The biggest problem when it comes to cryptocurrency is the management of crypto and its connection to the bank. Bitwala, a German blockchain bank is setting the pace for change because it offers a debit card that is linked to a traditional bank account and also to the cryptocurrency debit card so that you can convert your bitcoins to fiat currency faster, quicker and safer. This ensures that crypto users can live off their crypto investments.
Bitwala is a german-based company that was founded in 2015. The exact headquarters are in Berlin. Bitwala works in partnership with the Solaris Bank. This is also a project that is confounded by The horizon 2020 EU program and this just adds to the platform’s credibility.
This platform is Germany’s cryptocurrency flagship program and is available in more than 30 European countries. According to the CEO of Bitwala, Benjamin Jones, banking was in the past and bitcoin is the future. The company was founded in order to make bitcoin an everyday unit of exchange that can be handled like a normal bank account.
Bitwala is a combination of a cryptocurrency wallet and a trading system with a traditional bank account that comes with a debit card for daily use. Many people have been watching this company and they caught the attention of some of the biggest names including Sony Financial Ventures. According to Jones, theirs is a bridge for both mainstream customers and blockchain users who want to interact with the emerging blockchain ecosystem which is growing the digital economy across the globe. This site only supports two currencies namely bitcoin and Euro fiat currency.
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There are three types of services offered by Bitwala.
- Bank account
- Cryptocurrency wallet
- Debit card
These are German bank accounts linked to the cryptocurrency wallet and debit card. Therefore, this is an account that operates as a regular bank account would. The bank account allows you to do the following:
- You can save you money
- Create standing orders
- You can receive payments
- Use SEPA for international transfers
The digital wallet supports bitcoin and euro and operates just like a regular cryptocurrency wallet allowing users to send, transfer and store bitcoins. It also facilitates the exchange of fiat and crypto. Users have full control over their private keys and backup phrase plus the wallet is accessible for both Apple and Android systems. For further safety, you can use a QR code for your transactions.
Bitwala offers its users a debit card from MasterCard. This card is linked to the user’s bank account and has a fast cash settlement due to a special integration of crypto and fiat into a single platform. when selling bitcoin funds, Euro will be unveiled in the bank account within an hour.
This is the kind of combination that makes such a platform unique. There are instances where people have to use several platforms in order to achieve what Bitwala is offering and that is:
- Withdrawal of funds via any ATM
- Fiat and crypto exchange on the same bank account
- The international news since MasterCard is accepted in over 30 million locations worldwide
According to their official site, Bitwala believes in transparent and honest pricing where there are no hidden fees subscriptions or surprises. Here is a breakdown of what they actually mean.
|Card reorder||€ 9.50||
|ATM||0||ATM service provider might charge|
|Card transactions||0||Mastercard might charge a fee|
|Trading||1%||Minimum amount is € 30|
To have 287 users rating you as being a great service is not a mean feat. Many Bitwala users agree that it is one of the best solutions when it comes to buying bitcoin worldwide there is no more sending money through different platforms since everything is combined into one and there are no high credit card fees. The majority of the customers have stated that they love the platform because it is bug-free and does fast transactions.
Bitwala is indeed the future of banking. They have made everything efficient by combining a wallet bank account and a debit card for the crypto community.
- Simple user interface
- Reliable customer service
- Supports over 20 currencies
- Use third party exchange
- Not available in the US
There might be issues when it comes to currency support since there seems to be a lack of satisfaction from the users but all in all, this is great effort.