The Bitcoin hype has died down since the euphoric highs right around the beginning of 2014. But that does not mean the work of making the digital currency mainstream has ceased. One major obstacle is that getting, securing, and using Bitcoin is intimidating to non-geeks. Most consumers don’t care how a financial system works; the bottom line is that they want an easy-to-use, safe, and ubiquitous payment mode.
Singapore-based company BitX has released a mobile Bitcoin wallet for the iOS and Android that could meet these lofty consumer expectations. But before I explain the app, let’s look at some screenshots. First, here’s Blockchain, a popular Bitcoin wallet:
Now compare that with BitX:
The first thing you’ll notice is its simplicity. Instead of bombarding users with options, data, and strings of numbers and letters, BitX only shows you select information on each screen. Other data are hidden away, but they can be easily accessed with a swipe or finger press.
The amount of information you can view on BitX may seem sparse at first glance. Unlike Blockchain, you won’t know how many confirmations have been made on your transaction, nor can you view the alphanumeric addresses of fellow Bitcoin users yet. BitX also doesn’t tell you the exact time of the transaction or how many transactions you’ve made. People may not find these information useful in any case.
Its philosophy echoes that of other consumer-oriented wallets like Hive, but with a bit more polish (Apple would be proud):
Anyway, it’s more accurate to say that BitX isn’t necessarily displaying less information, but rather showing the right information in a smarter way. Consider the circle with your Bitcoin balance in the center. Tapping on it brings up the value you’re holding in the local currency. The app detects which country you’re in, and adjusts accordingly. It’s a nice touch that takes into account how users are most acquainted with fiat currency. On the whole, I find the app a breeze to use.
“We see a huge gap in the global mobile bitcoin wallet market because the standard is just really average and Bitcoin companies have not given enough attention to their mobile users. They just ‘also build an app’ instead of being ‘mobile first’ like us, plus they still don’t address the non-tech market in their product design [...] Our experience in emerging markets where most of our users are mobile-first has enabled us to deliver a superior mobile experience for users all over the world,” says Marcus Swanepoel, co-founder and CEO of BitX.
While the wallet may have a minimalistic design, it’s not a simplistic app. It’s packed with features like the ability to send bitcoin over email, in-app buying and selling of bitcoin (available in some markets only), and in-built Know Your Customer compliance, which smartly takes advantage of the phone’s camera and the user’s phone number. It’s more than just a wallet.
The send bitcoin via email feature is useful for those who are new to the whole idea, because it allows people without bitcoin addresses to easily get one. Once they get the message saying they’ve got bitcoin from a BitX user, a link directs them to download the wallet. The money would be sitting there waiting for them.
What makes the wallet’s sophistication possible is the fact that BitX also operates bitcoin exchanges around the world, though most of them are situated in emerging markets in Southeast Asia, parts of Africa, and South America. In terms of security, it has put in place two-factor authentication, and most of its bitcoins are stored offline in what’s called “deep freeze” storage. Multiple keys are needed to unlock the money, and no one has access to more than one key. It maintains a hot wallet to facilitate fast transactions.
Ubiquity is, in my opinion, the key to mainstream adoption for bitcoin. It’s nice that I can spend it in some places online, but the fact is that most of my spending still occurs in the world of atoms – in transportation, food, and groceries. It seems that the entire Bitcoin community still doesn’t quite have the pull of one Apple, who managed to bring in some of the biggest retailers and food companies in the US onto its payment platform.
I like the fact that now I have a really sleek wallet to show off to my friends. Now I just need a place to snap and spend.
See more: BitX, a Bitcoin wallet and exchange for emerging markets, raises $800k
This post Meet BitX, perhaps the slickest and easiest-to-use mobile Bitcoin wallet yet appeared first on Tech in Asia.
Meet BitX, perhaps the slickest and easiest-to-use mobile Bitcoin wallet yet
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