review-of-the-strike-app-from-zap-for-bitcoin/

“Strike is already live in the United States. This is the proving ground. Making Strike work in the rest of the world is on orders of magnitude more complicated. The brand that is rolling out Strike on a global scale is Strike.Global. People in other countries may sign up for the BETA version of Strike.Global using this link.” 

https://www.cryptovantage.com/news/did-strike-global-just-end-transaction-fees-for-the-entire-planet/

“According to Maller, this tool will allow mass adoption of cryptocurrencies, because it allows the entire public to learn about this world. So, if you are interested in using this novel technology, all you have to do is download the Strike beta App, now available for Android, iPhone and Chrome.”

What is Strike?

Is 

Strike

 safe? 

Strike is not a typical exchange product. It is more akin to a payment processor without the friction of high fees that traditional payment processors apply to Swift or Western Union transactions. Strike does not store any Bitcoin because it is transferred to a user’s preferred wallet. Only USD funds may be stored in the app. Strike follows all of the same security protocols for funds as commercial banking products do. There are a few vulnerabilities associated with private Lightning nodes that users should be aware of. These risks are not just an issue for Strike but for all Lightning nodes. The first vulnerability would be spamming Strike’s Lightning nodes with micropayments to freeze all deposits being made. This in no way steals funds but makes the process very congested. An eclipse attack (time-dilation eclipse) is another form of spam but this involves creating multiple identities to overwhelm a network. This is a way for an attacker to isolate a victim from receiving real data from legitimate participants in the network. Many of the current vulnerabilities on the Lightning Network are being worked on and will continue to be improved as incentives grow. Strike’s support team will also be reachable in the event that there are any issues with transactions.

Pros of 

Strike

• No fees to use app. Lightning network fees only cost a few cents/transaction.
• Transfer funds from the US to any bank account in the world.
• Strike does not store your Bitcoin. Strike will only store your USD funds.
• Earn cash back while spending on partner brands.

Cons of 

Strike

• Unavailable globally and in some US states.
• May not be suitable for beginners.

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WRITTEN BY

Deniz Saat

Deniz Saat is an IT services specialist and technical writer.

REVIEWED BY

Jonathan Hamel

CEO and Founder of Académie Bitcoin

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