Strike is a custodial Bitcoin and Lightning app with wallet-like features, letting you hold balances and pay via Lightning or on-chain.
What Strike Is In Plain Terms
Strike runs as a money app built on Bitcoin rails. You can keep a cash balance, hold bitcoin, and move value over the Lightning Network or the base chain. The app gives you a profile with a handle and a Lightning address so others can pay you from any compatible wallet. Incoming Lightning can land as cash or as bitcoin, based on a setting you choose. These points match Strike’s own learn pages and help center. See the short Lightning address guide for details.
| Feature | What You Get | Reference |
|---|---|---|
| Balances | Cash and bitcoin balances in one account | Strike FAQ / Learn |
| Lightning Address | Receive from any Lightning wallet to your handle | Strike Learn: Lightning address |
| Send Methods | Lightning invoices, Lightning addresses, on-chain | App docs |
| Cash Out | Withdraw bitcoin on-chain or spend balances | App pages |
| Business | Dashboard and API for companies | Business docs |
Is The Strike App A Wallet Or A Payments App?
Short answer: it works as both. From a user’s seat, you hold value, scan invoices, and get paid. That is wallet behavior. Under the hood, Strike holds the private keys and acts as custodian. That puts it in the “custodial wallet” bucket rather than self-custody. If you want full key control, you would pair Strike with a self-custodial wallet for savings and keep Strike for quick payments.
Custody, Keys, And What That Means
Strike’s legal pages state that the company custodies the bitcoin in your account as your agent and custodian. You remain the beneficial owner, but Strike holds the keys and keeps the assets with qualified partners. That model brings ease, passwords, and reset flows, but it also places trust in the provider. Many users accept that tradeoff for speed and an easy sign-up; others split funds between a phone wallet and a cold wallet. Read the exact language in Strike’s terms of service.
How Lightning Flows Work Inside Strike
With a Lightning address or invoice, Strike can route a payment from any compatible wallet to your account. You can also send out to a Lightning address, or pay an invoice shown by a merchant. The app lets you choose the landing currency for incoming Lightning, so a friend can pay you over Bitcoin rails while you keep the value as cash. That makes tipping, small payments, and remittances smooth.
What You Can And Cannot Do
You Can
- Buy bitcoin inside the app and hold it as a balance.
- Send or receive over Lightning using invoices or a handle.
- Withdraw bitcoin to an on-chain address you control.
- Hold a cash balance and pay Lightning invoices without pre-buying bitcoin.
- Sign up as a company and use a dashboard or API for payments.
You Cannot
- Access private keys for balances held in the app.
- Turn off identity checks where they apply.
- Use the app as a multi-asset wallet; the app centers on bitcoin.
Regions, Rollout, And Availability
Strike started in the United States and has rolled out across many markets. The team announced a broad expansion in 2023 and later added European access. Not every feature ships in every region. Some countries get buy and sell, others get send and receive only. KYC applies. The company also moved more operations to El Salvador while chasing global reach.
Lightning Address And Usernames
Your handle works like email for Lightning. Share it, and anyone using a Lightning-ready app can pay you. You can decide whether those sats settle as cash or stay as bitcoin. That single toggle keeps budgeting simple: keep day-to-day funds as cash, save a slice in bitcoin, and switch when needed.
Everyday Uses People Choose
Quick Person-To-Person
Scan a QR from a friend, or send to a handle. Small payments clear in seconds. No card networks in the path.
Remittances And Cross-Border
Move money across borders using Lightning, then settle on the other side as local cash or as bitcoin. Senders like the speed and clear quotes.
Paying Merchants
Some online shops and creators show Lightning invoices. Strike pays those invoices even when you hold only cash in the app by converting under the hood.
Stacking Or Spending
Buy a small amount of bitcoin, withdraw to your own wallet, or keep it inside the app for day-to-day flows.
Fees, Limits, And The Fine Print
Card on-ramps and some purchase flows carry a fee. Press coverage cited a card on-ramp fee near four percent in some regions. That figure can vary by method or market. On-chain withdrawals draw a network fee set by the chain. Lightning sends can be near-zero, so small tips work well.
Custodial Vs Self-Custody Snapshot
| Aspect | Custodial (Strike) | Self-custody |
|---|---|---|
| Keys | Company holds keys on your behalf | You hold keys |
| Recovery | Password reset and ID checks | Seed phrase or hardware backup |
| Speed To Start | Minutes with KYC | Minutes for hot wallet; longer for hardware |
| Tradeoff | Ease and convenience | Sovereignty and control |
How To Use Strike Safely
Turn On App Locks
Use device biometrics and a PIN. Keep the app behind a lock screen.
Choose A Landing Currency
Set Lightning receipts to cash or bitcoin based on your plan. You can change it later.
Test Small Before Large
Send a small invoice or handle payment with a friend, then raise amounts once you see the flow.
Withdraw Savings
For longer-term holdings, move bitcoin to your own wallet. Keep only the day-to-day float in the app.
Where It Fits Next To Other Wallet Types
A phone wallet with full key control gives you sovereignty. A custodial app gives you convenience and a help desk. Many users run both: a self-custody stack for savings and Strike for contacts, bills, and tips. That mix covers both speed and control.
Business And API Notes
Strike offers business accounts with a dashboard and API. Firms use this to take Lightning payments, tip creators, or fund payouts. The business terms also describe custody similar to personal accounts. Teams can request access and read the docs from the company site.
Availability Caveats
Rollouts happen in waves. Some regions get buying and selling first; others start with send and receive. Card features vary. Apple and Google store pages list regions, and press write-ups track new launches. If you travel, check your app store listing and the company blog before relying on a feature abroad.
Common Misconceptions To Clear Up
“A Wallet Must Give Me Keys”
A wallet is an interface to funds. Some give you keys, some hold them for you. Strike sits in the latter camp. The company explains this on its learn page about self-custody and custodial wallets. If keys in your hand matter for you, treat Strike as a spending layer and keep savings in a self-custodial app or a hardware device.
“Lightning Address Is New Coin Tech”
A Lightning address is a human handle that points to a Lightning endpoint. It runs on Bitcoin rails and works with many apps. It is not an altcoin feature and it is not email, even though it looks similar. The address helps with easy payments while the invoice and node routing handle the heavy lifting.
“I Need Bitcoin Balance To Pay Lightning”
With Strike, you can hold cash and still pay a Lightning invoice. The app converts for you when you hit pay. That setup helps newcomers who want to try a small tip without moving savings first.
Receiving With A Handle: A Quick Walkthrough
- Open your profile and confirm that your handle and Lightning address are enabled.
- Pick where incoming payments land: cash or bitcoin.
- Share the handle with a payer using any Lightning-ready app.
- Ask them to send a small test first. Watch the app for the paid mark.
- If you want bitcoin on your own keys, withdraw on-chain to your wallet.
Paying An Invoice: Step By Step
- From the home screen, tap pay and scan the QR code shown by the other wallet.
- Confirm the amount and the memo, if any.
- Check the landing currency on their side if you know it. Keep notes for bookkeeping.
- Press send and wait a few seconds. You should see a paid check.
- For large amounts, try a small test, then repeat with the full value.
Privacy Notes
Lightning helps by avoiding public chain entries for each tiny payment. Nodes still see routes, and the app provider sees account activity. Treat it like a bank app: keep your device clean, turn on app locks, and avoid sharing screenshots that show full handles or payment IDs.
Compliance, Identity, And Taxes
Identity checks apply in many regions. That unlocks higher limits and more features. Buying and selling can raise tax questions in some places. Strike’s help pages point to tax forms where relevant. For personal advice, consult a licensed professional in your area.
Quick Start: From Install To First Payment
1) Install The App
Grab the app from the iOS App Store or Google Play on a device you trust.
2) Verify Your Identity
Complete sign-up checks. This unlocks send and receive.
3) Set Your Lightning Address
Pick a handle. Turn on the address and choose the landing currency.
4) Add Funds
Use a bank link, card on-ramp, or receive Lightning from a friend.
5) Send Or Receive
Scan a QR, paste a Lightning invoice, or send to a handle. Watch for the paid mark.
6) Move Savings
Withdraw bitcoin on-chain to a wallet you control when you build savings.
Bottom Line
Yes, Strike acts like a wallet for daily payments while running as a custodian behind the scenes. That mix gives you Lightning reach without running a node. Treat it as a fast payment tool, pair it with self-custody for savings, and you get the best of both worlds.