Strike has updated the limit for sending and withdrawing Bitcoin tokens. Previously, Strike set a limit on the amount users could transact either weekly or daily. However, the redesigned mechanism enables them to execute the transactions seamlessly without any limit. The objective here for Strike is to make sure that users remain in control of their holdings with full access and complete clarity.
Strike has committed to making the initiation instantaneous once funds are reflected in the Strike account, although it may take some time, depending on the balance’s availability. The initiation may take a few days, depending on how fast banks settle the transactions when users are looking to gather Bitcoin. Most importantly, the update allows users to transact the token on their terms and conditions.
It is being rolled out in a phased manner, and users can expect the feature to make an appearance in the UI by the end of this month or in the next 30 days.
Strike has updated the experience of the limit after accumulating pieces of feedback from users. Strike claims to have been working on the system from the ground up for several weeks. Also, the aim is to make sure that the experience is as seamless as possible when users are trying to convert their fiat currencies into Bitcoin or, rather, convert them into the dominant cryptocurrency.
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The newly designed limits experience is now based on two crucial factors: balances and payment methods.
Balances reflect the pending balance and available balance in the user account on Strike. Payment methods include the likes of bank transfers, direct deposits, and cards. Assuming users opt for the one that instantly settles the transactions, the payment method would encourage users to experience faster conversions into Bitcoin.
Pending balance, for reference, means the balance that typically takes a few days to appear in the Strike account. It is important to note that the platform triggers the transaction only when the balance is available in the user’s account.
Strike seeks to remove the obstacles that traditional payment methods would otherwise impose. The transfer typically takes several business days. Thereby delaying the underlying expectation of securing funds at a faster pace.
The update comes at a time when Bitcoin is experiencing bullish sentiments across the globe. It is looking to sustain support at $70,000. BTC is listed at $70,605.59 at the time of drafting this article. That is a jump of 1.01% in the last 24 hours and 5.54% in the last 7 days. A large number of users are looking to own a piece of Bitcoin, primarily because it enables them to execute cross-border transactions in a near-instant time window.
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A redesigned limits experience by Strike strengthens its position in the market and emphasizes the power that the feedback of users has in the ecosystem.
