Strike Bitcoin: A Guide To Investing In The Crypto Giant

Strike is a Chicago-based startup that offers a Bitcoin wallet and banking service. It is a simple, fast, and secure way to buy bitcoin and send money globally. Strike is bringing its Lightning Network payments application to more than 200 countries, allowing users to send and receive payments using both fiat money and cryptocurrencies. To get started with investing in Strike Bitcoin, you can follow these steps: enter basic user information, connect your bank account or debit card, deposit fiat currency into the Strike mobile banking app, and then start receiving or making payments to a Bitcoin wallet or another Strike application user.

Transfer funds from your bank account to the Strike app

To invest in Strike Bitcoin, you must first download the Strike mobile app from the App Store for iOS or Google Play for Android. There is also a desktop version available for download from the Chrome Web Store.

Once you have downloaded the app, you can open a Strike account by submitting your email address, phone number, and full name. You will need to verify your email address and phone number by entering the verification codes sent to you by email and text message. After this, you will need to submit your country of residency (as of March 2022, the app is only available in the US, El Salvador, and Argentina) and your full name as it appears on your ID.

If you want to send or store more than $1,000 in your account, you will need to provide additional personal information, such as your address and social security number, to comply with know-your-customer and anti-money-laundering rules.

To transfer funds from your bank account to the Strike app, you will need to link your bank account or debit card to your Strike account. To do this, open the Strike app and navigate to the "Link a Payment Method" or "Add Payment Method" section. Here, you will be able to add your debit card or bank account details. Strike uses Plaid to connect with your bank. Once your bank account or debit card has been linked to your Strike account, you can transfer funds from your bank account to the Strike app.

It is important to note that, as of March 2022, users in Argentina cannot buy, hold, or send bitcoin. The app only supports the USDT stablecoin, Tether, a digital currency pegged to the US dollar. Local users in Argentina cannot convert their local currency, the Argentine peso, to USDT in the app.

Set up automatic purchases of bitcoin

Setting up automatic purchases of Bitcoin, also known as dollar-cost averaging (DCA), is an effective investment strategy that allows you to break down the total amount you want to invest across a specific timeline and range of prices. This method helps to reduce risk and minimise the impact of volatility on your overall investment. It is especially beneficial if you have some additional income that you're comfortable investing and don't want to monitor price fluctuations daily.

Step 1: Choose a Platform

Select a platform that offers automatic recurring Bitcoin purchases. Some popular options include Crypto.com, Coinbase, Gemini, Coinmotion, Bitpanda, CoinCorner, and Swan. Each platform has its own unique features and is available in different geographical locations. For example, Crypto.com is ideal for users who wish to automate their Bitcoin purchases, while Coinmotion is primarily accessible in the EU.

Step 2: Sign Up and Verification

Once you've chosen a platform, sign up and create an account. You will then need to verify your identity and link your preferred bank account. This step is crucial to ensure the security of your transactions.

Step 3: Set Your Schedule and Amount

Decide on the frequency of your Bitcoin purchases, such as daily, weekly, bi-weekly, or monthly. You can also choose to purchase Bitcoin with every paycheck. Additionally, determine the amount of Bitcoin you want to purchase with each transaction. Some platforms may have minimum purchase requirements, such as a $10 minimum for Auto Invest purchases on Cash App.

Step 4: Select Your Payment Method

Choose the payment method you want to use for your automatic purchases. This could include using your cash balance, a digital wallet (Apple Pay or Google Pay), or card payments, depending on the platform's supported payment methods.

Step 5: Confirm and Schedule

Review the details of your automatic purchase, including the frequency, amount, and payment method. Once you're satisfied, confirm and schedule your automatic Bitcoin purchases. The platform will then handle the transactions according to your specified schedule.

By following these steps, you can easily set up automatic purchases of Bitcoin and benefit from the convenience and risk reduction that this investment strategy offers. Remember to do your research, understand the risks, and consider consulting a financial professional before making any investment decisions.

Use the Strike app to pay a Strike user

The Strike app is a mobile payment application that allows users to send money across borders at a lower cost than traditional wire transactions using Bitcoin. The app is available for download on the App Store for iOS and Google Play for Android. There is also a desktop version available for download from the Chrome Web Store.

To open a Strike account, you must submit your email address, phone number, and full name. You will then receive a verification code via email and text message to verify your email address and phone number, respectively.

Once your account is set up, you can transfer money into your Strike account. You can link your bank account or add your debit card details to fund your account.

To send money to another Strike user, you will need to connect your crypto wallet to your Strike account. Since the platform is based on the Bitcoin project, you will need a Bitcoin-supported wallet. You can connect your wallet by scanning the Bitcoin wallet QR code.

After connecting your wallet, simply add the recipient's wallet address to send them money. For small-value transactions, you will only need the recipient's wallet address. However, for high-value transactions, additional know-your-client (KYC) steps are required. For transactions of $1,000 or more, senders will need to provide their address and social security number to comply with anti-money laundering regulations.

With the Strike app, you can also send money internationally to over 10 countries, and the recipient can receive the funds in their local currency. The app offers instant transactions and low fees, making it a convenient and cost-effective way to send and receive money.

Scan a wallet QR code to pay with Bitcoin

To pay with Bitcoin using a QR code, you will need to first set up a Bitcoin wallet. This is a digital wallet used to send, receive and store your Bitcoin.

Each Bitcoin wallet has a unique 34-character address, which is long and inconvenient to type out for every transaction. This is where QR codes come in.

QR codes are square-shaped grid barcodes that can store a lot of information. They can be easily scanned, and the information can be quickly accessed. When used for Bitcoin transactions, the QR code will contain the wallet address and other transaction details.

To pay with Bitcoin, the recipient/seller needs to display the QR code of the address they want the cryptocurrency sent to. The sender/buyer then needs to scan this QR code with their smartphone to initiate the transaction.

You will need to open a crypto wallet app that has a balance of the cryptocurrency being requested, enter the amount you want to send, select the QR option, scan the recipient's QR code to get their address, verify that the details are correct, and then confirm the transaction.

Deposit fiat currency into your Strike mobile banking application

To deposit fiat currency into your Strike mobile banking application, you'll first need to download the Strike app. It's available for iOS and Android devices via the App Store and Google Play, respectively. There's also a desktop version that can be downloaded from the Chrome Web Store.

Once you've downloaded the app, you'll need to open a Strike account. To do this, you'll need to submit your email address, phone number, and full name. You will receive verification codes via email and text message to confirm your email address and phone number. You'll also need to submit your country of residency (as of March 2022, the only available options are the US, El Salvador, and Argentina) and your full name as it appears on your ID.

If you want to send or store more than $1,000 on your account, you'll need to provide additional personal information, such as your address and social security number. This is a requirement by regulators to comply with know-your-customer and anti-money-laundering rules.

After you've set up your account, you can link your bank account or debit card to fund your Strike account. Simply add your debit card or bank account details, and Strike will use Plaid to connect with your bank. Once your bank account or debit card is connected, you can deposit funds into your Strike account.

With your Strike account funded, you're now ready to start investing in Bitcoin. Keep in mind that Strike is not a traditional exchange, but it allows users to pay themselves in Bitcoin using the funds available in their commercial bank accounts. It's important to note that only USD funds may be stored in the Strike app, and Bitcoin holdings are not protected by Federal Deposit Insurance Corp (FDIC) deposit insurance protection.

Frequently asked questions