Bitcoin payment processor BitPay has released a wallet app for storing and spending bitcoin. The app marries BitPay's experience in merchant payments with its tools for consumer bitcoin payments, providing new possibilities for bitcoin adoption and use.
Consumers and merchants worldwide have turned to bitcoin as an internet-friendly alternative to credit cards. Bitcoin provides a fast and secure way to transfer funds worldwide. It also offers a store of value or portfolio asset.
Security and ease of use have rarely been combined in bitcoin's early applications. Non-technical users have often been locked out of practical ways to use bitcoin. The BitPay app provides such an opportunity without compromising security or usability.
BitPay app users can convert bitcoin into dollars using the BitPay Visa Prepaid Debit Card and buy or sell bitcoin on exchanges. These integrations offer bitcoin users a way to bridge their traditional and digital finances without leaving BitPay.
Most services offering such features require users to store bitcoin in company-managed accounts that are vulnerable to security breaches. BitPay app users, however, keep full control of their funds at all times with multi-device authentication, device-based private keys and simple fund backup flows. An onboarding flow and user education make secure storage of bitcoin accessible to bitcoin beginners.
"This app allows us to innovate within the bitcoin payment experience and bring new users and companies into the bitcoin ecosystem," said Stephen Pair, BitPay CEO. "The BitPay app represents an important part of our continued work as a bitcoin payments leader."
Images from Shutterstock and BitPay.