Veröffentlicht: 18.01.2021

Bitwala – Review

Bitwala - Review

Bitwala – A special wallet

We decided to present Bitwala in this article because it is indeed a special wallet. On the one hand, there is the cooperation with Solaris Bank, and on the other hand, the special feature with the private key. If you deposit your Bitcoin with Bitpanda, you can also withdraw them on another provider via your private key. Bitwala itself has no access to your Bitcoin due to encryption.

We have tested the provider for you in a short video tour and compiled all the important facts and figures in this article.

Deal for new customers / 20 € starting credit

For registering via our partner link, you will receive a starting credit of 20 € at Bitwala. You can then exchange this credit for Bitcoin at your whim. The following steps are necessary for this:

  • Create account for free
  • Perform verification free of charge
  • Create Bitcoin Wallet
  • Make at least one trade (buy or sell bitcoin)
  • Wait approx. 2 weeks for release

For the mediation of friends and acquaintances, you will receive an additional 20€ commission from the platform, at the same time your friends will also receive a starting credit of 20€. Really a fair thing and at the same time great for beginners. Beginners can thus learn the first dealings with the topic of Bitcoin without risking their own capital.

Numbers & Data

  • Partner of Solaris Bank
  • Own private key
  • Exchange BTC / EURO directly in the wallet (1% fees)
  • Exchange EURO / BTC directly in the wallet (1% fees)
  • Fair fees
  • Payout to SEPA account possible
  • 30.000 Euro tradable per week
  • Registration and verification free of charge
  • Free debit card available (no monthly fees)
  • Export for tax return in the system

What is Bitwala?

By signing up with Bitwala, you will receive a fully licensed bank account with Solarisbank and a Bitcoin wallet. At the same time, you will receive a debit card if you wish. Your deposit is protected up to €100,000 as part of the deposit guarantee scheme.

What does “Bitwala” mean?

The company name is a combination of words, Bitwala = Bit + wala. Bit stands for a unit from computer science. A byte consists of 8 bits. The second part of our name “wala” refers to the ancient Arabic money transfer system Hawala.

When was Bitwala founded?

Bitwala was founded in 2015 by Jörg von Minckwitz, Jan Goslicki and Benjamin Jones.

How secure is Bitwala?

Basically, Bitwala is just as secure as other modern online banking systems. However, a fundamental difference lies in your Bitcoin wallet at Bitwala. The provider itself has no access to your Bitcoin, only you have this access through your private key. If you lose your private key and your backup key, your Bitcoin are also lost at Bitwala.

How do you log in? With email & pin?

Yes, with e-mail address, password and mTAN (to the stored cell phone number). An SMS with a TAN is sent to the stored cell phone number.

Is there 2FA on Bitwala (two factor authentication)?

Yes, here you can find how to set up a 2FA.

Can someone steal bitcoin with my login?

No, basically someone would have to have access to your cell phone, keyword mTAN and then he would need your wallet password.

How do you verify your payment, by cell phone?

Always with an mTan see above and here.

Do I have to enter my private key when sending Bitcoin?

Yes, but only one of the three keys of the Multisig wallet. The third key is decrypted for you by entering the password.

To what extent are the deposits secured?

All euro deposits in your account are protected up to €100,000 by the statutory deposit insurance in Germany.

In what case can such a blocking occur?

Bank accounts are never blocked for fun or just because. Accounts are never blocked without good reason and only after careful consideration.

Are inquiries of the Complians of the Solaris Bank possible?

Yes, is known. We work together with SolarisBank. This can have different reasons.

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