Bottlepay closing | Bitcointalksearch.org

Yamane_Keto

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Quote from: tech30338 on May 28, 2023, 06:05:43 AM

This app is available in UK and Europe, its sad that its closing, since acquisition, they said that you can transfer bitcoin and other currency, without fee's

There are always hidden fees, without which the platform will not achieve a commercial return that allows it to continue.
Those hidden fees may be bad exchange rates, or they may be hidden trading rates. Prices will not appear to you as withdrawal or transfer fees, but they definitely deduct them because the company is not a charitable organization.

I've never heard of it, it might be popular in the UK but what happened was it was acquired by a US crypto company so they might come back under another name.
If the goal of the app is to allow you to send Bitcoin to friends using social media accounts, why not ask your friends to use the Lightning Network?

paid2

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Crypto Swap Exchange

Yeah I saw that and I think it's sad, they had excellent customer support and that's pretty rare in this business. I like the fact that they give users more than a month to withdraw their corner, it's a very honest approach.

However, their business model wasn't sustainable in the long term, and this isn't the first time they've been in troubles. They were bought out in 2021 (if I remember correctly), and since then a number of bad decisions have been made, leading to their downfall. For example the almost free on-chain fees for users, their Welcome Bonus and referral policy was generous, and I know that some incredible sums were lost through abuses, they let it go for a lot of time with a lack of reaction at this time. The accumulation of small errors such as these, as well as a slightly too "old school" management of their service, will unfortunately have been their undoing... Officially, it was the taxes that sank them, but there had been rumours for some time that the boat was taking on water for them.

JeromeTash

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Heisenberg

It looks like they made the announcement about a week ago according to the official announcement - https://help.bottlepay.com/en/articles/7902589-the-bottlepay-app-is-closing-down

The good news is that they will be contacting users also via email as per the announcement
I have never used the app, but it seems to me that it was a custodial wallet/exchange, so I don't think those QR codes your relative threw away were private keys. He could just log in and check the account if he still remembers the login credentials

Potato Chips

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yesssir! 🫡

Quote from: tech30338 on May 28, 2023, 06:05:43 AM

This app is available in UK and Europe, its sad that its closing, since acquisition, they said that you can transfer bitcoin and other currency, without fee's
users are reminded to withdraw their bitcoin or any currency before it closed, this is the first time i heard of this app,

Perhaps business did not fare well.

If on-chain transactions were free, this means they were shouldering the miner fee, in other words, extra expenses.

Quote from: tech30338 on May 28, 2023, 06:05:43 AM

the sad thing is he is throwing all the paper with a qr code, if im not mistaken, and he said that its a lot of papers that he had put in the bin
which makes him a millionaire if he just kept it, he should have use this app.

QR code of what? does it contain his private keys? if so, it just means your brother in law is bad at self-custody. The app is custodial so I wouldn't say it should be his "should have" for storing decent amounts rather, he should've researched first what he's getting into and practice good self-custody habits.

Quote from: tech30338 on May 28, 2023, 06:05:43 AM

here is the link of the news hopes that people who use this app in the forum will see this post and withdraw their funds there.
https://www.business-live.co.uk/technology/bottlepay-closing-app-newcastle-bitcoin-26993073

Nice to see that they're being respectful to their users. I've no complaints over their offboarding process. 2 months to withdraw bitcoin/cryptos then after that, funds would be converted to fiat and be sent to users nominated bank. It appears continuous notifications would be sent out during the process as well.

tech30338

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have anyone use bottlepay?
This app is available in UK and Europe, its sad that its closing, since acquisition, they said that you can transfer bitcoin and other currency, without fee's
users are reminded to withdraw their bitcoin or any currency before it closed, this is the first time i heard of this app, my brother in law told me before that
the UK is using bitcoin as a change, the sad thing is he is throwing all the paper with a qr code, if im not mistaken, and he said that its a lot of papers that he had put in the bin
which makes him a millionaire if he just kept it, he should have use this app.
here is the link of the news hopes that people who use this app in the forum will see this post and withdraw their funds there.
https://www.business-live.co.uk/technology/bottlepay-closing-app-newcastle-bitcoin-26993073

Topic: Bottlepay closing (Read 82 times)