Payment apps are the easiest and fastest way to buy or sell bitcoins and convert them directly to fiat currencies or vice versa.
Most paid apps are very similar in use and functionality; however, some are more aligned with the Bitcoin ecosystem and focus on applying certain standards, such as Strike using the lightning network for fast and secure payments, or Relai, which offers a non-custodial wallet and a no-KYC policy.
A bitcoin payment application allows users to pay with bitcoin and businesses to accept bitcoin payments for goods and services. Bitcoin payments are usually made through gateways that automatically convert Bitcoin into fiat currencies.
Payment apps are mostly like traditional digital payments with lower fees. If users also want to trade bitcoins, they will need to sign up for a bitcoin exchange It offers a better range of trading services.
Note: Bitcoin-only exchangesP2P bitcoin platforms and exchanges that publish their proof of reserves they are generally considered safer to use. However, the best thing you can do to protect your bitcoin is to remove it from exchanges as soon as your trade is executed and store it safely in your wallet with your private key.
The best applications to buy Bitcoin
1. Strike is a payment application similar to PayPal or Cash App, with the main difference being the payment network used. While the most popular apps use traditional systems like SWIFT, Strike uses Bitcoin and the Lightning Network to secure payments. Launched in 2020, the app is currently only available in the US and El Salvador, but will soon roll out in Europe with the goal of expanding it to the rest of the world as a global transaction and remittance service that does not need intermediaries to work.
two. cash app It is a peer-to-peer payment system that allows users to buy and sell bitcoins and shares. Unlike Robinhood, the platform allows investors to transfer bitcoins to their wallet, though withdrawals are limited to $2,000 per day or $5,000 within seven days. Cash App sets a fee based on price volatility and market trading volume, which is revealed at the time of purchase.
3. BitPay: As one of the first bitcoin payment systems launched in 2011, BitPay continues to be a popular choice for merchants and customers. Users can download the app and have access to a crypto debit card, wallet, and web browser extension. You can buy or sell bitcoins with the app and use it for online retailers through the Chrome extension. They have a flat 1% transaction fee applied to all businesses.
Four. relay It is based in Switzerland and is the most accessible bitcoin-only investment app in Europe. Allows instant bitcoin purchases No deposit, registration or strict KYC procedure. The Relai app only provides non-custodial wallets, which means that their customers remain in control of their private keys at all times.
5. Peach is a peer-to-peer mobile application that allows customers to buy and sell bitcoins. The service is still in beta mode and there is a waiting list to join; however, it is one of the few P2P Bitcoin marketplaces in a mobile app for the European market.
6. Robin Hood is a web and mobile based fintech platform that offers trading at no charge. It is another versatile company that allows users to invest and trade stocks, ETFs, options, American Depositary Receipts (ADRs), and cryptocurrencies, depending on the geographic location of the users. It is very easy to use; however, it does not allow the transfer of crypto assets off the platform, which means that investors do not own their Bitcoin private keys.
7. PayPal launched its cryptocurrency service in late 2020, offering customers the ability to buy, hold, and sell bitcoins and other cryptocurrencies. Starting in July 2022, the company began allowing users to move their cryptocurrency to other wallets, as the feature was the most in-demand since they began offering cryptocurrency services. Users can purchase up to $20,000 per week, but a maximum of $50,000 over a one-year period.
Fees include an estimated 0.5% trading fee that varies based on market conditions and a tiered transaction fee based on the amount of bitcoin purchased, ranging from 0.5% for purchases under $25 to 2. 3% for amounts between $25 and $100.
8. revolution it was one of the first European fintech apps to offer cryptocurrency trading, albeit with a temporary license. In 2022, it obtained full authorization to provide its cryptocurrency services in Europe and the United Kingdom. The app is easy to use and supports cryptocurrency trading at competitive exchange rates, with access to the largest liquidity pool in Europe. Its metal clients in the UK can also transfer bitcoins to their private wallets.
9. Venmo is an American peer-to-peer mobile payment service owned by PayPal since 2012. The platform enabled the buying and selling of bitcoin and other cryptocurrencies in April 2021 and has a fee structure similar to PayPal’s: an estimated merchant price 0.5% and a transaction fee ranging from 0.5% for purchases under $25 to 2.3% for transactions between $25 and $100.
10 Pocket is a young company and so far available in some European countries. It allows you to accumulate satoshis by setting up recurring payments from your bank account directly to your preferred wallet. Each payment will be automatically converted to bitcoin and paid on the date you set.
What is the most secure app for Bitcoin?
The Most Secure Bitcoin App is a service that allows you to move your bitcoin from the platform to a private hardware wallet. Only you should have access to that wallet and have the private key.
What is the best Bitcoin app for beginners?
General purpose apps like Revolut or Cash App are usually good for getting beginners on board for their first experience with buying bitcoin. Relai, a bitcoin-only app, is also a very simple app with low fees.
What is the best place to buy Bitcoin?
Bitcoin Magazine always recommends decentralized P2P exchanges or bitcoin-only exchanges, but ultimately, the best thing you can do to protect your assets is to get them off exchanges immediately after purchase.
We’ve come a long way since Mt. Gox was the only trusted exchange on the market. Today, we experience new exchanges being created on a regular basis, although some are perhaps too large.
The dramatic events of 2022, with the collapse of giant crypto services like FTX and Celsius, will teach everyone the most important lesson of all: get your coins off exchanges and always maintain self-custody after purchase.
Especially for sizable amounts, bitcoin should only be stored in hardware wallets or multisig non-custodial wallets. Services with a single point of failure (centralized) are always at risk of losing their assets, as has happened several times in the short history of cryptocurrencies.