Recently, people the world over who use the Bread app have been allowed to purchase bitcoin using their credit card and have it deposited straight into their Bread wallet. This has been made possible thanks to a new partnership with Simplex. In so doing, most users will be able to enjoy virtual instant delivery and high limits as well.
“Starting this week, Bread customers around the world will have the ability to use a credit card to purchase bitcoin and have it deposited directly into their Bread.”
Response to Feedback from Users
It is understood that this new feature was added to Bread as a result of feedback from users. Indeed, some people had complained that getting verified on online brokerages and exchange was tedious and time consuming. Furthermore, the low limits made it almost impossible to purchase large bitcoin amounts, and delivery would then take at least one week.
Thanks to the new development, however, people can now purchase up to $20,000 per day and $50,000 per month, and delivery will be same day. The identity verification is done inside Bread. This means that there is no more need to switch between apps and devices.
Customers Not Concerned Much About Service Fees
When Bread decided to improve their app, they were surprised to see that customers cared little about service fees. The company believes that this is due to the volatility in the cryptocurrency market, which means people mainly want to get their currency quickly, even if that means paying more. Bread was also praised for its charges that were considered to be fair.
“Since the volatility in crypto markets is so drastic, people are less concerned with the price than they are with having the ability to get bitcoin quickly the instant they want it. We’ve used this feedback to offer a solution that best balances fees against the other advantages of using the service.”
New Feature Allowing the Use of Credit Cards for Bitcoin Purchases
Bitcoin purchases with credit card is one of the new developments, adding to the two existing options. People can do ACH transfers in this country, or they can make live purchases using convenience stores and ATMs across the world. Each has their own features in terms of convenience, speed, and cost. This ensures that all Bread customers can find something that works for them.
By offering this new feature, Bread further sets itself apart from exchanges. Those who deal in cryptocurrency know that their greatest asset is their private key, which should never be given to third parties unless absolutely necessary. The problem with exchanges is that, by their very nature, they must hold large amounts of cryptocurrency and this means that hackers continuously target them. That is not the type of environment in which traders would want their private key to exist, not even for only a moment.
By using Bread instead, users know that their currencies are stored inside their own wallet, of which only they have the key. Essentially, it offers an exchange-like service, but in a much safer way. Bread also intends to further develop its financial services to make digital assets more convenient for modern life. At the heart of the company’s operations lies security, however, which is what makes it so popular. The fact that Bread has made it possible to use credit cards is truly unique in the world of cryptocurrency today.
“Using a credit card to buy Bitcoin is not straightforward either. Various banks actively block such transactions without recourse. Visa and Mastercard are not too happy with any cryptocurrency-related associations either. It is good to see Bread implement this functionality. Whether or not a lot of people will use it, is a different matter altogether. Especially given the current “ban” on cryptocurrency purchases, this is a very bold move by the wallet developers.”