Bitpanda to become Bitcoin PayPal – no fees, payments by e-mail, unlimited wallets

0 444

Bitpanda came out with a bunch of noteworthy news recently.

It looks like the platform is growing nicely and aims at becoming a one-stop Bitcoin transaction spot for European users.

Some of the things Bitpanda have implemented brings it closer to some sort of a “Bitcoin address book” or a social network of Bitcoin users you transact with. Or, in fact, a PayPal alternative that supports Bitcoin payments.

Here’s what we mean:

1) Bitpanda adds unlimited wallets.

Reusing wallets is frowned upon in Bitcoin community, and Bitpanda just added the ability to create an unlimited amount of wallets for all your payment needs.

2) Bitpanda lets users send Bitcoin to each other without fees. Yes even no blockchain fees.

Bitpanda is now a platform where you can settle your payments with other people without the blockchain fees. Basically this means all the funds are stored by Bitpanda and they just re-assign BTC between users internally.

This is obviously not perfect for long-term storage of large amounts of coin (that’s what the wallets are for), but extremely convenient for dealing with other individuals.

This is exactly what Bitpanda goes for – and it’s a great move. Paying contractors, affiliates, creditors, sending money to family all fits the use case here – just have them sign up for Bitpanda and send cryptocurrency back and forth without fees. They can later either transfer crypto to secure wallets, or sell it for fiat currencies whenever they want (Bitpanda sends fiat to Banks, Amazon.de gift cards, Skrill and Neteller).

3) You can send funds to an e-mail as an ID even if there is no account with that email yet.

Bitpanda goes all the way and makes the most logical move, copying PayPal’s most convenient feature. The feature that everyone is so used to: when the e-mails all you need to send and receive funds.

You can now send Bitcoin (or Ethereum, Litecoin, Ripple, Dash and Bitcoin Cash) without fees just to an e-mail. There’s an option to create an address book with e-mails substituting crypto addresses.

Even if there is no account associated with that e-mail, the recipient will receive the notification and pick up their funds after registering.

4) Fees reduced even further

As if everything prior was not enough to get ahead of the competition, Bitpanda reduced their fees even further, making them 1.49% for buying and 1.29% for selling Bitcoin.

Right now Bitpanda could be one of the cheapest places to instantly buy Bitcoin and other crypto, especially for EU residents.

The free crypto payments to e-mails are the main piece of the puzzle here. This will be great for Bitcoin adoption, even though all the inherently “crypto” features are concealed here (private keys, addresses, etc.).

Our prediction: Bitpanda will become the platform to seamlessly send and receive small Bitcoin payments to your friends and contractors in the way PayPal is for fiat currencies. This fits very well into the Bitcoin development forecast, as it resembles an off-chain payment solution like the Lightning Network, even though centralized.

Make sure you create an account with Bitpanda not to miss the huge progress the platform makes.

Leave A Reply

Your email address will not be published.