An overview of Bitpay to help others who may want to use it, and for those who have, what is your experience?
I regularly try all different types of trading apps and this time it was Bitpay, so I’ll give you a quick run through and I would also like to hear your thoughts. This non-custodial app can be used to trade fiat for BTC. As a mobile app, it allows the user to continue without signing up, logging in or selecting a username. When asked to either create a key or import a key, I opted for a new one. Although it means having to store a new key, I personally feel an extra sense of security with a freshly generated key. Another layer made available is the ability to encrypt your key, preventing any unauthorised users from accessing your wallet. I can also appreciate the app highlighting the importance of owning our own keys and keeping them safe, this is especially important to stress for those new to the industry. The UI is simple enough: buy, swap, sell and view your portfolio with the option to pair your Coinbase account (I haven’t used Coinbase yet). Buying offers are provided by Wyre and Simplex, from what I understand they are both external companies who have partnered with Bitpay, the user is directed from the app to one of these platforms to complete an offer. Upon selecting Simplex, the site asks for a few details. If you are uncomfortable with providing your card details, full name, address, email and phone number then your journey ends here my friend. After confirming the trade amount, I was asked to upload identification documents for verification this could either be a passport, ID Card or drivers license (for a trade of 100USD). I think allowing the user to go through all those previous steps to finalise with KYC is a little misleading for those who are not comfortable with giving such information but if you don’t mind, it’s your bog standard KYC. **TLDR: A non custodial app used to buy, sell and swap crypto with fiat, where users own their own keys. Bitpay provides a simple user journey with the ability to link to a Coinbase account. Before trade is complete, users should expect a last minute KYC prompt from the app’s external partners.** How did your Bitpay experience go? Do you have the Bitpay card?
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