Great info, especially around the security concerns and additional info on whitelisting. I should be getting my 1st direct deposit into Strike this week, but definitely still taking advantage of the Gemini DCA.
Yeah sounds like we’re in a similar place, not really ready to switch totally over to Strike but it is a cool feature and very easy to use :D The security stuff bothers me though haha hopefully they just implement something soon
I’ll look into it, Strike is a cheaper way to buy BTC (~0.2% in my experience) than Coinbase Pro (0.5%). I personally don’t use Coinbase anymore have moved all my DCA to Gemini
Idk if it matters but I set it up as a checking account. They’re working on a Strike debit card at which point I think it will look a lot more like a checking account than a savings account
So the "Pay Me in Bitcoin" app, takes "my bank" out of the picture? I mean as far as direct deposits go. And all my payment schedules and Ach payments have to be changed to the bank used by Strike? ...Do I have that correct? If so, is there an option to forward the balance that I don't use for Bitcoin to "My Bank" and avoid using the Strike's bank to hold my USD?
I don't think you can ACH out of Strike to pay bills. I think you should only use this feature if your payroll company allows you to split your direct deposits between multiple banks (ie 80% to your primary bank and 20% to strike). Strike is not a fully functional bank account
My employer uses ADP too. I was wondering you notice an immediate huge price move the moment the direct deposit hits since so many people are likely going to be buying at the same exact moment.
I haven’t noticed a difference, the number of people using strike vs trading around the world is negligible. Think biggest price issue is the 0.3%-0.2% premium strike adds to the price. Maybe this will be bigger issue over time as more people DCA
May test this out with my DD. What amount are you comfortable leaving on the app before you extract to your wallet of choice? I agree with all of your comments on the security features that are lacking.
Largest amount I have in there is usually $200 from the direct deposit and I usually withdraw that 1-5 days after it hits Strike just whenever I have time. I've never had a withdrawal fee before so I don't think there's any downside to just withdrawing right away
So if we've already set up the API based Gemini purchasing, this is a lesser option, right? Though probably optimal for onboarding brand new people to the world of set it and forget it BTC buying?
Exactly. Gemini API is still the best (less fees, more control over buy schedule, more coins, automatically export all trades to spreadsheet, automated withdrawals, etc) but for anyone who was unwilling/unable to set up the Gemini API this is much easier.
I haven’t tried. I’m manually entering strike transactions to Google sheet for the moment - good reason to use Gemini API over Strike hourly DCA. Gemini API data can be automatically transferred into Google sheets API. Strike API not as mature yet
Yeah I wouldn’t do 100% direct deposit either. If your payroll provider can segment your deposit (for example only 10% of your total paycheck goes to strike) then 100% direct deposit is really only 10% of your overall paycheck
I dont use it too often but I don’t think you can transfer Bitcoin to metamask, I think metamask only supports ETH and other ERC-20 tokens. You can transfer bitcoin from strike to any bitcoin address.
Gonna be doing a video review when the new Ledger Nano S Plus comes out. Strike works with any bitcoin wallet though so you can just send it to whatever the bitcoin public key generated by your ledger is.
@@RhettReisman Thank you. I am scared and trying to go forward anyway. I am starting with near to nothing just to get things going. I want to set up the "dollar cost averaging" thing, and it's looking like I might have to do it by just buying btc myself rather than automating it.
What are you guys using for Bitcoin DCA? Strike? Gemini? Swan?
Is Pay Me in Bitcoin the same spread fee as just buying bitcoin?
Yes it should be the same
Strike.
Strike = soooooo convenient 🔥🔥🔥
Great info, especially around the security concerns and additional info on whitelisting. I should be getting my 1st direct deposit into Strike this week, but definitely still taking advantage of the Gemini DCA.
Yeah sounds like we’re in a similar place, not really ready to switch totally over to Strike but it is a cool feature and very easy to use :D
The security stuff bothers me though haha hopefully they just implement something soon
Would like to know your full take on Coinbase's direct deposit feature. Especially how Strike's "zero fee" spread compares to Coinbase's.
I’ll look into it, Strike is a cheaper way to buy BTC (~0.2% in my experience) than Coinbase Pro (0.5%). I personally don’t use Coinbase anymore have moved all my DCA to Gemini
Thanks....
I Just got it in El Salvador 🇸🇻
That’s epic 🔥🔥🔥
Don’t you use Chime?
I don’t use Chime.
Very informative.. subscribed for sure. Thank you for your service
Thanks man 🙏 Glad to help :)
Excellent review. Thank you!
Glad to help :)
Is the pay my wages feature available in Ireland EU can't see it on the app
They’ve changed the feature slightly since the video released not sure if it’s available in the EU
Does this work in the EU need to get this going, no feature on my app ?
They’ve changed the feature slightly since the video released not sure if it’s available in the EU
When you set up the pay me in Bitcoin function, do you need to add the Strike account as checking or savings? Or does this doesn’t matter?
Idk if it matters but I set it up as a checking account. They’re working on a Strike debit card at which point I think it will look a lot more like a checking account than a savings account
@@RhettReisman thanks for the quick reply! Great video btw
No problem! Glad to help :D
@@RhettReisman
I can't wait until those Strike debit cards come out!
Me too 🙏 hopefully soon!
So the "Pay Me in Bitcoin" app, takes "my bank" out of the picture? I mean as far as direct deposits go. And all my payment schedules and Ach payments have to be changed to the bank used by Strike? ...Do I have that correct?
If so, is there an option to forward the balance that I don't use for Bitcoin to "My Bank" and avoid using the Strike's bank to hold my USD?
I don't think you can ACH out of Strike to pay bills. I think you should only use this feature if your payroll company allows you to split your direct deposits between multiple banks (ie 80% to your primary bank and 20% to strike). Strike is not a fully functional bank account
Keep dropping content bruv💪🏽💪🏽
🥳 will do 💪🧠🚀🌙
My employer uses ADP too. I was wondering you notice an immediate huge price move the moment the direct deposit hits since so many people are likely going to be buying at the same exact moment.
I haven’t noticed a difference, the number of people using strike vs trading around the world is negligible. Think biggest price issue is the 0.3%-0.2% premium strike adds to the price.
Maybe this will be bigger issue over time as more people DCA
Could you send n receive money to/from ppl from cash app etc.
Not yet. If/when cashapp implements lightning you will be able to. You can probably send Bitcoin to cashapp but not a seamless cash experience.
May test this out with my DD. What amount are you comfortable leaving on the app before you extract to your wallet of choice? I agree with all of your comments on the security features that are lacking.
Largest amount I have in there is usually $200 from the direct deposit and I usually withdraw that 1-5 days after it hits Strike just whenever I have time. I've never had a withdrawal fee before so I don't think there's any downside to just withdrawing right away
@@RhettReisman cool thanks for the response. Signed up with your link.
Thank you 🙏
do the direct deposits hit early? through chime and sofi, i've always gotten my deposits meant for the 1st deposited as early as the 26th each month
Not in my experience. Mine have been hitting the same day as they hit my other accounts (Schwab Checking / Ally Savings)
Please I want to ask if I can transfer from my Bank of America to strike app to purchase Bitcoin.:.
You should be able to, yes 🙌 any plaid enabled bank should work
So if we've already set up the API based Gemini purchasing, this is a lesser option, right? Though probably optimal for onboarding brand new people to the world of set it and forget it BTC buying?
Exactly. Gemini API is still the best (less fees, more control over buy schedule, more coins, automatically export all trades to spreadsheet, automated withdrawals, etc) but for anyone who was unwilling/unable to set up the Gemini API this is much easier.
Has anyone been able to connect strike to a tax software like taxbit for example?
I haven’t tried. I’m manually entering strike transactions to Google sheet for the moment - good reason to use Gemini API over Strike hourly DCA. Gemini API data can be automatically transferred into Google sheets API. Strike API not as mature yet
I don't know about a whole 100% direct deposit, but I may be comfortable with doing 10-12% per direct deposit.
Yeah I wouldn’t do 100% direct deposit either. If your payroll provider can segment your deposit (for example only 10% of your total paycheck goes to strike) then 100% direct deposit is really only 10% of your overall paycheck
Can you use strike with umbrel?
Yes! You could send your BTC from Strike to your Umbrel full node wallet
Can I transfer bitcoin from strike to my trust wallet or metamask?
I dont use it too often but I don’t think you can transfer Bitcoin to metamask, I think metamask only supports ETH and other ERC-20 tokens.
You can transfer bitcoin from strike to any bitcoin address.
Can you talk about Strike with Ledger Nano S?
Gonna be doing a video review when the new Ledger Nano S Plus comes out. Strike works with any bitcoin wallet though so you can just send it to whatever the bitcoin public key generated by your ledger is.
@@RhettReisman Thank you. I am scared and trying to go forward anyway. I am starting with near to nothing just to get things going. I want to set up the "dollar cost averaging" thing, and it's looking like I might have to do it by just buying btc myself rather than automating it.
Yeah definitely try doing it manually first and get comfortable with it :)
I hate that new york doesn't have this available lol
Time to move to Florida haha
Is it just me, or is this feature gone in the new app?
It’s gone. They’re working on bringing it back. They built a new back end where they own the banking infrastructure so the accounts changed.
Can i transfer from strike to my trezor ?
Yes! Or any other brand hardware wallet :)
Wish strike worked in nyc
Hopefully one day soon!
If strike would come out with a debit card I would be 100% all strike. No need for a bank
Yeah I think once they build out debit card and a couple more quality of life things I could be right there with you haha
Never used strike
It’s great
@@RhettReisman what's your referral code?
It’s Y4IT3W - link is in the description :)
Lmao strike is a total scam
Why do you think Strike is a scam? I've used it lots of times to purchase products for BTC using USD.