Bitwala information



Description

The provider Bitwala offers a Bitcoin wallet and a checking account with a card in cooperation with Solarisbank. The German and regulated provider works with a special procedure for encrypting the private keys of its customers. The provider itself has no access to the Bitcoin of its members.

In the event that the provider is blocked or switched off, customers can withdraw their Bitcoin from another wallet using their own key.

Usability

The platform is simple and easy to use, especially for beginners. Since it is a German provider, the entire platform is available in German. However, safe handling of Bitcoin addresses should also be given with this provider.

Benefits

Fast and easy verification with a high level of security. The exchange of Bitcoin for Fiat and in the other direction is quick and secure on the platform. The provider is also regulated and secures the funds of its customers. Bitcoins are safe with the provider thanks to the multi-signature process.

Disadvantages

The provider is regulated and of course anonymity is not given here. The cooperation with Solarisbank naturally also creates issues and problems from the post-crypto era.

Questions & answers

We have summarized the most important questions and answers about this provider for you and tried to answer them.

What are the fees at Bitwala?

There are no fees for the card or account. The fees for buying and selling are shown.

Does Bitwala ask Schufa when opening an account?

According to the company's website, neither Bitwala nor Solarisbank queries the Schufa. Information on this can be found on this FAQ page.

Can my Bitwala account be blocked?

The current account at Solarisbank can be blocked in the event of a problem, the Bitcoin wallet itself is not affected. However, it looks different if you have your Bitcoin in an interest contract. Then Bitwala would have to transfer the coins back to your wallet beforehand.

Are my Bitcoin safe with Bitwala?

Basically, you can answer this question with YES. Bitwala itself has no access to your Bitcoin. The private keys are stored externally in encrypted form and are only decrypted and used in real time when used. In the event of a problem with Bitwala, the coins can also be produced with another wallet.

Is Bitwala legitimate?

Yes, the provider Bitwala is a reputable, regulated provider in Germany. In order to buy and sell on the platform, a customer has to verify himself completely with his identity card. The money in the current account is secured with deposit protection and is with the partner Solarisbank.

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