Ohio-based startup Coin Ninja just launched a new mobile wallet called DropBit. Dubbed the ‘Venmo for Bitcoin’, the app was designed for simplicity in hopes to achieve mass adoption.
The company says crypto will reach mass adoption once it’s super easy to use and when Bitcoin is easy to obtain. In order to get there sending and receiving Bitcoin should be as easy as exchanging money using apps like Square Cash or PayPal.
Both Square Cash and Venmo broke the barrier to sending payments with their apps. Through Square Cash and Venmo, you’re able to send your friends quick cash through text message or within the app. Now, Coin Ninja is trying to do the same for Bitcoin.
Your friend paid you for pizza and now you want to pay him back with Bitcoin? It’s now possible with Coin Ninja’s new mobile wallet.
Vitalik, Founder of Ethereum mentioned one big issue that’s stopping massive Bitcoin adoption in a tweet a while back:
“I think there’s too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on making it easier for people to buy $5 to $100 in cryptocurrency via cards at corner stores. The former is better for pumping price, but the latter is much better for actual adoption.”
Coinbase initially had a goal to remove that entry barrier to purchasing and selling crypto, but as most of us know, signing up for Coinbase, then having to go through a massive verification is not fun.
DropBit allows users to essentially “text” people BTC through a simple 3 step process:
- Choose the amount you want to send
- Put in the contact’s phone number
- Confirm the transaction
Literally as simple as 1-2-3.
The recipient does not need to have an account or a wallet. They simply receive a message that says the BTC is waiting for them. To retrieve it, they download the DropBit app, write down 12 recovery words, and verify their phone number by entering an SMS code.
This is also quite similar to how modern banks are using Zelle Pay.
The sender is then notified and confirms the transaction when they reopen the app. The entire process takes about two minutes. If the receiver doesn’t claim their BTC by installing the app within 24 hours, the currency is returned to the sender.
There are no additional fees from DropBit, just the standard BTC mining fees.
The app is available on iOS and Android. Within the next six months, Coin Ninja plans to harness the Lightning Network and also build partnerships to sell BTC directly to customers.