The post Strike Launches Bitcoin Lightning Network App in UK: Revolutionizing Crypto Payments Globally appeared first on Coinpedia Fintech News
Strike has officially launched its Bitcoin and Lightning Network payment app in the UK, opening the door for individuals and businesses to engage with Bitcoin more seamlessly. Following its successful rollout in Europe in April, Strike is now accessible in 100 countries, including the US, Latin America and Africa.
Read on to analyse whether Strike’s entry into the UK market is timely and significant.
Cryptocurrency in the UK: A General Overview
According to a survey published in Finder, around 11% of Brits, as of 2024, have invested in cryptocurrency, which equates to around 5.6 million adults. This marks a significant increase from 2018, when only 3% of the population owned some cryptocurrency. Around 14.5% of men has invested in cryptos compared to 7% of women. Bitcoin remains the most popular cryptocurrency in the UK, with 47% of British crypto investors choosing this coin in 2023. Ethereum is the second most popular, with 33%, while Dogecoin takes third place with 21%. Nearly three-quarter of Bitcoin owners in the UK are male.
Strike, a New Ear of Bitcoin Transactions: 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.
Strike Global Transfer: Economic & Easy
UK users can use 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.
Strike & UK Regulation: An Overview
Strike users must provide their investor classification and pass an ‘Appropriateness Assessment’ knowledge test, in order to comply with UK regulations. Strike Learn offers educational resources to help users understand the service, Bitcoin, and potential risks. UK customers receive risk warnings as per local rules.
As per the Finder survey report, the most popular reason for buying crypto in the UK is the belief in its future influence. However, over 71% of the popular have no plans to invest in crypto, citing lack of interest, perceived risk, and concerns about scams.
Strike is poised to significantly enhance Bitcoin adoption, offering comprehensive features and strict regulatory compliance. This development marks a major step forward for Bitcoin payments and global financial integration.
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