UK Startup LazyPay – European Challenger to Coinbase and Bitpay
Using smartphones to receive and accept bitcoin payments is increasingly gaining acceptance. LazyCoins has been working quietly and meticulously to create LazyPay, a bitcoin mobile application, that can knock out today’s bitcoin mobile applications. How is LazyPay different from other bitcoin payment apps? What are the chances of its success?
Dominate Planet of the Apps
Smartphone apps are increasingly helping bitcoin grow bigger and gain more fans all over the world. As the number of smartphone users is steadily increasing, mobile applications are predicted to become the most commonly used way to send and receive bitcoin payments, especially with the development of more innovative secure applications.
Why Will Bitcoin Mobile Applications Rule?
Research data point to the fact that there were around 2 billion people in the world using smartphones in the year 2004 and this number is expected to grow to more than 4 billion in the year 2020. As the number of smartphone users is skyrocketing, bitcoin mobile applications will most probably become the most popular way to send and receive bitcoin payments all over the world.
In 2014, more than 2.5 billion of the world’s adult population didn’t own bank accounts. Given the increasingly growing popularity of smartphones and the negligible transaction fees of bitcoin payments, mobile bitcoin applications will probably become the most commonly used way to send money to anyone, anywhere in the world. So, why would you ever use a bank account when you can transfer and receive money using your smartphone at a fraction of the fees of bank wired transfers?
Reviewing the Most Popular Bitcoin Mobile Applications:
There are numerous bitcoin wallets and bitcoin mobile applications for various mobile operating systems including iOS, android and Windows Phone. Many applications rise and fall before you can even notice they ever existed. The following represents a review of the most popular bitcoin mobile applications according to bitcointalk.org:
Blockchain:
The blockchain application is available for android, iOS and Windows Phone 8 mobile operating systems. Blockchain is by far the most popular bitcoin application that has proven to be a secure and simple way to store your bitcoins. Blockchain stands out among other online bitcoin wallet applications because the platform never stores the private keys of their users. You can use the application to send and receive bitcoin payments via bitcoin addresses or QR codes. Blockchain’s design is not attractive and using it can be rather confusing for some people.
Coinbase:
Coinbase is not only a bitcoin mobile wallet application, but also a platform that allows its users to buy and sell bitcoins. Although Coinbase can be tempting and easy to use for many, various technical issues have been reported affecting transactions on the platform. Furthermore, Coinbase controls the private keys of their users, so it’s not considered a secure way to store your bitcoins. The application is available for both android and iOS users.
Bitcoin Wallet:
Bitcoin Wallet is a bitcoin android wallet application. It allows users to import bitcoin wallets created by desktop qt wallets, but the application is unfortunately incompatible with blockchain’s backup files. Bitcoin Wallet enables you to send and receive bitcoin payments using addresses or scanned QR codes. The application is not available for either iOS or Windows Phone mobile operating systems.
GreenAddress.it:
Although GreenAddress is a relatively new bitcoin mobile application, it is considered one of today’s most innovative bitcoin mobile applications. Greenaddress acts as a co-signer of users’ bitcoin transactions attempted via the application, which increases the security of this storage vault and minimizes the amount of bitcoins that could be stolen from your account even if a hacker seizes your password and the two-factor authentication code. As GreenAddress is a newcomer to the world of bitcoin, technical difficulties and bugs are yet to be discovered. The application needs more time before it can build a solid reputation among bitcoin users.
Introducing LazyPay Bitcoin Mobile Application:
Lazypay is LazyCoins’ state-of-art bitcoin mobile application, which will allow users to store their bitcoins safely and buy from online stores via its smart merchant services. LazyPay was demoed at the BitcoinExpo conference in London during the 24th and 25th January. Danial Daychopan, LazyCoins‘ CEO, began his conference speech by highlighting the importance of storage security of a bitcoin mobile application. Accounts are protected using two-factor authentication codes that are required for executing withdrawals and buying merchandize using the merchant services. LazyPay uses cold storage to store their users’ bitcoins; in other words, all of the users’ bitcoins are stored offline, which promotes a rock solid security for all users. Multi-signature keys and finger print account access strengthens the security of LazyPay even more. For maximizing security of accounts, withdrawals are executed manually in clusters at regular time intervals.
LazyPay is completely free to use offering no fees on transactions and it allows users to exchange their bitcoins and other digital currencies to FIAT bank wired transfers. Ordering a wired transfer to you local bank is accessible via the mobile application. LazyPay includes an attractive up-to-date local map showing merchants and businesses accepting bitcoin.
Why Can We Safely Mark LazyPay as a “Killer Bitcoin App”?
LazyCoins spent months tweaking and testing the LazyPay application before planning to make it available for the public. This enabled the company to carefully test the payment system and the merchant services’ application. This goes along the overall company’s strategy, as they have been running the LazyCoins exchange platform in beta mode since last July.
The LazyPay application was designed to render bitcoin a part of everyone’s life through:
Boosting the number of users as individuals and merchants. Tempting more people to start using cryptocurrencies as a payment method. Up- leveling security of the application to protect users’ coins. LazyPay’s secure and user friendly interface aims at rendering bitcoin businesses both safe and simple for both merchants and customers. The company’s ultimate target is to make buying and selling via bitcoin not only as easy as they are via cash or credit cards, but also safer, faster and more convenient. LazyPay utilizes bitcoin cold storage, two-factor authentication codes and fingerprint access to solidify the security of the platform.
Conclusion:
Mobile applications are increasingly attracting more users who prefer to use their smartphones to receive and send bitcoin payments. As the number of smartphone users is increasing at a rather steady rate and bitcoin mobile applications are becoming more innovative and easy to use, the popularity of use of smartphones for executing bitcoin transactions is expected to surpass other bitcoin payments methods such as desktop-qt wallets and online wallets. The most widely used bitcoin mobile applications today lack adequate security measures and attractive innovative options, which inspired LazyCoins’ team to create a “killer bitcoin app”. The extreme security of the bitcoin storage system offered by LazyPay, its attractive design and innovative options qualifies LazyPay to become the bitcoin mobile application of 2015.
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