Frequently Asked Questions
With bittr, you can simply transfer euro (CHF coming soon), using a regular SEPA transfer, from within your own online banking environment. Bittr will deposit the equivalent in bitcoin into your wallet within 30 minutes after it is received in our bank account (initial deposits take 1-6 hours)! If you'd like to get started, just hoop through our quick on-boarding process.
We'd like to know whom to reach out to in case something goes wrong, therefore you'll need to confirm your email address so we can reach out to you if needed :) You'll also need to proof that you own the address you're providing, by signing a message with your wallet. Once that's done you'll get your unique banking instructions and you can buy bitcoin!
There are many reasons to buy bitcoin through bittr. Think ahead and buy bitcoin for your children or grandchildren. Be healthy; drink a beer less and invest this saved money into bitcoin instead. How about pocketmoney you could give to your kids in bitcoin? Or why not just buy bitcoin to get (your first) experience with the money of the future?
Bittr is, considering its simplicity, designed for people who like to get started with bitcoin or those who are already somewhat familiar with bitcoin and see the added value of buying bitcoin directly to their own wallet.
Satoshis, or 'sats' are the smallest units of a bitcoin. Of course, satoshis are named after the elusive creator of bitcoin, Satoshi Nakamoto. One whole bitcoin comprises one hundred million sats. Stacking sats is the action of buying additional bitcoin to add to your bitcoin stash. When bittr receives your EUR/CHF, bittr sends the satoshis (fractions of bitcoin) to your wallet. We never hold your bitcoin, which means there is no third-party risk. You hold your keys, you hold your bitcoin.
We do not charge any subscription fees! This way you are completely free to buy bitcoin whenever you want. We charge a small fee of 1.5% from your EUR/CHF deposit to run our services. Additionally, the lowest possible bitcoin mining fee is deducted from your deposit. By using the lowest possible mining fee we make every satoshi in your purchase count, this is why it may sometimes take longer for your transaction to confirm on the network. Do not use bittr if you are in a rush to get your bitcoin.
Bittr is compatible with bitcoin wallets which allow you to sign a message. If you don't have a bitcoin wallet, you may find what bitcoin wallet suits your needs best on the official bitcoin website or check out our blog post as a quick start. We recommend to use a hardware wallet, in order to safely store your satoshis for the long-term. Wallets including this functionality are Trezor, Ledger (via Electrum), BitBox and Coldcard. Through the links you can find a guide of the signing process.
Bittr supports almost every bank in Europe, as long as the transfer is coming from your own personal bank account and is issued in Euro (for our EUR IBAN) or CHF (for our CHF IBAN). Payments in other currencies are automatically reverted by our bank (and may cause additional fees), leading to significant delays to your payment. Please do not send EUR to our CHF account or vice versa.
Most banks will automatically send a SEPA transfer based on the IBAN and/or BIC code of our bank account. Occasionally, we do receive a payment through the SWIFT network, which causes an unnecessary fee of CHF 10,00. Since all banks within the European Economic Area (EEA) support the SEPA system. We will send you an e-mail if this happens but please be aware that the CHF 10,00 fee will be deducted from your deposit, before converting the deposit into bitcion.
Unfortunately, it is only possible to use a personal bank account due to our AML/KYC compliance requirements. We have built bittr to be a very consumer friendly service in order to conveniently buy bitcoin and have adjusted our business and legal processes accordingly. It is not possible to use a corporate bank account to buy bitcoin with bittr.
Yes. If you would like to buy bitcoin to the same bitcoin address as the one you've used initially, you may use the same deposit code for a new SEPA transfer.
The minimum transaction amount of an individiual transaction is 30CHF (€25), due to the fixed costs of a SEPA transaction. The maximum amount of fiat you can exchange via bittr is 999CHF/900EUR per 48 hours. Additionally, you can buy up to 99.999CHF (or euro equivalent) per year.
Bittr is designed in order to buy bitcoin conveniently, so you can easily buy bitcoin and receive the bitcoin straight to your own wallet. We do not provide a service to convert bitcoin back into fiat currency.
No, unfortunately it is not possible to change the bitcoin address linked to your deposit code after signing up. As there are no credentials to login with bittr, we have no way to be sure that it's actually you, who would like to change the address. This would open up a security issue as people with malicious intents might convince the bittr customer support team to change your address while nothing has changed at the your end (i.e. changing the description of the SEPA transfer). To securely change your address, register again to obtain a new deposit code and change the description of your SEPA bank transfer.
Never use bittr when you urgently need to send bitcoin somewhere. Only use bittr when confirmation time is not an issue. Please be advised that due to bitcoin's decentralized nature, a mining fee is necessary to incentivize the bitcoin miners to safeguard the network. Bittr broadcasts bitcoin transactions with relatively low mining fees. The more congested the bitcoin network gets, the longer it will take for bittr transactions to confirm. However, our transactions are not broadcasted as a single transaction. Instead, we will always be spending the (unconfirmed) change from the previous bittr transaction. Because of this, all unconfirmed bittr transactions are stacked upon each other, improving the likelihood of them being confirmed all at once. The more unconfirmed transactions being stacked upon each other, the more interesting they become for the miners to include them all (accumulating mining fees). In the unlikely event transactions do not confirm in reasonable time, we can always send the remaining change with a high transaction fee to ourselves, this technique will ensure your transaction will always be confirmed at some point and never gets “stuck”! This method is also known as Child Pays for Parent (CPFP).
Unlike regular bitcoin exchanges, you do not know the market price of the bitcoin you are about to purchase due to the time between your bank executing the bank transfer and the moment bittr receives your money. Your deposit is always converted in bitcoin the same day it is received in our bank account. Depending on your bank and its connection to bittr's bank, this may take 0-3 business day(s).
Right now we are focussing on setting up the most simplistic way of buying bitcoin, right through your own online banking environment, always managing your own wallet (private keys). We will never add support for any cryptocurrency other than bitcoin as we don't see any other cryptocurerncy meet the criteria as a scarce digital good worth saving in the long-term. If you have further ideas how we can improve bittr, do let us know!
Bittr was founded by Ruben Waterman, student in the MSc degree in Digital Currency at the University of Nicosia. The idea of bittr was born during a discussion in one of the classes, where we thought it would be great to have a service where one could easily buy bitcoin, without manual intervention. We were convinced that this should exist for the EU market, sooner rather than later and that's why Ruben embarked on this adventure.
There is no automated way yet to incorporate your service with bittr. If you are interested in this, please send an email to email@example.com
Though this would technically be feasible, it highly contradicts what bitcoin stands for: decentralization! We therefore believe we should not offer this to our customers, but if you need help setting up a bitcoin wallet, we wrote a blog post to help you get started. If you still have questions, just reach out to us via firstname.lastname@example.org and we will try to help you out as soon as possible!
Bittr offers the sweetest way to stack sats and buy bitcoin! We are your gateway to become financially independent and make your money truly yours again.
All you need is a bitcoin wallet, a bittr deposit code and a SEPA transfer!