Stack Bitcoin with Pocket Bitcoin

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Escape the fiat ponzi and stack #Bitcoin directly to your hardware wallet. @PocketBitcoin lets you exchange your euros or Swiss francs straight to your own self-custodial wallet, hot or cold. How does Pocket Bitcoin work and how to stack corn with it? 🧵 👇

1/16 Pocket Bitcoin is a licensed financial service provider in Switzerland. For this reason, you can buy Bitcoin without KYC verification up until certain limits. Currently, these limits are 900 EUR per 24h, and 90,000 EUR per year.

2/16 The company was launched in June 2021 and is Bitcoin-only. There is no registration or account creation. You don't even have to download any apps. When using Pocket Bitcoin for the first time, you are prompted to inform how you want to receive your Bitcoin.

3/16 You can choose between various hardware wallets such as Ledger, Trezor, Coldcard, BitBox02 etc. You can also choose "Other" to e.g. connect a hot wallet.

4/16 In the following step, you're prompted to enter your Bitcoin address.

5/16 After sharing your Bitcoin address, Pocket also requests a signature from your wallet. This is to confirm that you have access to the Bitcoin address.

6/16 Unfortunately the @exodus_io wallet that I used for the purpose of trying out Pocket Bitcoin doesn't support message signing... 🙁

7/16 But no worries... Pocket has recently acquired @Bitkipi wallet that uses Pocket's API integration. I create a new wallet with Bitkipi, write down my seed phrase and buy BTC directly to my own wallet, within the app. To download to app, I need to register with an email.

8/16 The home screen looks nice and I'm ready to buy some corn. Bitkipi has functions for buying, sending and receiving BTC. There is no "Sell" function. Pocket Bitcoin is for buying!

9/16 I'm buying 21 EUR worth. It's also possible to set up an automated recurring buy. The fee is 1.5%, which is fairly competitive.

10/16 I'm prompted to send 21 EUR to an IBAN bank account. Pocket Bitcoin supports SEPA instant payments, but not credit cards or Apple Pay.

11/16 Unfortunately fiat banking has strict opening hours, so I need to wait a day or so until the corn is mine. I can see my open orders neatly on my dashboard.

12/16 Pocket falls into the category of "soft-KYC" BTC-buying apps. It doesn't collect your information, but the recipient name of your bank transfer shows as "Pocket App". Your bank (and therefore potentially the government) knows that you're sending fiat to Pocket to buy BTC

13/16 For enhanced privacy, you can share your wallet xpub (extended public key) with Pocket. This means that every time you buy Bitcoin with Pocket, it will go to a new unused Bitcoin address. This makes it difficult for 3rd parties to match you with your Bitcoin purchases.

14/16 Pocket Bitcoin is only available in Europe, but not in all countries.

15/16 Pocket has an affiliate program, but currently it's not open for the general public, but only for large platforms and content creators. If you fall into this category, you can reach out to them in order to get 21% of the fee revenue from your referrals for one year.

16/16 It's possible to integrate Pocket Bitcoin's fiat on-ramp API to any app or platform and earn affiliate rewards that way as well. The team confirmed that they're currently working on an open referral system for everybody.