Bitnob Features

Understanding the different features that Bitnob offers you

Mosope avatar
Written by Mosope
Updated over a week ago

1. What is DCA? (Bitcoin savings)

DCA, also known as Dollar-cost averaging, is an investment strategy that proposes periodic and timely acquisition of a given amount of Bitcoin. A simple example is buying $10 worth of BTC weekly, irrespective of the current market price. This strategy prevents you from investing all your money in one lump sum - commonly referred to as lump sum investing and, over time, helps you average out the price of Bitcoin to benefit you as a long-term investor.

2. What is Lightning Network?

The Lightning Network, also known as โ€œLNโ€, is a layer two payment protocol built on top of the blockchain that uses micropayment channels to scale the blockchain's capability and handle transactions more efficiently and more cheaply. In simpler terms, Lightning Network is a technology that enables you to transfer and receive Bitcoin payments faster, in smaller amounts and lower fees compared to the regular on-chain/wallet address method.

3. How many Wallets does Bitnob have?

Bitnob has two wallets - the Bitcoin wallet known as the BTC wallet and the Stablecoins wallet known as the USD wallet.

  • BTC Wallet - The BTC wallet stores your BTC. Through this wallet, you can receive and send BTC from and to external wallets either via wallet addresses, or the Lightning Network. You can also buy and sell BTC instantly with this wallet.

  • USD Wallet - The USD wallet is the central wallet on Bitnob which enables you to carry out most transactions on the app. You can withdraw from the USD wallet to your local fiat account, the USD wallet funds Bitcoin savings plans, you can transfer USD to other Bitnob users in-app, the USD wallet is debited/credited when you buy and sell BTC instantly, it also controls other features like card creation and funding, purchase of utilities, gift cards, airtime and data bundles.

Virtual cards have become a necessity for everyone who wants to experience the ease of online payments, without being limited to how much you can spend. Creating a virtual card on Bitnob is very easy and it comes with a lot of benefits, including a referral bonus when you invite your friends to also create virtual cards on Bitnob.

Gift Cards are a great alternative for paying for services. They allow you buy a lump sum that can be used at anytime till they are expended. You can purchase Gift Cards of different amounts and different services on the app.

The Transfer feature allows you to send money directly into bank accounts and mobile money wallets of friends and relatives across different African countries.

You can also send money directly to local shops and businesses that accept mobile money payments. This removes the risk of having to carry large sums of cash around with you. Plus, this removes the added step of withdrawing the money you want to send from Bitnob into your own bank account for onward transfer to another account.

It is increasingly important to have control over your utilities and its payments. Don't be caught unawares by your light or water bill exhausting. Utility purchase is currently available for Nigeria and Kenya.

It is increasingly important to have control over your airtime and internet. This is why we have added a feature that makes it seamless to make this payments from your account. Don't be caught unawares and be stuck without call credit or staying offline.

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