BitBucks is Here! Make Bitcoin Payments to Mobile Numbers Within Seconds!
At the moment, it can be hard to buy with bitcoin; that's where BitBucks comes in. BitBucks is a new, fast and efficient method to integrate bitcoin (BTC) as a means of payment in your everyday life. The BitBucks wallet doesn't require expertise; it's quick to set up, free of charge and internationally applicable. It truly is another vital app for establishing bitcoin as a viable digital currency in the real world; using this app, you could buy anything!
BitBucks App Officially Launched on iOS
The goal of BitBucks is to integrate bitcoin payments into the everyday life of people all over the world. Their vision is bitcoin becoming the future of money.
The app is officially available for download on iOS and Android. It enables the user to pay for purchases conveniently, online or in person, via a smartphone and bitcoin.
All transactions process off-chain which means that the Bitcoin blockchain is not unnecessarily strained. The platform does not use the Lightning Network but is itself a "kind of" second layer.
Current Functions and Features
Payment in any Fiat Currency
BitBucks avoids the problem of acceptance of Bitcoin by offering the user the possibility to convert cryptocurrency into any fiat currency before the transaction. In this way, it provides a possible solution for transferring money internationally. The payment is processed within seconds has no conversion fees! Additionally, it sounds like a good option for a merchant or service provider to accept payments in bitcoin today!
The recipient of the crypto transaction doesn't have to be registered with BitBucks before receiving the payment. The sender transfers the money to the recipient's mobile number, and the recipient gets an SMS notification prompting them to register. Once done, the payment is then transmitted directly to the new wallet.
It is important to note that BitBucks is a centralised wallet. This means that the user is NOT the sole owner and thus NOT in control of his private keys. BitBucks openly emphasises that it is not a wallet for storing bitcoin, it's intended use is as a payment option. Once you receive payment, immediately transfer to your wallet where you DO control the private keys in order to minimise the risk of someone trying to steal your money. An example of a good wallet to store your crypto in is the Ledger Nano S or X.
Despite being a custodial wallet, BitBucks has taken measures to ensure the best possible security. For example, all addresses are multi-sig with private keys issued after verification by an additional administrator.
BitBucks is an HD wallet meaning a new wallet address is created for each transaction. The use of an HD wallet makes it harder to trace all the activities of one user without having all of their wallet addresses. The company "promises" not to sell or share this data with other unauthorised parties but states that within the framework of AML regulations, they will share the data with authorities presenting a legal request.
How do You Pay Anyone Using Bitcoin and BitBucks?
The BitBucks app is available from both the Apple Store and Google Play. All users have to do to register is enter their phone number and then verify it. The user then enters their name and a photo (if wanted). Similar to apps like Facebook Messenger, the contacts stored within the app or the recipient see this picture.
To make a payment, the user must first "top-up" the wallet with bitcoin. As mentioned earlier, this is a custodial wallet, so DO NOT store large amounts on the app. BitBucks is intended for everyday expenses only. The recharging process itself may take a while due to transaction times on the Bitcoin blockchain so it would pay to top-up before you use the app to pay someone.
Once the BitBucks Wallet has been topped up, payments are easy to make. The user enters the amount to pay in the desired currency (you can set your default currency in the settings). The payee is then selected from the contacts list, or their phone number is entered. If both are in the same location, the sender can also scan the QR code on the recipient's mobile phone if they've already registered.
Please note that BitPrime does not endorse the use of BitBucks - this post is for informational use only. If you choose to use this app, remember that you do so at your own risk. As with anything crypto, perform your own due diligence to assess the risk yourself and proceed with caution.
For more information about BitBucks, please check out their official site.
If you have already downloaded the BitBucks app, BitPrime is an excellent option for buying bitcoin in New Zealand. To buy from us, you first need to verify your account. Once your account status is confirmed, the process is simple! You place an order to buy a minimum of $100 (NZD) worth of bitcoin. Once you receive this, you send from your secure storage wallet to your BitBucks wallet, and you're up and running.
Over to You
What do you think of this app that lets you pay anyone using bitcoin? Would you give it a go? Let us know in the comments below.
The above references an opinion and is for informational purposes only. Do not take this as personalised financial or investment advice. The views expressed by the author do not necessarily represent the opinion of BitPrime.
Images courtesy of BitBucks unless stated otherwise.
Last updated: 10/09/2019