Bitcoins are an online, decentralized currency that doesn’t belong to any government and can be used anonymously by anyone. Hold up! If we can use Bitcoins anonymously, where do we keep them? How is it possible to use a currency system anonymously without it leading back to a person? The answer is actually quite ingenious.
The Bitcoin “wallet” is your way of keeping Bitcoins in one spot, safe and secure. There are two different types of Bitcoin wallets and they are the software wallet and the web wallet. The main difference between the two is that a software wallet has to be installed onto your computer or mobile device, while a web wallet is hosted by a third party provider.
It’s hard to say which wallet is more secure because both have different factors which have to be taken into account when their security is in question.
Essentially the security of a software wallet is entirely put onto how secure your computer or mobile device is, while the security of the web wallet relies completely on the security of the third party host who is in control of the wallet. Either way, they both offer you the ability to send, receive and store Bitcoins.
However, spending these Bitcoins can be somewhat cumbersome as not all retailers accept them and you can’t exactly send a specific amount of Bitcoins to someone like Wal-Mart for your purchase.
If you need something at a brick and mortal location, you would have to go through an exchange firm, convert BTC to USD then deposit everything into your bank account. After a few days of processing, you can go back to your local store and buy whatever you need.
This is all dandy and what not but we don’t like waiting two to three days to get our snack on, besides we have no desire to pay all those transaction fees that each of these establishments through which our currency will pass through will inevitably charge us.
The end result is this amazing form of currency, the Bitcoins, and our inability to use them! Luckily, XAPO is here to save the day.
What Is XAPO Wallet?
Xapo.com is a web wallet with mobile support. Not only that but they also offer a Debit Card which is linked to your account and can be used anywhere.
Because of their application integration into the online account services, you are able to use your phone to see every transaction and exactly how much money you have in your account. You are in complete control of your funds no matter where you are. The money follows you as you go from one place to another.
XAPO Wallet Debit Card
Need your money right now? No problem! Xapo offers a completely secure Debit Card which is linked to your account and can be used at your convenience. Many companies offer Debit Cards, but none of them are like the Xapo Debit Card.
It’s accepted everywhere Visa is accepted and you can see your transactions instantly on your mobile application. Furthermore, you can use your Xapo Debit Card at any ATM worldwide to withdraw cash if you need it.
There are a few limitations when it comes to using the Xapo Debit Card. First of all, you can complete only 2 ATM transactions per day with a limit of $200 USD per transaction and $400 USD per day and $1000 USD lifetime. Point of sales transactions are limited to $2,500 USD per single transaction with a $2,500 daily limit and a $2,500 lifetime limit.
We understand that these limitations might seem somewhat strict but we have good news for you. These are what Xapo marks as Standard Limits. Once you get your Xapo Debit Card, you can request Upgraded Limits.
All you have to do to get your Debit Card limits to the upgraded status is fill out a form that Xapo provides and upload a high resolution image of acceptable ID and proof of residence with the same address as you want your Xapo card to be linked to.
Once those requirements are met, the following limitations are applied to your Xapo Debit Card – two daily ATM withdrawals are allowed with $1,000 USD limit per withdrawal and $2,000 daily limit – no lifetime limit – point of sales transactions are limited to $10,000 USD per purchase and $20,000 USD per day limit without a lifetime limit.
XAPO Wallet Security
Xapo offers one of the most secure vault systems. Customers’ Bitcoins are securely located on offline servers which are never connected to the internet. The servers themselves are located behind concrete walls with steel blast doors and Faraday cages implemented to block out any radio frequency access.
Each server facility is located at highly secured locations within the Swiss Alps which offers additional protection against physical theft. Needless to say, we think our Bitcoins will be 100% protected under Xapo.
XAPO Wallet Conclusion
Bitcoins offer freedom, security and anonymity but using them for daily purchases can be a nightmare. However, with the help of Xapo this nightmare can become the most pleasant dream – all you have to do is sign up for an account today and get your Xapo Debit Card.