Strainly is Bitcoin-only and will always be. No shitcoinery, no Central Bank Digital Currency, no high-fees payment processors, no credit-card chargebacks, no PayPal disputes… True to our values, we have integrated a long awaited payment method inside the platform, thus simplifying transaction settlement, instantly and with no intermediary. In this article, we explain what a non-custodial wallet is and how to simply create your own within your Strainly account.
In our previous article, we gave you various options to get on Bitcoin, from the most “accessible” and least sovereign, to the most advanced solutions to secure your stack without having to trust anyone.
Strainly’s non-custodial wallet
A very important aspect to understand is that your Strainly Bitcoin wallet is non-custodial, which means that you are the only person in control of your wallet as well as when and where to send your sats/bitcoins. Strainly does not hold nor even touch any of your funds, at any time. Strainly merely provides you with a piece of software to manage the private key that allows you to spend earned sats/bitcoins. Should Strainly go out of business, you can restore your wallet in any other wallet app, using your recovery phrase, the 12 secret words displayed once upon creating your wallet. As a matter of fact, we recommend that you create a “copy” of your Strainly wallet in another app right after you created it, and will remind you to do so regularly.
Additionally, the only possible inflow of bitcoins into your Strainly wallet is via unique invoices generated when settling transactions with other members. Once you have a positive balance, you can only withdraw to another of your wallets. You cannot top up your Strainly wallet from another wallet of yours or an exchange.
We are not asking you to believe that we will never be evil. We technically cannot be evil. How is that possible? Because unlike large crypto-casinos (aka “trading platforms”) that pool their clients’ money into their own wallets, until they go bust and clients cannot withdraw their funds, Strainly users create their own respective wallets with their own private keys, which generate their own unique wallet addresses and can be restored from any other bitcoin wallet application if needs be.
Creating your Strainly Bitcoin wallet
All members who sell on Strainly should complete these 6 simple steps. Buyers can use wallets such as the ones presented in our previous article.
- In your user menu, go to Settings and then Payments
- Tap/click the “Setup BTC Payments” button, enter your password and Save
- Tap/click the “Create bitcoin wallet” button
- Tap/click the “Create wallet” button to generate the private key
- Your Bitcoin wallet has now been created. Make sure to read all the instructions, write your 12 words, check the box and tap/click “Done”
- Congratulations! You can now access your wallet from the main menu (between Profile and My listings)