{"id":15812,"date":"2021-07-01T17:00:00","date_gmt":"2021-07-01T17:00:00","guid":{"rendered":"http:\/\/ci02870a1f20002483"},"modified":"2021-07-01T17:00:00","modified_gmt":"2021-07-01T17:00:00","slug":"strike-in-app-bitcoin-buying","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/business\/strike-in-app-bitcoin-buying","title":{"rendered":"Strike Adds Bitcoin Buying Tab In App"},"content":{"rendered":"
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Lightning Network payments platform Strike, which recently made headlines<\/a> as the primary partner in El Salvador\u2019s decision to declare bitcoin as legal tender, has announced it is adding a bitcoin buying tab to its app with a goal of minimizing the fees typically collected on these buys.<\/p>\n

\u201cI am unbelievably excited to announce the Bitcoin tab and the ability to buy bitcoin on Strike,\u201d company founder Jack Mallers wrote in an announcement post<\/a>. \u201cStarting today, Strike will set out to be the cheapest and easiest place on the planet to acquire bitcoin.\u201d<\/p>\n

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In the post and in a conversation with Bitcoin Magazine <\/em>ahead of the announcement, Mallers emphasized the tab as something he wanted to offer with as little markup as possible, citing Coinbase\u2019s fees of up to 4%<\/a> on such investments as contrary to the Bitcoin ethos.<\/p>\n

\u201cIt\u2019s going to be as cheap and accessible as we can possibly make it,\u201d Mallers said in the call. \u201cYou cannot build a business on charging people to buy open-source money\u2026 I\u2019m going to offer buying bitcoin for free, without any shitcoins.\u201d<\/p>\n

Initially, Strike will charge no fees for buying bitcoin but will pass on the market-spread execution cost charged by its partners. The announcement post indicated that those costs are less than 0.3% now and that Mallers expects them to drop below 0.1% \u201cover the coming months\u201d as volume grows and Strike\u2019s partners charge it less.<\/p>\n

During the call, Mallers explained that the service will have a 10 BTC cap per single order, and that the tab will initially be released as a beta with a waitlist. Users can hold their bitcoin in the app or withdraw to third-party wallets for which they control the private keys.<\/p>\n

The announcement also teased a potential range of additional functionalities coming to the Strike app, potentially things like automatic dollar-cost averaging (DCA) services, direct deposit splits into bitcoin and more.<\/p>\n

\u201cToday, the Bitcoin tab allows you to buy bitcoin. However, the Bitcoin tab lays the foundation for much more,\u201d per the announcement post. \u201cSoon, users will be able to buy bitcoin, get paid in bitcoin, get rewards in bitcoin, round up savings in bitcoin and much more.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Lightning Network payments platform Strike has added a bitcoin buying tab to its app, emphasizing minimal fees for these purchases.<\/p>\n","protected":false},"author":2705,"featured_media":1568,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[1059,531,460,532],"class_list":["post-15812","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-buy-bitcoin","tag-jack-mallers","tag-lightning-network","tag-strike"],"author_data":{"id":2705,"name":"Peter Chawaga","nicename":"peter-chawaga","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/peterc-96x96.jpg"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/strike-jack-mallers.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/15812","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2705"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=15812"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/15812\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/1568"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=15812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=15812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=15812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}