Yo! Today I’m pumped to announce our new and improved limits system. Today we introduce a redesigned limits experience, allowing you to send and withdraw all of your bitcoin on your own terms, and much more.

These changes are rolling out now and will be available to all users in the coming month. They will be live in your app when the “Bitcoin balance” button appears below the bitcoin amount on your home screen. Check it out!

The Story

Better Limits. That’s all Strike customers want. We heard you loud and clear.

As a company exclusively focused on Bitcoin, our aim is simple: empower our customers to have ownership of their money. We want to help you get in and get out of bitcoin and we don’t want to get in your way with unnecessary barriers.

Over the past few months, we’ve been working hard on redesigning our limits system from the ground up with your feedback in mind. We wanted to build a seamless experience for moving fiat currency onto Strike, exchanging it for bitcoin, and moving your bitcoin to self-custody while navigating the shortcomings of traditional payment rails. To be candid, this was not easy. The fiat system is broken, which makes it challenging to make legacy payment infrastructure interoperable with Bitcoin technology, especially at a global scale. But we were up for the challenge.

Revamping our Limits System

Previously, send and withdrawal limits were fixed on a daily and weekly basis (such as $2,000 a week) and there was limited visibility into what your actual limits were at a given time. This was a huge pain point, especially for users who were transacting large amounts of bitcoin, withdrawing to self-custody, or sending to other platforms.

Additionally, there were questions around bank transfers––how long it takes for funds to deposit or “settle” in your Strike account, and when you can send or withdraw the bitcoin you purchased with those funds.

Settlement periods are one of the many inefficiencies with legacy payment infrastructure. Bank transfers can take several business days to deposit or settle in your Strike account depending on the bank. For example, when you buy bitcoin with a bank transfer, it can take up to several business days for the funds to be settled in your Strike account. While Strike lets you immediately buy bitcoin with your bank deposit, we have to actually receive the funds from your bank before you can send or withdraw your bitcoin.

To address these pain points, we have completely revamped our limits system to give you more clarity, access, and control over your money, no matter where you are in the world and what currency you use.

Better Limits

Our new limits system is designed to let you send and withdraw all of your bitcoin as soon as your funds become available. Say goodbye to all weekly send and withdrawal limits!

Limits are now determined by two key factors:

• Pending and available balances
• Payment methods

Pending and Available Balances

You can now send, spend, and withdraw all of your available funds in full, immediately! Pending funds can be sent, spent, or withdrawn in full once they're available. In the meantime, you can trade bitcoin with pending deposits.

What are “pending” and “available” balances?

Your "pending balance" shows the deposits that are pending availability. These deposits typically take a few business days to settle and may be subject to additional holding days based on your account’s deposit history, balances, and status. You can use the funds immediately to buy bitcoin within the app. Once the funds become available, you'll also have the option to send or withdraw them off the platform. It's our way of keeping things smooth and secure, while giving you immediate access to your funds to buy bitcoin.

Your available balance is the amount you can immediately send, spend, or withdraw. It’s your balance, less your pending deposits that aren’t covered by the funds in your account. Once your pending deposits have settled, your funds will be fully available for all transactions, including buying, withdrawing, and sending bitcoin.

You can now clearly view your pending and available balances on your Bitcoin and Cash Balance screens. Now you always know the status of your deposit, what funds are available or pending, and your total limits.

Here’s how it works:

• Deposit funds into Strike
• Buy bitcoin instantly from your “pending balance” while your cash deposit is processing
• Send and withdraw as much of your bitcoin as you like from your “available balance” as soon as the funds from your cash deposit are available

Note that bitcoin received from other platforms can be withdrawn instantly.

You can learn more in our FAQ.

Payment Methods

If you want to buy bitcoin and withdraw or send it instantly, we recommend using payment methods that settle quickly such as card, wire transfers, and direct deposits. Wire transfers and direct deposits have no limits: you can buy as much bitcoin as you want, and withdraw or send the entire amount as soon as Strike receives it.

Transactions associated with bank transfers are subject to a settlement period and typically available for withdrawal within several business days, as soon as the funds have settled, and may be subject to additional holding days based on your account’s deposit history, balances, and status.

As always, let me know if you need any support with your limits on Strike. I’m happy to help you buy and move as much bitcoin as you’d like! You can DM me on Twitter/X @jackmallers or email me at private@strike.me.

Strike Instant

As Bitcoiners, we believe that transactions should be instant and you should have access to your money when and how you want it. Waiting for bank transfers and settlement periods, a product of boomer payment infrastructure, is incredibly frustrating. But we don’t make the rules. Well, sort of.

With Strike Instant, we’re able to give our most loyal users instant access to buy, send, and withdraw all of your bitcoin instantly, while the money is on its way from the bank. It’s simple. When you deposit cash, you can immediately use the funds for any transaction, even while the deposit is still pending––based on good faith that your transfers will be completed.

It’s our way of thanking our loyal Strike users–by giving you access to your bitcoin faster.

Strike Instant is available to users whose accounts are in good standing, including your account’s deposit history, balances, and status. The amount of bitcoin you can instantly send and withdraw may be subject to limits and vary based on your account activity and amount of funds deposited. You can learn more in our FAQ.

Thanks

Thank you for being a customer, thank you for the support, and thank you for the honest feedback. We are so grateful to be working on Bitcoin and make Strike the best it can be for you all.

There’s a lot more to come. If you need anything in the meantime, don’t hesitate to reach out to us.

Talk to you then. Much love.

Jack