CryptoKnights AMA Recap - Bitwala Talk Bitcoin Wallets, Debit Cards, and Crypto Adoption.

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ritestream

3 min readJun 13, 2024

Introduction:

In a recent Ask Me Anything (AMA) session, Dennis and Jan of Bitwala, shared insights about their innovative Bitcoin wallet and their upcoming appearance on CryptoKnights — a new “crypto shark tank” style TV show set to air later this year. The AMA, hosted by the CryptoKnights team, delved into the unique features of the Bitwala wallet, the company’s vision for crypto adoption, and their plans for the future.

About Bitwala:

Bitwala is a Berlin-based company that has been in the crypto space since 2014. Their primary offering is a user-friendly Bitcoin wallet app that is connected to a bank account and a debit card. The wallet aims to bridge the gap between the crypto world and the traditional financial system, making it easier for users to use Bitcoin for everyday transactions.

Innovative Wallet Security:

One of the standout features of the Bitwala wallet is its innovative multisig setup for securing funds. Unlike many other wallets that rely on a 12-word seed phrase for backup and recovery, Bitwala uses a more user-friendly approach. The wallet generates keys in three separate locations, ensuring that even if one part is compromised, funds remain secure. This setup also allows for easy backup and recovery without the need to manage multiple seed phrases.

Fiat On-Ramp and Debit Card Functionality:

The Bitwala app includes a fiat on-ramp, allowing users to easily buy Bitcoin using Euros. Once the Bitcoin is in the wallet, users can spend it using the connected debit card. The card automatically converts Bitcoin to Euros at the point of sale, making it seamless to use Bitcoin for everyday purchases. Bitwala charges a flat 1% fee for these transactions, which the team believes is reasonable given the convenience and security provided.

Current Userbase and Expansion Plans:

While the Bitwala app has over 150,000 downloads, the company is just starting to ramp up its marketing efforts. The upcoming appearance on CryptoKnights will be one of their first major promotions. Currently, the wallet supports European users and Euro accounts, but the team has plans to expand to other regions in the future. The supported cryptocurrencies are currently limited to Bitcoin and Ethereum, with a focus on providing a solid user experience rather than a wide array of options.

Upcoming Token Launch:

Later this year, Bitwala will be launching a utility token to enable additional features, rewards, and community building within their ecosystem. The token will allow users to pay transaction fees, earn rewards for using the app, and access exclusive features and events. The team is taking a thoughtful approach to the token launch, with plans to ensure it has real utility and value within the Bitwala ecosystem.

Conclusion:

Bitwala’s focus on usability, security, and real-world adoption positions them well to onboard the next wave of crypto users. By providing a user-friendly Bitcoin wallet that seamlessly integrates with traditional banking, they are lowering the barriers to entry for those new to crypto. The upcoming CryptoKnights appearance will give Bitwala significant exposure to mainstream audiences, potentially accelerating the adoption of their app.