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BitBucks - the perfect Bitcoin Wallet for instant payments

BitBucks sets out to revolutionize the market of digital payment service providers. As a payment tool for iOS and Android, the Wallet enables instant payments with Bitcoin at the POS. But what are the app's strengths, how does it work and what makes it the perfect Bitcoin Wallet for everyday use?

February 10, 2020

Bitcoin and BitBucks - a problem, the solution

Bitcoin is a means of payment - this is what BitBucks is convinced of! However, for Bitcoin to retain its core characteristics as a highly secure, censorship-resistant payment system in a decentralized transaction network, the Blockchain is essential. Despite the advantages in terms of security and decentralization, the Blockchain does not intrinsically make Bitcoin an adequate means of payment. And that is where BitBucks comes in.

Despite well-known competition, the technical approach of BitBucks is fundamentally different. While Bitcoin Wallets such as Coinbase or BitPay focus more on trade or online payments with Bitcoin, the BitBucks app focuses more on smaller payments at the Point-of-Sale (POS) - for instance in retail. The Bitcoin Wallet is very similar to the decentralized Lightning Network, but stands out significantly from it in terms of user-friendliness and functionality.


BitBucks declares war on long Blockchain transaction times

But what makes the Bitcoin Wallet from BitBucks so special? The app, which is available for both iOS and Android, enables instant payments to be made with Bitcoin anytime and anywhere. What does it take? Just a smartphone, the BitBucks Wallet and the payee's phone number - because all transactions within the app are sent to phone numbers. This guarantees that every payment really is processe instantly.

To ensure this unique selling proposition, the wallet uses a technological twist: With a so-called second layer, the app runs on its own ledger, which makes it possible to avoid the scaling problem of the Bitcoin Blockchain. The advantage of this approach is that the Blockchain is not unnecessarily loaded with smaller transactions. This makes BitBucks Wallet an attractive means of payment for everyday use and also helps to keep the Blockchain decentralized.


The perfect Bitcoin Wallet

Using BitBucks is very simple. After registration, in which the user's phone number is validated by an SMS code, things can start right away. Topping up the BitBucks account works the same way as with any other Bitcoin Wallet: The user can load his BitBucks Wallet with BTC via a normal Blockchain transaction - however, it is recommended to only use smaller amounts as BitBucks is a custodian wallet and the users do not own the coins themselves.

Once loaded with coins, the BitBucks Wallet unfolds its full potential. Payments in Bitcoin can now be sent instantly and to any phone number. The payee does not even have to be a registered user at BitBucks. Prospective users can also be invited to the app through a BitBucks payment and will receive the corresponding Bitcoin amount immediately on their wallet after their successful registration.

 

Bitcoin Payments for everyday life - around the world

But why is the BitBucks Wallet a perfect payment tool for everyday use?  Thanks to its simple registration and clear interface, the Bitcoin Wallet from BitBucks is available to almost everyone in the world. In addition, the app displays payments not only in Bitcoin, but also in a selected national currency. Regardless of whether it is the Euro, US Dollar or Turkish Lira - nearly all monetary systems are supported by BitBucks. This simplifies the adaptation of the new means of payment and makes it immediately usable for everyday use.

However, the need for Bitcoin payments varies from region to region. While in traditional industrialized countries with a well-equipped banking network, BitBucks tends to be a cool and fast alternative for making payments between family, friends and perhaps even small businesses, the importance of Bitcoin varies significantly in other parts of the world.

After all, BitBucks thinks globally! Especially for countries of the global south, which are struggling with a high inflation of their own currency, Bitcoin as a means of payment could provide real added value. Especially for those regions the user-friendly handling of BitBucks offers a great opportunity for long-term success. In addition, the app is available not only in German and English but also in French, Italian and Spanish.

 

Bitcoin in retail

BitBucks is a real alternative not only for private individuals. The Bitcoin Wallet also offers a tailor-made solution for the retail industry. Compared to other wallet providers, BitBucks can be integrated at the cash registers of a wide variety of merchants with a simple QR code of their wallet. It does not even need to be connected to an annoying payment terminal, which many merchants consider an absolute no-go in terms of costs anyway. 

BitBucks works completely without additional technical equipment. The Bitcoin Wallet enables faster payments than with cash and is more cost-effective than card payments like Visa or Mastercard - the app is the perfect balance, the gateway to cashless payments for everyone! 

And BitBucks also provides an answer when it comes to taxes: Using a simple export function, merchants, but also private users, can download all their transactions in the BitBucks Wallet by e-mail. This simplifies tax returns and ensures uncomplicated and uncomplicated use of the app.

 

Lightning, Stable Coin, Bitcoin Purchase - BitBucks in 2020

BitBucks offers a highly secure technical infrastructure and attaches great importance to the secure storage of the user coins. In addition, the Bitcoin Wallet solves the problem of long waiting times for Blockchain transactions and makes a cryptocurrency such as Bitcoin suitable as a means of payment for both consumers and retailers. By using phone numbers for all transactions within the app, BitBucks is accessible to almost everyone in the world and in this respect is considered a "first mover" in the field of Bitcoin Wallets for instant payments.

Due to the new legal situation in Germany, BitBucks will also apply for a so-called crypto-custody license in 2020. This means that in the future users will have to go through a KYC verification process in addition to the normal registration process. Peer-to-peer instant payments with the Lightning network, secure storage as well as buying and selling Bitcoin remain the focus of wallet development.

All in all, the following can be stated with a glance at the Bitcoin Wallet: The BitBucks app is one of the few payment service providers for crypto currencies to offer a tailor-made solution for the retail sector. In addition, it enables users worldwide to use the Wallet and even receive their first Bitcoin via it. The Bitcoin Wallet from BitBucks is available for download for both Apple's iOS and Google's Android.

Philipp Peters
Written by

Philipp Peters

Philipp works as a Online Marketing Manager at BitBucks. He keeps track of the daily developments all around cryptocurrencies. For him, one thing is clear: The future belongs to Bitcoin. 

BitBuck Wallet

Are payouts from my BitBucks app possible anytime and anywhere?

Yes! You can withdraw your desired balance from the BitBucks App to another Bitcoin Wallet at any time. Please keep in mind that besides the normal costs for blockchain transactions, we at BitBucks also charge a 2% fee for payouts.

Are there any fees for payments with BitBucks?

No! All payments within the BitBucks app are completely free and can be made in seconds.

How do I pay with the BitBucks app?

It's simple! With the payment function of the app you can pay instantly and easily in Bitcoin. Within a second the amount is credited to the BitBucks account of the recipient.

How do I top-up Bitcoin to my BitBucks Wallet?

For this you need a second Bitcoin Wallet next to the BitBucks App: We recommend the Blue Wallet or Electrum where you can store your Bitcoin credit. Using the top-up function in the BitBucks app, you can then simply transfer Bitcoin to your BitBucks account by entering the Bitcoin address.

How do payments work with BitBucks?

Payments within the Bitcoin Wallet of BitBucks can be made to all valid telephone numbers. Since the transactions are executed outside the blockchain - offchain - even smaller amounts can be processed in BitBucks within a second.

Is there a list of all transactions within the BitBucks app?

For all bookings within the BitBucks App an overview can be created monthly as PDF to ensure a smoothly tax accounting.

What does a payment with BitBucks cost me as a merchant?

Top-ups and pay-outs are free of charge for merchants who use the BitBucks app. Payments within the wallet are charged a transaction fee of one percent. In comparison, payments by credit card in Germany usually cost merchants between two and four percent (excluding fees for card terminal providers) and are therefore much more expensive.

What is BitBucks?

BitBucks Wallet is a mobile app for Android and iOS that enables you to pay with Bitcoin instantly and in addition to store your BTC savely in your Bitcoin Wallet.