Mar 29•5 min read
Strike Review 2022
Hey, what's up, guys? Are you ready to take your first steps into the world of Bitcoin? If so, we are glad you are here! Going down the Bitcoin rabbit hole is a journey in itself. There is a ton of learning that you need to do in order to understand just how revolutionary the Bitcoin protocol is, but once you get it you GET it.
Once you get it, it's hard not to see the world through a different lens and want to buy as much Bitcoin as you can.
There are plenty of platforms to choose from when deciding where to make your first Bitcoin purchase. The platform that I would recommend for people new to Bitcoin is the Strike app. It can be found in the Apple app store or Google play store.
It is super easy to set up and use in under 5 minutes. All you need is an email address, create a username and phone number. Once you have done all the obligatory things to set up your account you are ready to buy Bitcoin!
Strike works a little differently than other platforms. You can load your account with dollars and have it act more like a traditional checking account if you wanted to. Instead of using a debit card to spend from your account, you use QR codes to make payments from your account.
Basically in a nutshell you have a layer 2 solution called the lightning network that is built on top of the Bitcoin protocol to send dollars anywhere in the world for pennies, instead of depending on slow ACH transfers that take days to settle.
For example, say you live in California and you have a friend who lives in London and you want to send him $100 for the hell of it. You can send that $ 100 dollar using the Strike app and have it arrive in seconds halfway across the world. Visa or Mastercard CANT do that.
This is just one of the many things the Strike app can do. What else can you do with Strike?
Buy Bitcoin
Strike also gives you the ability to buy Bitcoin within the app itself with no fees. This means you get more Bitcoin per purchase than buying through exchanges such as Kraken and Coinbase. Don't take my word for it, check it out. This chart is directly from strike itself.
Strike believes deeply in the self custody ethos of Bitcoin. They give you the option to send your Bitcoin to a wallet that you own. There are no withdrawal limits and you can buy as little as .50 cents of Bitcoin. I know of no other company that does this. But wait there is more! What else can you do with the Strike app?
Pay Me In Bitcoin
This is a feature that I am a huge fan of. You don't have to be in the Bitcoin industry to earn Bitcoin. You can be paid in Bitcoin working where you are today. Strike accomplishes this feat by working with Cross River Bank. An account is opened with them and you can dictate how much of your paycheck you want to be converted into Bitcoin. 10 percent? 20 percent? 50 percent? 100 percent? The choice is yours. This solution gives you the ability to dollar cost average (DCA) into Bitcoin without even trying. What else can you do with Strike?
Recurring Buys
This is another feature that is well worth the mention. You can set up recurring buys of Bitcoin from your checking account on a hourly, daily, weekly or monthly schedule. You simply set it and forget it. This is a great way to passively purchase Bitcoin without much effort. When you combine this feature with no fees you accumulate more Bitcoin over time than anywhere else.
Now comes what I don't like about the app.
Low Deposit Amounts
If there is one thing that I don't like about strike is the paltry amount you are allowed to deposit weekly into Strike. You can only deposit up to $500 per week, which is too low to make this app a full-time replacement for your checking account. I'm sure that this has to do something with banking regulations and whatnot but still hinders that app from living up to its full potential. Maybe this will change in the future as Bitcoin becomes more mainstream.
Know Your Customer (KYC) Regulations
This is something that any company interacting with a bank is required to do. Strike is no different on this front. In order to unlock higher buy and sell limits, you have to provide them with information in order to verify who you are. I don't like this because this makes Strike and other crypto platforms ripe for data hacking.
Mobile Only
Strike is only available on mobile which I'm not a huge fan of either. Having a dedicated web application on a desktop would have been a nice touch. Not everyone wants to be on a mobile phone all the time, right?
Overall it's a really good app with lots of cool functionality and would highly recommend giving it a try. If you would like to start off your Strike journey with $10 in your pocket, you can use my link. https://invite.strike.me/6DZCS4
If you like my content and would like to support my blog please consider making a contribution! It greatly helps and I love what I do. Thank you again!
https://www.buymeacoffee.com/RoberthallBTC
