What Does Bitcoin Well Do?

Description

Bitcoin Well is a Canadian Bitcoin-only platform that offers a variety of Bitcoin-related services in Canada and the US. You can buy, sell, and store Bitcoin, as well as use it to pay bills and purchase gift cards. Bitcoin Well also has ATMs where you can buy Bitcoin with cash.

How Bitcoin Well Works

Here’s how Bitcoin Well works, depending on the type of service you want.

Paying Bills With Bitcoin

You can pay bills directly from your self-custody wallet using Bitcoin Well. After adding a payee to your Bitcoin Well account, a unique Bitcoin address will be assigned to that payee. Any Bitcoin sent to this address will be automatically converted into dollars and forwarded to the payee. This service can be used to pay credit card bills, utility bills, and virtually any other bill you need to settle. This is a convenient option for those who wish to manage everyday expenses using Bitcoin.

How to Sell Bitcoin on Bitcoin Well

Selling Bitcoin on Bitcoin Well is simple and offers convenient conversion options. After logging in to your Bitcoin Well account, go to the “Sell Bitcoin” section and enter the amount of Bitcoin you want to sell. You can choose your payout method: either convert your Bitcoin into USD and have the funds sent directly to your bank account, or convert it into Canadian Dollars and receive the funds via e-Transfer.

How to Buy Bitcoin on Bitcoin Well

Bitcoin Well also offers multiple methods for purchasing Bitcoin. Canadian users can buy Bitcoin instantly using an Interac e-Transfer. For larger purchases, wire transfer is available. Additionally, you can set up recurring buys to automatically purchase Bitcoin at regular intervals, which is helpful if you are looking to dollar-cost average your investments. These options provide flexibility and convenience for both one-time buyers and regular investors.

Buy Gift Cards With Bitcoin

For those looking to purchase gift cards with Bitcoin, Bitcoin Well offers a simple process. Log in to your account, navigate to the Gift Cards section, select from over 500 retailers and the value of the gift card, and pay with Bitcoin. You’ll receive the gift card code instantly, allowing you to spend your Bitcoin at popular retailers in the US and Canada.

Buy Bitcoin Using ATMs

Bitcoin Well also operates a network of ATMs in Canada where you can purchase Bitcoin with cash. To do so, locate a Bitcoin Well ATM near you, insert cash into the machine, scan your Bitcoin wallet QR code, and receive your Bitcoin instantly.

Bitcoin Well daily ATM limit for transactions can vary depending on the specific machine and local regulations. Generally, Bitcoin ATMs, including those operated by Bitcoin Well, set daily transaction limits that range from $1,000 to $10,000 CAD or equivalent in other currencies. The daily limit ensures that your transactions remain secure while allowing for significant daily purchases.

How Long Does Bitcoin Well Take?

Transactions on Bitcoin Well are typically processed quickly. For e-Transfer purchases, the process is almost instant. Wire transfers may take a few business days, depending on your bank. Selling Bitcoin and receiving funds can vary, but e-Transfers are usually completed within minutes. Additionally, Bitcoin Well supports transactions over the Lightning Network, enabling near-instant transfers with minimal fees.

Bitcoin Well Fees Update

Starting September 16, 2024, Bitcoin Well will adjust its fee structure as follows:

• The spread for Instant Bitcoin buy, sell, and bill payment transactions will increase from 1.0% to 1.2%.
• For Cash Voucher transactions, the cash funding fee will rise from 3.0% to 4.0%, and the buy/sell spread will go up from 2.0% to 3.0%.

Bitcoin Well Alternatives

If you’re exploring alternatives to Bitcoin Well, you can try these services:

• Bull Bitcoin (Canada)
• River Bitcoin (US)
• Swan Bitcoin (Canada, US)
• Bitrefill (pay bills, buy gift cards with Bitcoin)

Is Bitcoin Well A Good Bitcoin Platform?

Bitcoin Well is an excellent platform if you’re looking for a self-custody solution that supports a variety of Bitcoin-related services in Canada and the US. It’s also a good option if you want to buy Bitcoin privately with cash vouchers at an ATM.

Being a self-custody focused platform, it means that your funds remain under your control at all times. While the platform does require KYC for certain accounts, the Lite Account offers a no-KYC option with limitations. Overall, Bitcoin Well is a strong choice for anyone serious about Bitcoin, especially for those in Canada and the US looking for a comprehensive, Bitcoin-focused services such as paying bills with Bitcoin, buying, and selling Bitcoin.