If you are looking for a way to send and spend Bitcoin for free, you may have heard of Strike.
A mobile app that leverages the Lightning Network to enable instant and cheap transactions.
But how does Strike make money and what makes it different from other payment apps?
In this article, we will review the Strike business model and its features.
What is Strike?
Strike is best described as Bitcoin’s version of commonly-used payment apps like Cash App and Venmo.
The basic idea is that users are able to instantly send payments to anyone in the world at the click of a button via the power of Bitcoin’s Lightning Network.
The Lightning Network is a secondary layer on top of the Bitcoin blockchain.
It allows for fast and low-cost transactions without congesting the main network.
Strike acts as a bridge between the Lightning Network and the traditional financial system.
Users can link their bank accounts, debit cards, and credit cards to the app and convert fiat currency to Bitcoin.
Unlike other Bitcoin payment apps, Strike does not require users to buy, sell, or hold Bitcoin.
Instead, it handles the conversion process in the background.
So users can enjoy the benefits of Bitcoin without the hassle of managing it.
This makes Strike easier to use and more accessible for people who don’t want to deal with the volatility and complexity of cryptocurrency.
How Does Strike Make Money?
Here comes the main topic!
Strike makes money in two main ways: through premium services and through referral fees from its partners.
Premium services:
Strike offers a range of premium features for users who want to upgrade their experience.
For example, Strike Pro is a subscription-based service that costs $9.99 per month.
It gives users access to higher spending limits, lower exchange rates, and priority support.
Strike also offers a Strike debit card that allows users to spend Bitcoin anywhere Visa is accepted and earn cashback rewards in Bitcoin.
The card has no annual fee, but Strike collects a percentage of the interchange fees from the merchants.
Referral fees:
Strike also makes money by referring users to other companies that offer Bitcoin-related products and services.
For example, Strike has partnered with a cryptocurrency exchange called Bittrex so that users can buy and sell Bitcoin directly from the app.
You may like: How Does Fliff Make Money: The Revenue Model of Fliff
Strike earns a commission from Bittrex for every user who signs up and trades on the platform.
Strike also has partnerships with other companies such as Fold, Lolli, and Bitrefill, which offer ways to earn and spend Bitcoin online and offline.
Why Use Strike?
Strike has several advantages over other payment apps, especially for people who are interested in Bitcoin and the Lightning Network.
Some of the benefits of using Strike are:
It is free to use:
Strike does not charge any fees for sending or receiving payments, unlike other apps that may charge a percentage or a flat fee per transaction.
Strike also does not charge any fees for converting fiat to Bitcoin or vice versa.
Although it does use a slightly higher exchange rate than the market rate to cover its costs.
It is fast and convenient:
Strike transactions are processed within seconds, thanks to the Lightning Network.
Users do not have to wait for confirmations on the Bitcoin blockchain, which can take up to an hour or more.
Users also do not have to worry about setting up a Bitcoin wallet, backing up their private keys, or scanning QR codes, as Strike handles everything for them.
It is global and inclusive:
Strike allows users to send and receive payments across borders, without intermediaries or restrictions.
Users can also access Bitcoin and the Lightning Network without having to deal with regulatory and technical barriers.
Strike aims to democratize access to Bitcoin and empower people to participate in the global economy.
Conclusion
Strike is a mobile app that makes it easy and cheap to send and spend Bitcoin using the Lightning Network.
Strike makes money by offering premium services and by earning referral fees from its partners.
Strike is a great choice for people who want to use Bitcoin but don’t want to buy, sell, or store it.
Hope this article is informative and helpful to you.
FAQs
Is Strike a legit app?
Strike is a legitimate coin. It is supported by many popular cryptocurrency wallets such as Blockchain, Binance and more. It is also powered by Zap, a trusted company that creates Lightning Network software.
Can I withdraw cash from Strike?
Yes, you can cash out from Strike. You can connect your bank account, debit card, or credit card to the app and change your Bitcoin to fiat currency and back. Strike does not charge any fees for this service, but your bank or card provider may charge some fees.
How do I get Bitcoins on Strike app?
You can get Bitcoins on Strike app by purchasing them directly from the app using your connected payment method.
Is Strike a bitcoin wallet?
No, Strike is not a Bitcoin wallet. Strike does not keep your Bitcoin on the app or on the Lightning Network. Instead, it does the conversion process in the background, so you do not have to buy, sell, or hold Bitcoin.
Who is the CEO of Strike payment?
The CEO of Strike payment is Jack Mallers. He is a Bitcoin developer and entrepreneur who founded Zap in 2017. He is also the grandson of Bill Mallers, a former Chicago Board of Trade member and founder of First American Discount Corporation.
