In this article, I will share with you 4 ways you can still use the Bitnob without having to touch bitcoin.
The Dear Bella Series is a series where Bella answers finance, bitcoin, and Bitnob app questions from Bitnob users. Got a question for Bella? Shoot her an email: bella@bitnob.com
It takes time to warm up to bitcoin. Trust me, I get it. And the volatility in the price of bitcoin can sometimes give you high BP. As I always mention in my emails, bitcoin is a journey. Some people prefer to take things slow but bitcoin is still the best the best-performing asset in the last decade.
But it’s also okay to start off with something that’s easy to understand like USD. Don’t take too long before hopping on the bitcoin train though. 😂
In this article, I will share with you 5 ways you can still use the Bitnob without having to touch bitcoin.
Save in USD
When you log in to your Bitnob app, you are given access to 2 wallets:
- USD wallet for your USD and stablecoins, and
- BTC wallet for your bitcoin
You can easily access your USD wallet by checking the top area of the home screen on the Bitnob app
You can start saving in your USD wallet. As your local currency devalues against the dollar, funding your USD wallet would be a wise decision. You’re able to keep your money in a relatively stronger currency and protect yourself from inflation.
Send bitcoin from your USD wallet
Remember I said something about not touching bitcoin? Don’t worry, I’ll keep my promise. 😂 But that doesn’t mean you can’t send bitcoin to someone.
On Bitnob, you can send bitcoin to someone without actually having any bitcoin.
Sending bitcoin to someone can be the fastest and easiest way to give someone access to funds from anywhere in the world at any time of the day (including weekends).
So imagine being able to send your child who’s studying the US money for their school fees straight from your USD wallet on the Bitnob app. They receive the money in bitcoin and then withdraw it in fiat.
All you need to do is to get the lightning invoice or lightning address of the person you want to send bitcoin to, then tap on the “Transfer” button on the quick link section and then tap on “Transfer as BTC” and paste the lightning invoice or lightning address or scan the QR code that was sent . Click here for a step-by-step guide on how to do that.
Receive any Bitcoin payments in USD
Let’s say someone wants bitcoin. There’s an interesting feature that allows you to receive bitcoin into your USD wallet. If you enable this feature, anytime someone sends you bitcoin you can receive the dollar equivalent directly into your USD wallet. This feature is called Payouts.
To access the Payouts feature, click on “Actions” at the bottom of your screen, tap on “Settings”, then tap on "Payouts” under the payments option. Tap on Auto Payout and choose USD Wallet. Once you select USD wallet all bitcoin payments will be credited in dollars in your USD wallet. Here’s a guide on how to do that.
If someone wants to send you bitcoin to your lightning address and you want to receive the bitcoin in your USD wallet, you need to change the default destination to USD wallet.
Don’t worry, we have a step-by-step guide on that too. Click here.
So, next time someone wants to send you bitcoin, don’t refuse them. 😂
Send your friend USD using their Bitnob username
On Bitnob you can easily send USD to anyone with a Bitnob app using their Bitnob username. The best part is that you won’t pay any fees for the transfer. Another great reason to refer your friends to Bitnob with your referral code.
All you need to do is tap on the “Send” button on your USD wallet and then tap on “Send to Bitnob user”.
Send and receive Stablecoins
Stablecoins are digital currencies whose value is pegged to a stable reserve asset like the US dollar. Since some stablecoins are tied to the value of the dollar, they aren’t as volatile as bitcoin.
The Bitnob app supports USDC and USDT stablecoin deposits and withdrawals. So, you can easily send and receive USDC and USDT on the app. All you need to do is tap on the “Send” button on your USD wallet and then tap on “USDC” or "USDT" to send USDC or USDT. To receive USDC or USDT, tap on the “Receive” button on your USD wallet, tap on “USDC” or "USDT" and then tap on “USDC (TRC20)” or USDT (TRC 20) depending on which one you're going with. This will reveal a QR code with your wallet address and your wallet address you can easily copy and share with anyone who wants to send you USDC or USDT.
Take Your Time
The 4 ways I shared in this article will help you get used to Bitnob app and maybe (just maybe) you might decide to dip your feet in bitcoin. Whenever you decide to swim the bitcoin waters, I and the peeps at Bitnob will be here to guide you on your journey. But before then, take your time to make good use of the USD options on the Bitnob app.
Don’t have Bitnob yet? Click here to download.