What is the Strike app and how does it work?

The Strike app is a bitcoin app for buying, holding, sending and withdrawing bitcoin, built around the Lightning Network for fast, low-cost payments. It is operated by Zap Solutions, Inc. doing business as Strike, which says it holds a New York State Department of Financial Services license for virtual currency business. You can keep bitcoin with Strike or move it to a wallet you control.

How does the Strike bitcoin app work?

You fund the account from a bank account and buy bitcoin in one of three ways: an instant buy at the shown price, a target order that fills when bitcoin reaches a price you set, or a recurring buy that runs hourly, daily, weekly or monthly. Strike also lets US users route part of a paycheck into bitcoin through direct deposit.

Once bought, the bitcoin sits in your Strike balance until you send or withdraw it. Strike says customer bitcoin is backed 1:1 and kept separate from company funds. Holding coins in an app means the company controls the keys, a trade-off explained in custodial vs non-custodial wallets.

How do Strike app bitcoin fees work?

Strike charges a trading fee on buys and sells, calculated as a percentage of the trade. The percentage depends on your monthly fee level, and the exact amount appears before you confirm. Strike's buy page lists recurring buys and direct deposits with fee waivers for personal accounts, subject to conditions.

For on-chain sends you pick a speed. Priority and Standard carry a network fee, while the slower Flexible tier has none. Lightning sends carry an estimated routing fee paid to node operators, and Strike applies a spread when a send involves a currency conversion, such as bitcoin to dollars. Fee details can change.

How do Strike bitcoin withdrawals and limits work?

You can withdraw to your own bitcoin address on-chain or pay a Lightning invoice. Strike also offers auto-withdrawals. You set a threshold between 0.01 and 5 BTC and add one or more addresses. When your balance hits the threshold, the full balance is queued, you have 12 hours to cancel, and Strike broadcasts it within 24 hours using the Flexible tier.

Only bitcoin marked as available counts, so coins bought with a pending bank deposit must clear first. Withdrawal limits are set per account and shown in the Limits section of the Account screen, and extra verification can raise them. Our guide on why exchanges have withdrawal limits explains the general reasons.

How does Strike use the Lightning Network?

Lightning is a payment layer on top of Bitcoin. Strike uses it so users can turn cash into bitcoin, send it in seconds, and let the receiver convert it back to local money. Strike describes Lightning routing fees as usually just a few satoshis. You can send to a Lightning invoice or a Lightning address, both covered in what is a Lightning invoice, and the wider system is explained in what is the Lightning Network.

Availability can differ by product and region. Strike says its credit products are offered only in select US states.