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.
Remember, 1 BTC = 1 million sats, just like 1 USD = 100 cents.
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 you lose access to your Strainly account (and wallet), you can restore your wallet in any other wallet app, such as Phoenix Wallet, using your recovery phrase, the 12 secret words displayed once upon creating your wallet.
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 “Profile info” to see the drop down menu)
- 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”
- Now tap/click the “Create Lightning Wallet” button
- Tap/click the “Complete wallet setup” button
- Congratulations! You can now access your self-custodial wallet from the main menu (between Profile and My listings). Payments above $100 are directly settled on the Bitcoin blockchain and go to your Bitcoin wallet. Payments under $100 are settled on the Lightning network (instant confirmation, extremely low fees) and go to your Lightning wallet. 1 BTC = 100 million sats (satoshis).
2 thoughts on “How to create your Bitcoin wallet on Strainly”
Can u use coinbase or metamask?
Coinbase focuses on crypto trading. They do not focus much on convenient payments. If you get your BTC from Coinbase, we recommend download Phoenix Wallet and transferring your BTC from Coinbase to Phoenix Wallet. If you want an easy solution with fewer steps, CashApp and Strike are the best. They do focus on payments. Their fees are not higher than Coinbase.