Strike Wallet Payout to your own bank account or Bitcoin Wallet

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The Strike Wallet is a Bitcoin Lightning Wallet with a bank account and a Bitcoin wallet. The Strike Wallet is suitable for store operators who want to pay out sales from their online store to their own bank account or forward them to a Bitcoin on-chain wallet. Strike Wallet is available as a smartphone app for private individuals and Strike Business as a web version for companies. On this page we describe for private individuals how to initiate a Strike wallet payout to your own bank account or Bitcoin Wallet. If you are a company and would like to open an account with Strike, we recommend this article: Strike Business Bitcoin Lightning Wallet for businesses

In addition to the US and Europe, Strike is available in more than 95 other countries, including Brazil, Argentina, Mexico, El Salvador and Serbia.

Any online merchant in whose country Strike is available can accept payments from their customers via Coinsnap Bitcoin Lightning and receive the credit either in Bitcoin or in their local currency to their bank account.

 

We explain how this works in this article.

Use Strike with Coinsnap

Anyone who accepts Bitcoin Lightning payments with Coinsnap can have their transactions credited to the Strike Wallet and decide whether the credit should be made in Bitcoin on the Bitcoin Wallet or in their local fiat currency on the Cash Wallet.

The Strike Wallet has two wallets, one for the balance in Bitcoin and one for the balance in your own fiat currency such as euros or dollars.
Strike also provides you with a Lightning address that is suitable for receiving Bitcoin Lightning payments from Coinsnap.
You connect your Strike Wallet to Coinsnap and all your Bitcoin sales are credited directly to your Strike Wallet.
In your Strike Wallet, you can choose whether the credit should be made to the Strike Bitcoin Wallet or to the Strike Cash Wallet.

In this article, we explain how to get the Strike Wallet, how to set up a Lightning address with Strike and how to deposit this Lightning address with Coinsnap so that your Bitcoin sales are credited directly to your Strike Wallet. We will then show you how to set up the Strike Wallet so that incoming Satoshi is credited to the Bitcoin Wallet or the Fiat Cash Wallet.

Install and use Strike Wallet

The Strike Wallet is an application for your smartphone.
To install the Strike app on your smartphone, you can either search for the Strike app in the Apple App Store or the Google Play Store and install it, or you can visit the strike.me website and follow the link for your smartphone.

Once you have installed the Strike app on your smartphone, you have to enter your personal details and also provide a photo of an ID document.

Once your personal details have been verified, Strike is available.

At the bottom of the home screen, we find the selection for the two Strike Wallets already mentioned.

One is the Bitcoin Wallet with our Bitcoin balance and the other is the Cash Wallet with our local fiat balance.
The fiat balance is held in my local currency and is, for example, in USD for users from the USA and in euros or in the currency in which you live for users from Europe.

Strike Lightning Address

To use Coinsnap, we need our Lightning address, which is provided to us by Strike.

To do this, click on the symbol that looks like a little man in the top right-hand corner.
You will then be taken to your profile page.

Here you have the option of choosing your desired name.
This name and the suffix @strike.me will then be your Lightning address.
This looks like an e-mail address, but instead of receiving e-mails, you can use the Lightning address to receive Lightning payments.

We now store this Lightning address with Coinsnap and log into our Coinsnap account.

There we go to the Settings section and then to Payout.

In the Lightning Payout section, we store the Lightning address from our Strike Wallet in the Lightning address field.

Now our Bitcoin sales that come in for us via Coinsnap are credited directly to our Strike Wallet.
But should the credit be made to the Bitcoin Wallet or the Cash Wallet?

Credit in Bitcoin or fiat?

You can specify in the Strike Wallet how the credit is to be issued.
Either in Bitcoin in the Bitcoin Wallet or in your fiat currency in the Cash Wallet.

To do this, we scroll all the way down to the Settings section in the Profile area, where our Lightning address is also displayed.

There we find the Bitcoin sub-item and select it, where we find the Passive Incoming Payments selection.

Here we can select how payments that you have not initiated yourself are credited.

Payments to your Lightning address can be sent to you by anyone and are therefore not specifically initiated by you.

Accordingly, you can select whether these are credited to your Cash or Bitcoin Wallet.

If you opt for the Bitcoin variant, you can use the Bitcoin balance to pay with Bitcoin yourself or transfer the Bitcoins to a secure Bitcoin wallet, such as a hardware wallet.

If you want to protect yourself from the price fluctuations of Bitcoin and prefer to receive your transactions in your own currency in your own bank account, you can transfer the balance from the cash wallet to your own bank account.

Credit to your own bank account

Before you can withdraw the balance in your Cash Wallet to your bank account, you must deposit your bank account with Strike.

To do this, switch to the Cash Wallet and find the Withdraw menu item there.

Click on “Add bank account”.

Then enter the account number or your IBAN

Click on “Continue”.

Then check the details again and click on “Confirm”.

Please note that withdrawals are only possible to bank accounts with the same name as the Strike account.

If you sell Bitcoin via Strike, you will incur a trading fee, the so-called Strike fee, which is calculated as a percentage of the trading volume.
The strike fee is divided into different levels or “tiers” depending on your monthly trading volume.
The more you buy or sell, the lower the fee.
Monthly trading volume Fee

< €1,000 1.29%
€1,000 – €5,000 1.09%
€5,000 – €50,000 0.89%

> €50,000 0.79%
If you turn over less than €1,000 per month with Bitcoin in your online store and want to have the equivalent value paid out to your bank account via Strike, you will pay a fee of 1.29%, for example.

Credit to Bitcoin (onchain) wallet

If you prefer to keep the Bitcoin you earn, you should not store your Bitcoin balance on the Strike Wallet, but transfer it to a secure Bitcoin hardware wallet from time to time. If you transfer your Bitcoin balance from the Strike wallet to another Bitcoin wallet, Strike does not charge any fees. If you transfer your Bitcoin balance to an on-chain Bitcoin wallet, you only have to pay the mining fee. Most other Lightning wallets charge an exchange fee for switching from Lightning to Onchain, in addition to the mining fee. Strike does not charge any exchange fees and is therefore an interesting solution for traders who want to keep their own Bitcoin and transfer it to a secure Bitcoin hardware wallet (e.g. Bitbox, Ledger or Trezor).

Strike Business

If you want to use Strike Wallet for your business, we recommend Strike Business.

If you are a business and want to open an account with Strike, we recommend this article: Strike Business Bitcoin Lightning Wallet for Businesses

 

Strike Wallet

The Strike Wallet is an ideal addition to the use of Coinsnap.
With the Strike Wallet, a Coinsnap merchant has the option of either having the transactions credited to their Bitcoin wallet or to their own bank account.
Wherever Strike is available, merchants can accept Bitcoin Lightning payments in their online store and receive the payout to their own bank account via Strike.
All you have to do is install the Strike app on your smartphone, verify yourself and enter your bank account.
You then open an account with Coinsnap and deposit the Lightning address provided by Strike.
Once you have installed the Coinsnap payment plugin in your online store, your customers can pay you with Bitcoin Lightning and the equivalent value is credited to the Strike Cash Wallet in your local currency and can be paid out to your own bank account.

Accept Lightning payments

Do you already accept Bitcoin payments but your Bitcoin payment provider does not support the Lightning payment option?

For example, if you use a crypto payment provider such as Coinbase or crypto.com or share someone’s BTCPay server, the Lightning payment option is not available.

However, if you offer your customers crypto payments, there is no way around Bitcoin payments via the Lightning network.

Especially in times of high Bitcoin transaction fees, Lightning is the cheap and efficient option for lightning-fast Bitcoin payments.

Here, Coinsnap offers a supplement to the crypto payment providers already in use:

Integrate Coinsnap into your online store alongside your existing Bitcoin payment method.
In the list of payment methods available to the customer, you designate the Coinsnap function as a Lightning payment and add the Lightning logo.

If the customer wants to pay with Bitcoin, they use the Bitcoin-only payment provider.
If the customer wants to pay with Lightning, they can choose Lightning payments via Coinsnap.

If your customer accidentally selects Lightning and still pays with a Bitcoin wallet, you will not lose any revenue.
This Bitcoin on-chain payment is also processed and forwarded to your Lightning Wallet.

You don’t lose any sales.
Quite the opposite.
You offer customers who want to pay with Lightning a way to pay with you.
Open an account with Coinsnap and enter your Lightning address.
You then integrate the appropriate Coinsnap payment module into your store system.
The exact procedure is described under “Getting started“.

On the selection page of the supported payment methods in your store, change the description text for your customers from Bitcoin+Lightning to Lightning.

Your customers will be informed that they can pay with Lightning in addition to Bitcoin and other cryptocurrencies.

The sales of your customers who pay with Lightning in your online store will be credited directly to your own Lightning Wallet.

How to Set Up Wallet of Satoshi and Receive Bitcoin Instantly

The Bitcoin and Lightning sales in your online store are credited directly to your own Bitcoin wallet. You will need a Bitcoin Lightning wallet with a Lightning address.

Wallet of Satoshi is such a Lightning wallet with a Lightning address and we will explain how to get it here.

You have two options for obtaining the Wallet of Satoshi.

Either you go to the website https://www.walletofsatoshi.com/ and there you will find the two download options for the App Store or Google Play.

Or you can go directly to the store on your smartphone and search for the Wallet of Satoshi.

 

After you have started the Wallet of Satoshi on your smartphone, you will see a Receive button at the bottom left. Click on it.

The adjacent window opens. Below the QR code you will find the Lightning address, which looks like an e-mail address. This is your Lightning address, which you can give to anyone you want to receive sats from.

You store this Lightning address with Coinsnap.

You can do this when you log in to Coinsnap for the first time. You will be asked for your company name and your Lightning address. In the second line, enter the Lightning address that you received from Wallet of Satoshi.

Your customers’ Bitcoin and Lightning payments are then forwarded to this Lightning address and credited to your Lightning wallet, in this case Wallet of Satoshi.

What is Bitcoin Lightning?

How does a Bitcoin payment differ from a Lightning payment? A Bitcoin payment via the blockchain is expensive, limited in number and can take a very long time. With the Lightning network, millions of Bitcoin payments per second can be made quickly and cost-effectively.

 

Bitcoin transactions take a long time. It takes a long time for payments to be confirmed on the blockchain and the number of transactions is limited.

Bitcoin payments via the blockchain are not ideal for quickly paying for a coffee or a download on the Internet.

A special further development of the Bitcoin payment system can remedy this shortcoming: the Bitcoin Lightning Network.

With a Bitcoin payment via the Lightning Network, an unlimited number of faster transactions can be carried out at lower fees.

A Lightning payment is an instant Bitcoin payment.

What is the Bitcoin Lightning Network?

Many critics complain that Bitcoin transactions take a very long time. In fact, the Bitcoin network only manages around seven transactions per second, with high transaction fees.

This is where the so-called Bitcoin Lightning Network comes in, which is intended to solve precisely this problem.

The Lightning Network increases the speed of Bitcoin transactions to one million transactions per second.

By comparison, Visa, the global market leader in digital payment transactions, says it receives around 65,000 transaction messages per second or an average of 150 million transactions per day.

Bitcoin transactions would therefore be processed 15 times faster via the Lightning Network than via the Visa network – and completely without middlemen such as payment service providers or banks.

How does the Bitcoin Lightning Network work?

The long transaction times for Bitcoin transactions are due to the so-called block confirmation time. The Bitcoin network creates a new block every ten minutes or so, which contains all the transactions carried out during this time. Although this increases security in the network, as each transaction is individually checked, verified and stored, it takes up a lot of time. This alone makes Bitcoin payments unsuitable for everyday use.

This is where the Bitcoin Lightning Network comes to the rescue: it enables transactions to be carried out almost in real time, and at minimal fees that average well below USD 0.01 per transaction. These are often a fraction of a cent. But how does it work?

Users who want to carry out Bitcoin transactions do not send them directly to the Bitcoin blockchain as usual, but to the Lightning network via a Lightning wallet.

As not all wallets are compatible with the Lightning network, users need a separate Lightning wallet.

The use of a Bitcoin hardware wallet is recommended for storing Bitcoins and keeping them for the long term. To pay and receive payments with Bitcoin, we recommend using a special Lightning Wallet.

An overview of the most common Lightning wallets can be found in the article: Lightning Wallet.

When using a Lightning Wallet, you connect to the Lightning network and a payment channel is opened for the sender and recipient. The transactions now take place in this channel and are not initially part of the Bitcoin blockchain.

No direct connection between the transmitter and receiver of the Lightning payment is necessary. Thanks to the decentralized Lightning network, everyone is connected to everyone else and a Lightning payment can be routed to the recipient via several stations.

The recipient of the Lightning payment can then decide whether to leave the Bitcoin balance in their Lightning wallet in order to make payments via Lightning again. However, they can also convert their Lightning credit back into Bitcoin credit and store it in their Bitcoin wallet for the long term.

Why Lightning payment?

You can save your money in a bank account or keep it safe in a vault. You always have some cash in your wallet for your daily payments. The same applies to Bitcoin. You can store and save Bitcoin long-term in a Bitcoin wallet and use Lightning for daily payments.

If you want to pay or receive payments with Bitcoin, it is best to use Lightning payments.

Coinsnap provides merchants who want to receive Bitcoin and Lightning payments with the corresponding options without having to take care of the technical details themselves. As a merchant, you only need your own Lightning Wallet to receive incoming Lightning payments.

As a merchant, you benefit from Lightning payments because they are credited immediately, are inexpensive, available worldwide, irrevocable and ideal for small-value and online payments. Given these advantages, Bitcoin transactions via the Lightning Network are the future of payment processing.

The advantages for merchants who accept Lightning payments can be summarized as follows:

• Lightning payments are executed immediately.
• Lightning payments are credited directly to the recipient.
• Lightning payments are cost-effective.
• Lightning payments are guaranteed. No chargeback risk for the merchant.
• Lightning Payments can be used worldwide.
• Lightning payments are ideal for micropayments.