More and more Bitcoin wallet providers are starting to explore the possibilities of launching mobile buy-and-sell functionality within their application. In the case of Bitcoin wallet provider Airbitz, the customer is not necessarily tied to using one specific Bitcoin exchange for buying and selling goods. For the time being, this feature will only be available to US customers, but the company hopes to expand the service on an international scale relatively soon.
Mobile Buying & Selling of Bitcoin With Centralized Service
One of the reasons why the AirBitz mobile Bitcoin wallet is unique compared to other similar offerings is due to its true decentralized nature. Even if AirBitz’s own servers would get compromised or shut down for any reason, users can still use the mobile Bitcoin wallet application without any interruption. Bitcoin is all about decentralization, and we can only hope to see more mobile wallet developers follow AirBitz’s example.
But AirBitz is not satisfied with just that aspect, as the company hopes to expand its business model on a global scale. The first step in doing so consists of enabling in-wallet buying and selling of Bitcoin, a feature made possible thanks to their undisclosed US partner. This new feature will enter private beta testing very shortly, while a partner for European customers has already been lined up for future integration.
Using partners is a major bonus for AirBitz, as the company will not be touching user funds directly. Especially when considering the regulatory and legislative implications of transferring and exchanging currencies, it is best to have the partners carry that burden. The United States could prove to be a particularly difficult nation in that regard, as most states have different regulatory requirements to comply with.
This strategy furthers the AirBitz ideology of providing a service to customers without having access to their personal data. Even the company’s Bitcoin wallet itself encrypts and hashes all user data which is part of the reason why so many people enjoy the service. Additionally, the company takes care of automated encrypted backups of all keys and data associated with each individual mobile user.
Making Bitcoin An Essential Part of Everyday Life
Whereas some mobile Bitcoin wallets started out as mere “fun projects”, AirBitz has been taking things to a new level. Not only does the company aim to provide a smooth and intuitive user experience, but they also pay their entire staff in Bitcoin 100% of the time. Rather than looking at Bitcoin like an additional source of income, the digital currency has become a key factor of the everyday life of AirBitz staff.
The same ideology will hopefully translate to AirBitz customers around the world in the near future. Many people still see Bitcoin as “magic internet money”, even though it is a valid currency up to a certain extent. Granted, not everything can be bought with Bitcoin directly, but the ecosystem is maturing and new opportunities are on the horizon. There is no better time than now to get involved in Bitcoin and the underlying blockchain technology.
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Images courtesy of AirBitz