Big news for UK Bitcoin enthusiasts! Strike, the popular Bitcoin and Lightning Network payment app, has just landed. This means individuals and businesses can now buy, sell, send, and even withdraw Bitcoin with ease. Strike’s arrival follows its successful launch across Europe and beyond, making it accessible in a whopping 100 countries.
But what does this mean for the UK market? Will Strike be a game-changer for Bitcoin adoption?
Let’s dive in and explore the impact and significance of Strike’s arrival in the UK.
Cryptocurrency in the UK: An Overview
A recent survey by Finder reveals that around 11% of Brits, as of 2024, have invested in cryptocurrency, translating to about 5.6 million adults. This is a notable increase from 2018, when only 3% of the population held some form of cryptocurrency. Men are leading the investment wave, with 14.5% of men investing in cryptos compared to 7% of women. Bitcoin remains the top choice, with 47% of British crypto investors opting for it in 2023. Ethereum and Dogecoin follow, with 33% and 21%, respectively. Nearly three-quarters of Bitcoin owners in the UK are male.
Strike: Key Features You Should Know
Comprehensive Bitcoin Capabilities: The Strike app empowers UK users to buy, sell, send, withdraw, and make global payments with Bitcoin. Users can benefit from free, unlimited GBP deposits from their bank accounts, automatic conversion, and scheduled recurring purchases. The app is available on both iOS and Android devices.
Enhanced Payment Flexibility: UK customers can sell Bitcoin, withdraw to bank accounts, transfer to self-custodial wallets, or make instant payments over the Bitcoin or Lightning Network. Strike offers free on-chain withdrawals to help users navigate high network fees during congestion, with a target confirmation time of about 24 hours.
Innovative Lightning Network: Lightning operates as a network of bi-directional payment channels on top of the Bitcoin blockchain, enabling fast, cost-effective micropayments. All Strike users get a Lightning Address, which simplifies receiving payments compared to traditional Lightning invoices.
A Global Approach
UK users can leverage Strike’s global peer-to-peer transfers via Lightning, sending GBP to a friend’s Strike account instantly, anywhere the app is available. Recipients can receive funds in Bitcoin, GBP, euros, U.S. dollars, or USDT. Additionally, Strike’s ‘Send Globally’ feature offers fast, low-cost remittance, converting GBP into local currencies in countries like Benin, Ghana, and Nigeria using Bitcoin’s Lightning Network.
Compliance Comes First
To comply with UK regulations, Strike users must provide their investor classification and pass an ‘Appropriateness Assessment’ knowledge test. Strike Learn offers educational resources to help users understand the service, Bitcoin, and potential risks, with UK customers receiving risk warnings as per local rules.
Despite the growing interest in cryptocurrency, over 71% of the UK population have no plans to invest, citing lack of interest, perceived risk, and concerns about scams, according to the Finder survey. The primary motivator for those who do invest is the belief in cryptocurrency’s future influence.
Significant Step Forward
Strike is set to significantly enhance Bitcoin adoption in the UK, offering comprehensive features and strict regulatory compliance. This development marks a major step forward for Bitcoin payments and global financial integration.
Read Also: Bitrue Urges Uncertain Investors to Invest in XRP, Despite the Recent Bloodbath
Think Strike’s a game-changer? Or is it all hype? Let the debate begin!
