Bitnob Features

Understanding the different features that Bitnob offers you

Michael Akpan avatar
Written by Michael Akpan
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 NobXpress?

NobXpress is Bitnob’s enhanced funding and withdrawal process that allows you to easily be paired with another Bitnob user when you are about to fund your Bitnob Wallet.

3. What is Lightning Network?

The Lightning Network, also known as “LN”, is a layer two payment protocol built on top of a blockchain-based cryptocurrency such as Bitcoin. In simpler terms, Lightning Network is a technology that enables you to transfer and receive Bitcoin payments faster and in smaller amounts compared to the regular On-chain method.

4. What is Nobcredit?

Nobcredit is the loan feature on Bitnob through which you can apply for quick Bitcoin-collateralized loans without documents or queues.

5. 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 through In-app, Onchain, 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, through which you 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.

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