Strainly stands for decentralization, resilience and biodiversity, hence why bitcoin has always been a natural fit. While Bitcoin has been somewhat intimidating to some of you, showing apparent complexity and inconvenience, it is actually the most performant and safest payment system ever created. This article intends to demystify Bitcoin and its daily use, providing easy tools and simple guidance. You can even pay in BTC without ever touching BTC!
We previously explained how Bitcoin empowers breeders by putting the incentives in the right place.
Below are key benefits of using Bitcoin:
- Bitcoin is safe. It is technically impossible to take bitcoins out of your wallet unless you intentionally push the payment to someone.
- Bitcoin does not depend on central entities and intermediaries such as banks or payment processors. No one can prevent you from spending your bitcoin. No one can freeze your bitcoin like Paypal does with your -fiat- money.
- Bitcoin, when used correctly, respects your privacy. Strainly integrates bitcoin payments using best practices that preserve your privacy.
- Our Bitcoin system channels all payments <$200 through the Lightning Network, to reduce fees to 1 or 2 cents (NO mining fee!)
Strainly integrates bitcoin payments using best practices without relying on third-party processors. The below guidance is meant to hold your hand during your Bitcoin journey, by giving solutions for each phase of this journey.
1 BTC = 100 million satoshis (also called “sats”), just like 1 USD = 100 cents.
“I have never used bitcoin and I just want to pay my order”
You are new to bitcoin and you just want to pay for your order. Below are some options for you:
- Strike is to Strainly what Paypal was to eBay. It is by far the most convenient option ($5 offered for signing up using code IEU8IW once you downloaded the app). The beauty of Strike is that they handle all the “Bitcoin stuff” behind the scenes. You never have to buy BTC to pay on Strainly. It will pay any Strainly invoices using your USD cash balance with almost no fees (as low as 1 cent). If you earn BTC on Strainly, you can instantly send your BTC back from your Strainly wallet to your Strike USD cash balance. The conversion is immediate and automatic.
- CashApp allows you to buy BTC in few simple steps and send directly via our bitcoin payment system. CashApp also allows you to receive BTC from external wallets and to convert back into USD. If you already use CashApp and do not want to use anything else, it is an option.
- If you are in Canada, you are in luck, Bull Bitcoin is one of the most respected Bitcoin companies and they’ll give you CAD $20 upon signing up with our link. Their fees are also among the most competitive. They allow you to buy and sell BTC easily and send to external wallet such as Phoenix Wallet or to directly pay Strainly BTC invoices. They also have a bill payment feature that allows you to pay many types of invoices directly in BTC.
- Relai is by far the best option if you are in Europe. Make sure to use code REL154578 upon buying BTC and your fees will be reduced by 0.5% ! We love Relai because their wallet is non-custodial, which means that you are in control of your BTC.
- Amber is our favorite if you are in Australia. Use our link to get a AUD $10 reward upon signing up. Note that they recommend using EFT and PayID to be able to use your BTC immediately.
Next leg of the journey…
“I am familiar with bitcoin and I save a bit in bitcoin”
You have been using bitcoin (even for only a couple of months), you know you will keep using bitcoin and you want to securely store reasonable amounts of bitcoin for future use. You need to be in control of your private keys then, and not trust a third party to store your money for you. The below app cannot control the funds in your wallet, under any circumstances. It is a self-custodial wallet, meaning that you control your private keys and can backup/restore your wallet and its content on another device and using another app should you lose or break your mobile device or should the company providing the app go out of business.
- Phoenix Wallet wallet is a simple to use wallet that seamlessly integrates on-chain BTC payments and Lightning (the second layer that is best suited for smaller amounts payments, with low fees and instant confirmation).
Let’s move to the final leg of the journey…
“I have been stacking bitcoin for a while and am accumulating a bunch”
You need to secure your bitcoin stack! Anyone becoming serious about saving in bitcoin needs to take appropriate steps to prevent anyone from stealing those bitcoins. Currently, the most robust solution is what we call “cold storage”, which means that the private key which signs your transactions is not connected to the internet unless you need to sign a transaction. To achieve this, we use what we call “hardware signers”, also called “hardware wallets” or “cold wallets”, which are devices storing the private keys that sign bitcoin transactions. They are not the most convenient for daily use with small amounts (though pretty intuitive) but are a MUST for securing larger amounts. The solutions we covered above are a bit like your wallet you carry in your back pocket, while a “cold wallet” is more like a vault.
We recommend using the Blockstream Jade device. Blockstream is a pioneer Bitcoin company from Canada. The Jade device secures your bitcoin with state-of-the-art security features and innovative air-gapped functionality. Unbelievably, it is the most affordable device on the market while probably being the best! Make sure to use our promo code STRAINLY upon checking out to get 10% off!
Coinkite devices, engineered and made in Canada by cybersecurity wizards, are a great alternative to Jade. You will need to download a wallet app on your computer such as Sparrow Wallet or Wasabi Wallet.
Conclusion
As big believers in decentralized anti-fragility, biodiversity defenders and freedom fighters, bitcoin is the natural fit for Strainly and we believe, for our entire community. While we appreciate it can feel overwhelming to begin using bitcoin, we can assure you that you will feel very comfortable sending and receiving bitcoin after only a couple of transactions. The above solutions meet different expectations and levels of knowledge as you move along your bitcoin journey.