What is Strike app, and how to use it?

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

The
remittance
industry
is
currently
dominated
by
giants
like
Western
Union,
Euronet,
Moneygram,
and
chiefly
PayPal,
which
has
a
market
share
of
just
over
50%.
While
the
big
four
continue
to
reign
supreme,
emerging
blockchain-based
money
transfer
firms
may
start
eclipsing
smaller
players
in
the
industry,
thanks
to
cheaper
charges
and
faster
transactions. 

What
is
the
Strike
app?

Strike
is
a
blockchain-based
mobile
payments
app.
It
is
the
brainchild
of
the
Chicago-based
fintech
firm
Zap
Solutions.
Strike
was
launched
in
2020,
with
operations
beginning
in
the
US
but
ambitions
of
expanding
to
focus
on
emerging
markets
like
Latin
America​.

Strike
utilizes
Bitcoin’s
Lightning
network,
a
secondary
layer
on
the
Bitcoin
network
created
to
enable
faster
transaction
speeds
outside
the
leading
network.
Thanks
to
its
utilization
of
blockchain’s
decentralized
systems,
it
offers
customers
a
peer-to-peer
(P2P)
transaction
system. 

In
simpler
terms,
there
are
no
intermediaries
handling
one’s
finances;
money
is
transferred
directly
from
sender
to
recipient.

How
does
the
Strike
app
work?

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

The
Strike
payment
app
is
available
to
both
Android
and
iPhone
users,
as
well
as
on
the
Chrome
web
store
software
for
desktop
users. 

Registration
involves
submitting
your
full
name,
email
address,
and
phone
number.
You
will
receive
an
email
and
a
message
prompt
to
verify
the
email
address
and
phone
number,
respectively.

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

How
to
use
the
Strike
app

After
opening
a
Strike
account,
users
are
required
to
transfer
some
money
into
it
before
conducting
any
transaction.
The
platform’s
fiat-on-ramp
feature
makes
this
a
fairly
straightforward
process.

Users
can
then
link
their
Strike
account
to
their
preferred
bank
account
with
the
platform
as
prompted.
A
credit
card
number
will
also
do.

After
availing
a
bank
account
or
credit
card
details,
Strike
utilizes
the
services
of

Plaid,
a
firm
well-versed
in
connecting
apps
with
financial
services
to
link
accounts.
From
there,
it’s
as
easy
as
keying
in
the
money
figure
you
intend
to
load
and
pressing
send
to
top
up
the
strike
account.

Sending
via
the
account

Once
the
account
is
set
up
and
funds
loaded,
users
have
several
options
to
select
from,
one
of
them
being
to
send
funds.
For
that,
they
need
a
crypto
wallet
linked
with
Strike.
Since
the
platform
is
based
on
the
Bitcoin
project,
the
wallet
needs
to
be
Bitcoin
supported. 

After
the
wallet
address
is
connected
to
the
Strike
app,
the
sender
just
needs
to
add
the
recipient’s
wallet
address.
That
should
be
sufficient
for
small-value
transactions,
but
there
are
a
few
more
requirements
for
high-value
transactions. 

A
top-up
worth
$1,000
worth
of
BTC
or
more
needs
more
know-your-client
(KYC)
steps
to
be
fulfilled.
Senders
will
have
to
provide
their
address
and
social
security
number.
This
is
in
order
to
combat
money
laundering
activities,
which
can
be
common
in
crypto-based
transfers
due
to
their
high
anonymity
levels.

Other
specialized
transactions
on
offer

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

First,
there
is
the
Bitcoin
payment
option.
To
tap
into
the
gains
made
from
the
price
gains
of
BTC,
users
have
the
option
of
receiving
paychecks
in
Bitcoin.
This
involves
navigating
to
the
profile
at
the
bottom
right,
selecting
‘direct
deposits,
and
opting
for
the
USD/BTC
percentage
configuration
of
choice.

There’s
also
a
recurrent
purchase
feature
that
could
be
useful
for
regular
pocket
money
transfers
or
rent.
Known
as
dollar-cost-averaging,
it’s
accessible
on
the
BTC
tab
and
by
clicking
on
the
‘buy’
button.
After
that,
users
may
enter
a
USD
figure
and
the
purchase
frequency.
Options
increase
over
time,
be
it
hourly,
daily,
weekly
or
monthly.
However,
the
feature
is
only
available
in
the
US
to
clients
who
have
KYC
compliance
verification.

Transaction
costs

The
Strike
app
charges
a
fee
with
the
Bitcoin
blockchain
on
any
transaction
done
on
the
platform.
The
on-chain
cost
is
a
payment
to
miners
for
transaction
verification.
The
price
is
1

Satoshi,
Bitcoin’s
smallest
widely
accepted
denomination,
equivalent
to
$0.00059. 

Rewards

Strike
offers
cash
back
when
using
the
platform
as
a
means
of
payment.
It
is
outlet
and
product
specific,
with
a
range
of
between
5%
up
to
15%
with
no
transaction
fees.
However,
the
number
of
outlets
served
is
quite
limited
compared
to
credit
card
acceptance
rates
among
merchants.

Is
the
Strike
app
safe?

No
payment
app
is
entirely
immune
from
risk;
however,
the
Strike
app
implements
the
same
security
measures
as
most
Bitcoin
exchanges,
including
two-factor
authentication.
The
app
also
works
in
partnership
with
Prime
Trust,
LLC,
a
state-regulated
trust
company,
which
helps
guarantee
the
safety
of
users’
funds.
In
a
Strike
app
review,
CryptoVantage
rated
the
app
four
out
of
five
stars,
praising
its
“nearly
instantaneous
transactions”

Conclusion

Blockchain-based
payment
apps
may
likely
be
the
next
global
evolution
of
money
transfer
and
payment
platforms
thanks
to
two
key
factors:
meager
transaction
fees
and
fast
speed. 

The
Strike
payment
app
is

positioned
well
to
reap
the
benefits
thanks
to
its
utilization
of
Bitcoin,
the
world’s
largest
blockchain.
Its
adoption
of
the
Lightning
network
layer
solves
the
issue
of
high
transaction
costs
and
jammed
speed
synonymous
with
the
main
chain.

However,
as
with
any
platform,
it
is
up
to
individual
users
to
decide
whether
it’s
suitable
for
them.
Before
transferring
any
funds
using
Strike
or
any
other
app
users
should
ensure
they
do
thorough
research,
taking
into
account
their
financial
requirements,
user
reviews,
and
customer
support
options.

FAQs