BitBucks - the all in one Bitcoin Wallet

Buy, Pay, Store, Save: BitBucks is not only revolutionizing the cashless payment market with instant Bitcoin payments, but also aims to achieve maximum user-friendliness and functionality in the area of crypto wallets. Our app for iOS and Android aims to be the perfect Bitcoin Wallet. How? Read it yourself!

June 23, 2020
Press Release
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Payments are the key to adopting Bitcoin in everyday life - we at BitBucks are convinced of that. As a Crypto Wallet that enables instant payments with BTC, we also want to combine trading, storing and saving with Bitcoin in our app - all features users expect from a perfect digital wallet

In the future, however, BitBucks plans to present itself as an "all-in-one" Bitcoin Wallet. In addition to the innovative payment function, the app currently impresses with a maximum ease-of-use. In addition, we at BitBucks plan to further develop our Bitcoin Wallet and are building on four pillars for this purpose, which will give users without any prior knowledge the best possible entry into the world of cryptocurrencies: Buy - Pay - Store - Save! 

Purchase of Bitcoin 

There are now several places around the world where you can buy Bitcoin and other cryptocurrencies securely and easily. Be it via international providers such as Coinbase or Coinify, or national services - in Germany primarily the Bitcoin marketplace bitcoin.de and the App Bison from the Stuttgart stock exchange (Börse Stuttgart). Investing in Bitcoin in 2020 is therefore much easier than it was a few years ago.

While the various crypto marketplaces have the advantage of providing users with an easy introduction to Bitcoin and the like, the functionality of their services also ends with the purchase and sale of digital coins. After the buying process - which is usually carried out via bank transfer or credit card - users store their crypto coins in the corresponding wallet and wait. After all, these apps are unsuitable to be used for transfers with Bitcoin due to the long transaction times on the Blockchain.

This is where BitBucks comes into play - because in addition to the ability to pay instantly with Bitcoin, we also want to integrate the trading function in our BTC Wallet as soon as possible. Of course without our users having to download another app - our focus remains on maximum user-friendliness in order to fulfill our core goal of making BitBucks the perfect Bitcoin wallet.

Pay with Bitcoin - instantly!

BitBucks already enables mobile payments with Bitcoin in everyday life - both to friends and families and also in local retail stores. After registration in the app - via phone number - users can already top up their BitBucks Wallet with Bitcoin. BitBucks supports almost every BTC Wallet on the market. 

The special thing about payments within BitBucks is that they are executed in less than a second.  No more long waiting times for a transaction on the Blockchain - with a so-called second layer, all our transactions take place outside the Blockchain, which therefore remains free of micro transactions and ultimately stay decentralized. With this innovative approach BiBucks clearly stands out from other Crypto Wallets for iOS and Android.

BitBucks paves the way for paying with Bitcoin in restaurants, bars, kiosks, hairdressers or other local retail outlets. The integration at the point-of-sale is very simple, as BitBucks does not require any additional hardware. The QR code of the merchant is sufficient to offer the app in a store. In addition, the integrated transaction export as .csv file helps with tax accounting (even for private users!).

Cashless and contactless payment has never been easier - and cheaper! Unlike credit card providers such as Visa or Mastercard (fees up to 4 percent), the fees for merchants in BitBucks are only one percent. As a private user, the use of BitBucks for payments is even for free!

Easy and Secure. How to store Bitcoin and crypto?

But the functions of purchasing, selling and paying with Bitcoin are only relevant as long as the security of the user coins is guaranteed. Users can already feel secure when using the Bitcoin Wallet: In addition to the phone number, which can be used to restore the smartphone if it is lost, the BitBucks account can also be protected against theft by using Face ID or Touch ID. 

But the system architecture behind the BitBucks app was also developed according to the best possible security standards. BitBucks facilitates the storage and transfer of Bitcoins in a very secure and convenient way. All Bitcoins within BitBucks are stored on multi-signature addresses and stored on cold wallets in so-called " vaults". Additional authorization procedures protect the coins from unauthorized theft. 

BitBucks strives to maintain security standards at the highest possible level at all times. That is why we are constantly working on improving our app. In the coming weeks, we will integrate a KYC verification process in addition to the security features mentioned above. Since this year, this process has also been legally binding in Germany for providers of Crypto or Bitcoin Wallets, and is primarily intended to protect users in order to identify possible scammers more effectively.

Earning Bitcoin - the trend of stacking sats

To a perfect Bitcoin Wallet now also the option of saving is missing. Since spring 2020, BitBucks has offered a stacking sats function that gives users the chance to save money when paying with Bitcoin Satoshi. If users use Bitcoin as a means of payment when shopping, they are also rewarded with a discount in BitBucks. 

Merchants can participate in the BitBucks Reward system and use it to boost customer loyalty through discount campaigns. The participating merchant decides how many BTC a user earns under the Reward System, and can determine the extent of the voluntary program as an additional marketing measure. 

In the future, however, the app will not only benefit Bitcoin payers - Bitcoin investors (Hodler) will also be able to profit from BitBucks. In this context, an interest mechanism can be a good option, for example through participation in crypto-credits or proof of stake rewards, which promises above all long-term investors the chance of a passive income. 

BitBucks - the perfect Bitcoin Wallet

BitBucks aims to act as an all-in-one wallet in the future. Using Bitcoin as a means of payment will most likely shape the future of cashless and contactless payments. Not only in Europe or North America - worldwide BTC offers enormous potential, especially in countries in the global south such as in Africa or Southeast Asia.

As of now, the App can be used in five different languages (English, German, Spanish, Italian, French). Never before has it been so easy for people to use Bitcoin in everyday life - worldwide. And this will soon be even easier with the BitBucks app - the perfect Bitcoin Wallet.

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. 

FAQ - the perfect Bitcoin Wallet

Are bitcoin payments anonymous?

No, bitcoins payments are not anonymous. The blockchain stores every transaction including sender and receiver. However, bitcoins payment is pseudonymous: The blockchain does not know any private data, but only signatures and addresses. Bitcoin thus allows a degree of privacy that goes far beyond that of banks and payment service providers.

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.

Can bitcoins be seized?

If you store your private key securely, no one can confiscate your bitcoins.  Only the one who has the key can access bitcoins. It is protected by strong cryptography.

Can bitcoin transactions be censored?

If you make the transaction yourself - no. Transactions are pseudonymised and processed by a network without distinction. As Bitcoin is a decentralised network, there is no central location with the power to prevent other nodes from carrying out and verifying transactions - as long as these are covered and valid according to the rules of the network. 

Doesn't Bitcoins' price rises also mean higher tax expenses for me?

Not at all! If you would like to exchange Bitcoin for i.e. Euro, you only pay taxes on the profit achieved by the price increase. And to be honest, paying taxes on profits doesn't sound that bad, does it?

How can I convert my earned Bitcoins to another currency?

Herefore the credit from the BitBucks app has to be transferred to another Bitcoin Wallet, with which the bitcoin amount can be converted into your desired currency at a so-called exchange market.

How can I improve my privacy?

As all transactions are transparent, it is important to look after your privacy. Most wallets automatically have a few fundamental rules in place. You will never use the same address to receive Bitcoin, including change. Where users use multiple wallets, this significantly increases your privacy.  It is also good for privacy to use offchain methods such as lightning or BitBucks. 

How can I store my private key?

Usually the Bitcoin wallet keeps your private keys private by storing them in an encrypted file. You can also print the private keys as "Cold Wallet" and separate them from the Internet. You should be aware that you are solely responsible for the security of the keys. If you lose them, you lose your bitcoins. Wallets such as BitBucks, which store keys for their customers, can offer inexperienced users additional protection against key loss.

How do I pay with Bitcoin?

It's simple: copy the recipient's address into a field within your Bitcoin Wallet, enter the amount, and click "Send". In most BTC wallets, you can specify the amount in your local currency, so no conversion is required. Payment requests or the payment protocol are often used. They already include the amount and can either be activated by clicking or by copying them into the send field. Mobile wallets are able to scan transaction requests, so you only have to confirm the transaction. Bitcoin Wallets such as BitBucks even allow you pay with BTC by scanning the recipients QR-Code.

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 does bitcoin protect against inflation?

While in Fiat money the central banks can control the money supply, in Bitcoin it is determined by an algorithm. The miners are forced to mine the amount of bitcoins specified in the protocol. The amount of bitcoins in circulation can be checked in the present by anyone and predicted for the future. Currently, there are more than 17.5 million bitcoins, the creation of new coins reduces by half every four years. There will never be more than 21 million bitcoins.

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 Bitcoin legal?

In almost all countries, the use of Bitcoin to send and receive money is permitted. In a few countries this is restricted or completely forbidden. Please seek reliable information as to the legal situation regarding Bitcoin in your country.

Isn't the Bitcoin price too volatile and therefore a risk for me as a merchant? 

If you sell your Bitcoin on the same day at the end-of-day price, the volatility of the Bitcoin price hardly plays a role for you as a merchant. In addition, due to the pending halving and the deflationary character of Bitcoin, the price is expected to stabilize over time anyway.

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 are transaction fees?

A Bitcoin transaction attracts a fee which is paid to the miner. Under normal circumstances fees amount between one and five cents. However during peak times these may increase noticeably to values of 50 cents or even one euro. If you pay too little in fees, you will have to wait longer for confirmation of your transaction. Most wallets select the appropriate fees. Wallets like BitBucks, in which transactions can also be internally calculated, can save you fees and accelerate confirmation of your transactions.

What are “coins”?

In Bitcoin terminology, Bitcoin are not saved to addresses but as UTXO or “unspent output”. UTXO is commonly known as “coin” as it represents just this: coinage to the specified value of Bitcoin. Such coins can only be spent as a whole. If they are larger than the sum to be sent, then the remaining amount comes back into your wallet as change.

What do I need to accept BitBucks in my store?

All you need is the BitBucks app on your smartphone and a QR code attached to it next to the cashier. During the payment process the customer scans this QR code with his Bitcoin wallet, enters the required amount and within a second the payment is received on your mobile phone.

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.

What is Bitcoin?

Bitcoin is a virtual currency, also known as a cryptocurrency. It was developed in 2009 and has grown at a rapid rate since then. Bitcoin is accepted in almost every country in the world; more than 500 million dollars have been transferred via this method till today. It gives an unprecedented degree of financial autonomy to its users.

What is a Bitcoin wallet?

A Bitcoin wallet is software you can use to administer your bitcoins. There are many wallets for all common computer systems. You can choose between local and online wallets. A local wallet gives greater independence and privacy, while an online wallet can offer more convenience. 

What is an BTC address?

Bitcoins are sent to addresses. An address is an approximately 35-digit character combination. It has a similar function as the IBAN number for bank transfers: You can transfer money to it by entering it in a field on the transfer form. However, unlike IBAN numbers, your wallet can form an almost infinite number of addresses.

What is the difference between Bitcoin and PayPal?

PayPal is a closed system. The money that is moved via PayPal remains in that system, and can only be accessed through PayPal software. Bitcoin, on the other hand, is an open system. The user can transfer money directly, without a middle-man. At the same time this means that there is a market for middle-mens, who can provide users with an interface for Bitcoin and, with a wallet like BitBucks, payments are cheaper and more convenient.

What is the lightning network?

The lightning network is a so-called “offchain” network. It does not transport Bitcoins to the blockchain, but operates through “payment channels”. These increase the privacy of transactions and the scalability of the system, but so far they still offer users reduced convenience and security.
An alternative to the lightning network is a fiduciary wallet such as BitBucks, which carries out transactions for users within its own system. This is less autonomous, like lightning, however results in the same effect in terms of scalability and can be better integrated into a convenient user interface.

Who can use Bitcoin?

Anyone who has access to the Internet. Everyone is equal with Bitcoin; the network does not require permission. Age, gender, religion, social status, origin - Bitcoin does not recognise these categories.

Who does Bitcoin belong to?

Bitcoin is, in essence, an open-source software. This means that it belongs to no-one and therefore to everyone. No-one can build a fence around Bitcoin - everyone has access.

Why choose Bitcoin over other virtual currencies?

There are 1,000 virtual currencies, and none of these offer any significant advantages over Bitcoin. Bitcoin is the face of the financial revolution, the brand name of virtual currencies, the best-known and most widely accepted of them all. Why, then, would anyone want to start from scratch with another currency?

Why is Bitcoin so revolutionary?

Bitcoin is a truly international currency which is inflation-resistant, private, autonomous, does not require consent and cannot be censored. There is no central bank devaluing money through inflation, nor any banks or other middle-men conducting the transfer between sender and receiver. Bitcoin transactions are without borders. The user's private key gives full ownership of Bitcoin units, and with a passphrase you can even store it in your head. 

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