Strike, a U.S based Lighting Network payments app has announced Bitcoin Tab on its app for ‘No Fee’ Bitcoin Trading through a blog post.
On July 1, 2021, Strike CEO Jack Mallers announced in a blog post for the platform to offer ‘no fee’ Bitcoin trading through its user-intuitive Lightning Network app under the “Bitcoin Tab.” However, the platform will charge market-spread execution costs as low as 0.3 percent and 0.1 percent shortly pegged to network growth. The platform aims to be the cheapest go-to service for “stacking sats” aiming guns at their centralized payment network competition that offers bitcoin trading at higher rates.
Striking The Competition With No Fee Bitcoin Trading
“Make no mistake, when you buy bitcoin on Coinbase, you are supporting shitcoins.”
The twenty-seven-year-old CEO connects parallels on Coinbase’s offering to “earn crypto” disguised as giving away meme coins for free at the expense of charging up to three percent on trading fees collected from its existing users. He further states that Bitcoin is open-source money, so the prices to acquire bitcoin should drive to zero.
PayPal, Venmo, and CashApp are the new centralized payment networks offering Bitcoin services but only manage to undercut a fraction of fees compared to Coinbase. Trading fees on a purchase of hundred dollars worth of Bitcoin on respected platforms, users can expect to pay trading fees between three and two percent.
What Does The Bitcoin Tab Offer On Strike?
“We just ripped the pinout of the grenade and tossed it into the crowd. Buying bitcoin will not cost more than it takes to acquire.”
The Bitcoin wallet provides access to open-source money with fast transaction speeds to the masses. It will now offer the purchase of Bitcoin with “zero added fees” and will only take 0.3-0.1 percent on market spread charges.
The Bitcoin Tab will allow users to buy, sell, and manage bitcoin funds all in a user-friendly interface and purchase bitcoin simply by connecting a bank account to the app.
Bitcoin Network and Lightning Network on-chain transaction fees will still be applicable for transactions, withdrawing or sending Bitcoin from Strike wallet to other digital wallet users.
Robinhood, the infamous stock investment app offers zero trading fees on seven cryptocurrency pairs. But, the platform restricts cryptocurrency withdrawals and deposits and had suspended features for transacting Reddit’s list of ‘meme’ stocks GME (GameStop) which had ripple effects on Bitcoin trading on the platform in January.
