BIT.AC – Multi Cryptocurrency Wallet With Built-in Instant Exchange?
BIT.AC is a bitcoin and altcoin wallet first introduced in March 2016. Find out everything you need to know about this multi-currency wallet today in our review.
What Is BIT.AC?
BIT.AC promises to provide a secure crypto-wallet capable of holding all different types of cryptocurrencies – including popular options like bitcoin, Ethereum, Dash, Monero, and Litecoin as well as smaller altcoins like Factom, Clams, Vericoin, and Peercoin.
In June 2017, the company announced it was adding 22 more coins to its platform, including Trustcoin, Pluton, Augur, iExec, and other recently-released altcoins.
Making an account with BIT.AC is straightforward. You register your BIT.AC account, open a new cryptocurrency wallet, then begin to immediately send and receive cryptocurrencies.
Overall, BIT.AC claims to be “the world’s most sophisticated cryptocurrency digital wallet to feature an in-built instant exchange.” Obviously, we’ve seen other wallets with this same feature – so it’s unclear what BIT.AC means with that statement.
When you search for BIT.AC reviews online, you’ll find a number of complaints about the platform dropping transactions, or users losing access to their funds. On the Google Play Store, the BIT.AC app has nearly as many 1 star reviews (56 reviews) as it has 5 star reviews (59 reviews).
Is BIT.AC a legitimate wallet? Or is there something fishy going on here? Let’s take a closer look at how the wallet claims to work.
How Does BIT.AC Work?
On June 27, BIT.AC announced that it was adding support for 22 more cryptocurrencies. That news was announced in a paid press release, where the London-based wallet developer described how the platform “represents a step forward in a company’s efforts to bring crypto coins closer to a wide range of users.”
Some of the new coins include Gnosis, Golem, Iconomi, BAT, Aragon, Guppy, Lunyr, and TAAS.
As it’s always been, BIT.AC doesn’t require you to register multiple accounts on cryptocurrency exchanges. Instead, you can create one account, then exchange all of your currencies from within the wallet.
In a statement, company CO Philipp Schnabel said that, “Sending, receiving and exchanging currency has never been more easy.”
How To Use BIT.AC
Here’s the step by step process you go through when using BIT.AC:
Step 1) Create your wallet. You register an account with BIT.AC using your email address. Follow the instructions you receive in your verification email. Your online account lets you create an individual wallet per cryptocurrency.
Step 2) Start sending coins. Sick of downloading and creating countless cryptocurrency wallets? BIT.AC lets you send coins using a standard address or email.
Step 3) Receive coins. You can receive coins via your BIT.AC wallet simply by providing the sender with the standard cryptocurrency address (or your private email address). You can also generate a QR code, or register your own unique domain at BIT.AC – like “Andy1.BIT.AC”.
Step 4) Store your cryptocurrency. BIT.AC claims to use cold storage technology to protect user funds. The company doesn’t claim how much of customers’ funds are held in cold storage.
Step 5) Exchange currencies. You can exchange currencies instantly through BIT.AC by selecting the Exchange option on your account. The transaction will be executed immediately – there’s no need to wait. The company claims to aggregate data from “a large number of liquidity providers” to provide favorable market rates.
Step 6) Start earning. BIT.AC has a unique program where you can earn up to 50% commissions on the transaction fees collected from clients you refer.
Obviously, when an exchange provides liquidity and instant exchanges, you’re typically dealing with high fees, high exchange rates, and other costs. BIT.AC lists its fees upfront. Here are some of the most important fees you need to know about:
- Exchanging any currency to BTC: 0.15%
- Exchanging BTC to any currency: 0.15%
- Exchanging two currencies: 0.3%
- Minimal exchange amount: 0.002 BTC
- Depositing Factom: 0.1 FCT, minimum 1 FCT per deposit
- Depositing Lisk: 0.1 LSK, minimum 1.1 LSK per deposit
- Receiving coins: Free
- Sending coins to other BIT.AC users: Free
- Sending coins to non BIT.AC users: Network fee
BIT.AC advertises all of the following features:
Multi-currency Cryptowallet: The primary goal of BIT.AC is to offer a multi-currency cryptowallet, which means you can easily store multiple currencies from one account instead of creating individual wallets on different exchanges (however, BIT.AC still seems to make you create a new wallet within their platform for each currency you wish to use).
Instant Currency Exchanges: You can exchange currency instantly from your BIT.AC wallet. You don’t have to wait for confirmations.
Send Coins Directly or By Email: BIT.AC lets you send coins to someone with no wallet. Just send currency to their email, and they’ll need to register with BIT.AC to access the money you sent them.
Mobile Wallet: BIT.AC has an Android app.
Affiliate Program: BIT.AC gives you a 50% commission on transaction fees for any clients you refer to the platform.
BIT.AC is based in London at the following address:
71-75 Shelton Street
London, WC2H 9JQ, UK
The company first appeared online in 2015. In a BitcoinTalk.org forum post in April 2016, the company announced that it had added 50,000 customer accounts since March and was doing 180 BTC of daily instant exchange volume.
Key members of the company include CO Philipp Schnabel. You can contact the company by email at [email protected]
In terms of trading volume or customer accounts, it’s difficult to confirm any of the numbers given by BIT.AC. The company is not listed in the top 155 bitcoin exchanges by volume by CoinMarketCap.com.
If an exchange was doing 180 BTC of trading volume per day (approximately $450,000 USD), it would be featured on that list. We definitely need more proof to back up this claim – otherwise, it seems like BIT.AC is deliberately misleading customers.
BIT.AC is a bitcoin wallet available for Android as a mobile app or through your browser. The platform appears to be legitimate at first glance: it goes into great detail about its business model. It provides transparent information about exchange rates and fee structures. And the website appears to be well-designed.
Unfortunately, there are a number of serious problems with BIT.AC. When you check for reports about the company online, you’ll find that customers frequently cannot access their account.
Customers have reported coins going missing, and reviewers on the Google Play Store claim they were unable to access their wallet for several hours – or even two weeks, in one case.
Some people claim the issue can be traced back to poor coding. Others claim that it’s a scam. Whatever the situation may be, you may want to wait for more information to come out before you start giving money to the platform. It seems to suffer from serious technical issues.