One of the simplest ways to buy Bitcoin is by using the Strike mobile app. Thanks to its use of the Lightning Network, Bitcoin purchases on Strike have a much lower transaction cost. Here’s how to use it.
Why Buy Bitcoin With Strike?
Strike stands out from the crowd because it uses the Lightning Network. Bitcoin transactions carried out on the Lightning Network are extremely cheap when compared to other exchanges like Coinbase or Gemini.
Note that, when using Strike only Bitcoin can be bought and sold. The other exchanges have thousands of cryptocurrencies listed.
Strike also has additional features in the app that allow users to not only buy Bitcoin but can also send fiat money to other users, set up recurring purchases to dollar cost average, and even set up their account to convert part of their paycheck into Bitcoin.
Editor’s Note: How-To Geek is not a financial advice website, and we’re not encouraging you to invest in Bitcoin.
Setting Up Strike
Once downloaded, open the app, and select “Create Account”.
As you begin to create your account you will be asked a series of questions to confirm your identity. Be ready to confirm codes with sent to your email address and phone. First is the email.
Next you will pick a username. Don’t worry you can always change it.
Your phone number will be needed now. Confirm the code you were texted.
Lastly, Strike then wants to know what country you are in and additional personal information. Have your Driver’s License ready. Strike does not allow those under 18 to open accounts.
Once all your personal information has been set up you can connect your bank account. Make sure you have your routing number and account number handy. Strike uses Plaid to connect bank accounts in a simple and quick fashion.
Once your bank account is verified you will now be able to fund your Strike account to buy Bitcoin.
In order to buy Bitcoin, you will need to add money to Strike. To do this press the profile tab in the bottom right.
Then select “Deposit” and specify the amount you would like to use to purchase Bitcoin.
Confirm the amount and head to the Bitcoin tab.
Press the “Buy” button. You can now enter the same amount that you just deposited.
And that’s it! You just purchased Bitcoin with Strike. You can even send and receive Bitcoin from other users by pressing the Paper Airplane icon in the upper right corner. A QR Code scanner will appear to facilitate transactions.