Will Strike’s new Bitcoin app revolutionise British payments? This is what the data says

Strike has officially launched its Bitcoin and Lightning Network payments app in the UK, enabling individuals and businesses to use Bitcoin more seamlessly. Following its successful launch in Europe in April, Strike is now available in 100 countries, including the US, Latin America and Africa.

Read on to analyze whether Strike’s entry into the UK market is timely and meaningful.

Cryptocurrency in the UK: A general overview

According to a survey published in Finder, around 11% of Brits have invested in cryptocurrency in 2024, which equates to around 5.6 million adults. This represents a significant increase from 2018, when only 3% of the population owned cryptocurrency. Around 14.5% of men have invested in cryptocurrency, compared to 7% of women. Bitcoin remains the most popular cryptocurrency in the UK, with 47% of UK crypto investors choosing the coin in 2023. Ethereum is the second most popular at 33%, while Dogecoin comes in third at 21%. Almost three-quarters of Bitcoin owners in the UK are male.

Strike, a new era of Bitcoin transactions: Important features you should know

Comprehensive Bitcoin features: The Strike app allows UK users to buy, sell, send, withdraw Bitcoin and make global payments. Users can benefit from free, unlimited GBP deposits from their bank accounts, automatic conversion and scheduled recurring purchases. The app is available for both iOS and Android devices.

Improved payment flexibility: UK customers can sell Bitcoin, withdraw it to bank accounts, transfer it to self-custodial wallets, or make instant payments via the Bitcoin or Lightning Network. Strike offers free on-chain withdrawals to help users bypass high network fees during congestion. Target confirmation time is around 24 hours.

Innovative Lightning Network: Lightning functions as a network of bidirectional payment channels on the Bitcoin blockchain, enabling fast, low-cost micropayments. All Strike users receive a Lightning address, making it easier to receive payments compared to traditional Lightning invoices.

Strike Global Transfer: Cheap and easy

UK users can use Strike’s global peer-to-peer transfers via Lightning and instantly send GBP to a friend’s Strike account wherever the app is available. Recipients can receive funds in Bitcoin, GBP, Euros, US dollars or USDT. Additionally, Strike’s Send Globally feature offers fast, low-cost transfers and converts GBP into local currencies in countries like Benin, Ghana and Nigeria via Bitcoin’s Lightning Network.

Strike and British regulation: an overview

Strike users must provide their investor classification and pass an “appropriateness assessment” knowledge test to comply with UK regulations. Strike Learn provides educational resources to help users understand the service, Bitcoin, and potential risks. UK customers receive risk warnings in accordance with local regulations.

According to the Finder survey report, the most popular reason for buying cryptocurrencies in the UK is belief in their future influence. However, over 71% of respondents have no plans to invest in cryptocurrencies due to lack of interest, perceived risk and fear of scams.

Strike will significantly increase Bitcoin adoption by offering comprehensive features and strict regulatory compliance. This development represents a major step forward for Bitcoin payments and global financial inclusion.

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