Best Apps to Buy Bitcoin in 2023 – Bitcoin Magazine
Introduction
Payment apps are the easiest and fastest way to buy or sell bitcoin and convert it directly to fiat currencies or vice versa.
Most payment apps are very similar in use and functionality; However, some are more aligned with the Bitcoin ecosystem and focused on using certain standards – such as Strike using the Lightning Network for fast and secure payments, or Relai, which offers a non-custodial wallet and a non-KYC policy .
A bitcoin payment app allows users to pay with bitcoin and businesses can accept bitcoin payments for goods and services. Bitcoin payments are usually made through gateways that automatically convert bitcoin to fiat currencies.
Payment apps are largely like traditional digital payments with lower fees. If users also want to trade bitcoin, they need to register with a Bitcoin exchange that offers a better range of trading services.
Note: Only Bitcoin exchanges, P2P bitcoin platforms and exchanges that publish proof of reserves are generally considered safer to use. However, the best thing you can do to protect your bitcoin is to move it out of the exchanges as soon as your trade is done and store it safely in your wallet with your private key.
Best Apps to Buy Bitcoin
1. Strike is a payment app 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 be rolled out in Europe with the aim of expanding it to the rest of the world as a global transaction and remittance service that does not require any intermediary to operate.
2. Cash App is a peer-to-peer payment system that allows users to buy and sell bitcoin and stocks. Unlike Robinhood, the platform allows investors to transfer bitcoin to their wallet, although withdrawals are limited to $2,000 daily or $5,000 within seven days. Cash App sets a fee depending on price volatility and market turnover volume, which is disclosed at the time of purchase.
3. BitPay: As one of the first bitcoin payment systems launched in 2011, BitPay remains a popular option for merchants and customers. Users can download the app and have access to a crypto debit card, wallet and browser extension. You can buy or sell bitcoin with the app and use it for online stores through the Chrome extension. They have a flat transaction fee of 1% for all businesses.
4. Based in Switzerland, Relai is Europe’s most accessible bitcoin-only investment app. It enables instant bitcoin purchases without any deposit, registration or strict KYC procedure. The Relai app only offers non-custodial wallets, meaning customers are in control of their private keys at all times.
5. Peach is a peer-to-peer mobile app that allows customers to buy and sell bitcoin. The service is still in beta mode and there is a waiting list to join; However, it is one of the few Bitcoin P2P marketplaces on a mobile application for the European market.
6. Robinhood is a web and mobile fintech platform that offers trading without fees. It is another versatile company that allows users to invest in and trade stocks, ETFs, options, American Depositary Receipts (ADRs) and cryptocurrencies, depending on users’ geographic location. It is very user-friendly; however, it does not allow the transfer of crypto-assets from the platform, meaning that investors do not own their private Bitcoin keys.
7. PayPal launched its crypto service in late 2020, offering customers the ability to buy, hold and sell bitcoin and other cryptocurrencies. From July 2022, the company started allowing users to move their cryptocurrencies to other wallets, as the feature was the most requested since they started offering crypto services. Users can purchase up to $20,000 weekly, but a maximum of $50,000 in a one-year period.
Fees include an estimated 0.5% trading fee that varies depending on market conditions and a tiered transaction fee depending on the amount of bitcoin purchased, starting at 0.5% for purchases under $25 and 2.3% for amounts between $25 and $100.
8. Revolut was one of the first European fintech apps to offer cryptocurrency trading, albeit with a temporary license. In 2022, it won full authorization to offer its cryptocurrency services across Europe and the UK. The app is easy to use and supports cryptocurrency trading at competitive exchange rates, with access to the largest liquidity pool in Europe. Metal customers in the UK can also transfer bitcoin to their private wallets.
9. Venmo is an American peer-to-peer mobile payment service owned by PayPal since 2012. The platform allowed buying and selling of bitcoin and other cryptocurrencies in April 2021 and has a similar fee structure to PayPal: an estimated 0.5% trade fee and a tiered fee. transaction fee ranging from 0.5% for purchases under $25 to 2.3% for trades between $25 and $100.
10. Pocket is a young company and so far available in some European countries. It allows you to stack 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 out on the date you specify.
Frequently Asked Questions:
Which is the safest 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 must have access to that wallet and hold the private key.
What is the best Bitcoin app for beginners?
General apps like Revolut or Cash App are usually good for beginners on their first experience buying bitcoin. Relai, a bitcoin-only app, is also a very decent app with low fees.
Where 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 secure your assets is to move them out of exchanges immediately after purchase.
Summary:
We have come a long way from that Mt. Gox is the only recognized exchange on the market. Today, we regularly experience the establishment of new centres, although some may be 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: move your coins out of exchanges and always self-storage after purchase.
Especially for significant amounts, bitcoin should only be stored in hardware wallets or multisig wallets. Services with a single point of failure (centralized) are always at risk of losing your assets, as has happened several times in the short history of cryptocurrencies.
