Why buy your bitcoin on Flitz?

Why buy your bitcoin on Flitz?

There are many platforms that claim to be the most simple way to buy bitcoin, but we believe they are all wrong. A typical platform requires a lot of hoops to jump through before you can actually convert your euro’s to bitcoin:

  • Give up an insane amount of personal information, before you are even allowed to sign in.
  • Send some funds to the exchange.
  • Manually buy bitcoin once your funds show up on the platform.
  • Withdraw your bitcoin (if your platform allows it), paying giant network fees now and in the future.

The problems we have with this approach are numerous:

  • I don’t want to do a “look left, look right, show your ID, do a TikTok Dance - video-selfie” just because I want to buy a small amount of bitcoin every month.
  • I already have a place to store my euro’s, it’s called a bank account.
  • I already have a place to store my BTC, it’s called a wallet. Hell, I have about 12 Lightning wallet on my cellphone alone.

Because of this, we designed Flitz on the following principles:

  • No need to scan your identity card or passport. We can do this because we only allow you to buy small amounts of bitcoin each month, and we have enough information about you in the metadata that is included in your SEPA transfer to us.
  • Any euro’s you send to us are immediately converted to BTC at the most competetive rate possible.
  • Once we receive your funds, you get a notification and you can and should withdraw them immediately over the Lightning Network. Withdrawing is as simple as tapping twice: you don’t need to generate an invoice and copy-and-paste it.

Other platforms might have Lightning Network support, but they are all designed in a way that includes them having custody over your funds, and withdrawing them to your own wallet might be possible but is certainly not user-friendly. Our philosphy is that withdrawing to your own wallet should be the default and should be as easy as possible.

I mean, come on. Pretty cool right?

Difference with other platforms

In this section we’ll compare Flitz to some other well-known platforms

Flitz vs. traditional exchanges (Coinbase, Kraken, …)

Traditional exchanges or made for traders that deal with large amounts. You have an account and you can choose from a wide array of shitcoins to trade between. They are built like casino’s because casino’s are very profitable. Withdrawing Bitcoin is a non-native and clunky process, with huge delays and verifications, and Lightning integration is in most cases simply absent. Flitz on the other hand only supports Bitcoin and is Lightning-only.

Flitz vs. DCA platforms (Bittr, Relai, PocketBitcoin, …)

The main difference between Flitz and these platforms is the Lightning Network integration. Because “stacking” on Lightning is somewhat more difficult than regular Bitcoin transactions, these platforms only support on-chain withdrawals (at the moment). However, these difficulties don’t really exist when you use mobile wallets like Phoenix, Breez or Bluewallet. You can send Bitcoin from your LN mobile wallet to your cold storage from time to time to be able to keep receiving Bitcoin on Lightning.

Flitz vs. Lightning Platforms (Strike, LastBit, BottlePay, ..)

The main difference with these platforms is that the Flitz app is not a wallet. Lightning platforms like these allow you to keep a balance, either in BTC or in euro, which you can then spend. The issue with this is that I already have a place to keep my euro’s: it’s my bank account. I also already have a place to keep my Bitcoin: it’s my Bitcoin (/LN) wallet. These platforms give you greater convenience to interact with the Lightning Network but at the cost of non-existent privacy and counterparty risk. Flitz, on the other hand, allows you to use any wallet you like to withdraw your funds as soon as they are available.