Olaniran
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There are enough solutions these days to help bitcoiners acquire, store and exchange their bitcoins. Today, we're going to take a look at Speed Wallet, a Bitcoin and Lightning wallet that lets you carry out transactions with ease.
What is Speed Wallet?
For new bitcoiners, the choice of wallet that will be used to store and exchange your bitcoins is crucial and can affect the security of your assets.
With this in mind, Speed Wallet is an intuitive and secure ecosystem that allows you to do both:
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Store and exchange your bitcoins.
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Purchase digital services through Bitrefill integration.
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Accept Bitcoin in your business through a point-of-sale application.
In this tutorial, we'll take you through each of these aspects to make your experience with Speed Wallet as easy as possible.
Getting started with Speed Wallet
Speed Wallet is a multi-currency custodial wallet supporting transactions on the Bitcoin main network, Lightning network transactions and also USDT (Tether USD) stable currency transactions. In this tutorial, we will focus exclusively on the use of Speed Wallet on the Bitcoin networks.
Speed Wallet is available as a mobile application on the Android (Google Play Store) and iOS (Apple Store) platforms, but also as a Chrome extension that lets you carry out transactions from your computer.
You can find links to download platforms on the official [Speed Wallet] website (https://speed.app).
⚠️ IMPORTANT: It is essential to download your wallets from official download platforms to guarantee the authenticity of the application.
In this tutorial, we'll be focusing on the app's Android platform, but all the processes that will be presented in this tutorial are equally valid on iOS.
Speed Wallet requires the creation of a user account. You can create one from your Google account, or define a strong email and password.
Once your account has been created, we recommend that you set up a dual authentication system or PIN/biometric fingerprint verification. These configurations add an extra level of security, allowing you to authenticate yourself before accessing the wallet and during bitcoin transactions from Speed Wallet.
To do this, go to the application settings, then activate dual authentication and biometric verification.
From Settings, you can also customize the way your balance is displayed by choosing your local currency in the option
Making your first transaction with Speed Wallet
If you already have experience with Bitcoin wallets, you won't be out of step at all. Speed Wallet offers you an intuitive Interface to help you get started.
On the Wallet home page, you'll find :
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A section for the currency with which you wish to operate.
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Your balance in the chosen currency.
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An option to create and personalize your Lightning address to receive Lightning payments.
⚠️ NOTE: A Lightning address is a unique email alias that simplifies the reading of your Lightning URL. Be sure to provide the correct Lightning address when you wish to receive Lightning payments.
- Receiving payments on Speed Wallet:
Click on the Receive button, then select the layer on which you wish to receive and the transaction amount to share your invoice with your sender.
You can also simply use your Lightning address when you want to give your sender the flexibility to define the transaction amount.
- Send bitcoins with Speed Wallet:
From the Send button, you can send bitcoins using your recipient's Lightning address, Lightning invoice or Bitcoin (Mainnet) address.
Speed Wallet will detect, based on your address format, the network on which it should operate, giving you a smoother experience.
Explore more Speed Wallet
One of the first features of Speed Wallet is that it lets you buy and exchange currencies without leaving the application. In this way, you can obtain bitcoins from the balance of another currency in your wallet. For example, you can buy Bitcoin with the USDT you already have in your wallet, with lower exchange fees.
The Buy and Swap options let you exchange bitcoins for the other currencies available in Speed.
- Buy Bitcoin with your credit card: Speed Wallet makes it easy to acquire Bitcoin from the fiat currencies you use every day. It incorporates a payment aggregator that allows you to pay bitcoins with your credit card.
- Buy Bitcoin from other cryptocurrencies: You can exchange your USDT, USDC for bitcoins in your wallet and vice versa. Through this option, Speed Wallet simplifies the process of buying and selling Bitcoin without referring to external exchange platforms. So you can trade for as little as 20,000 satoshis, around $20 at the current rate, without leaving your Speed wallet.
Buy goods and services in Speed Wallet
In addition to transaction and exchange operations, Speed Wallet is an innovative ecosystem that gives you access to goods and services platforms that accept Bitcoin as a means of payment.
In the Apps menu, you can find a multitude of platforms, games, discount offers, services but also platforms to earn bitcoins by performing tasks.
So, from Speed Wallet, you can search for accommodation anywhere in the world by paying via Bitcoin with AirBtc, for example.
In the Offers sub-section, find out about first deposit discounts offered by gaming platforms.
In the Earn section, you'll find the platforms you can use to earn satoshis by performing tasks.
In the Shop menu, you'll find Bitrefill, which brings you even closer to the digital services (gift cards, phone top-ups, etc.) available in your region and everywhere else.
See our tutorial on how to get started with Bitrefill below.
Earn rewards
In addition to the built-in applications, Speed Wallet implements an evolutionary process based on your use of the wallet. Depending on the regularity of your transactions, you'll earn Speed tokens that make you eligible for a reward that you can receive in bitcoins.
Speed Wallet also features an invitation system that lets you earn bitcoins every time someone uses your link to create their Speed Wallet wallet.
To qualify, you must meet the following criteria:
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The sponsorship program is available in your country.
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Your account is at least 24 Hours old.
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You have at least 1000 Satoshis or 1 USDT in your wallet.
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Invitation and rewards are not restricted to your account.
Going further with Speed Wallet
As you've seen, Speed Wallet integrates enough platforms to enable you to use Bitcoin in real-life situations on a daily basis. It also gives you the flexibility to add your favorite local platforms.
In the Settings option on the Wallet page, the Mini Apps section lets you customize and manage all the applications you've added.
Speed Wallet isn't just for Mobile!
In addition to the mobile application, Speed Wallet also offers a Chrome Web extension that you can add to your computer's Google Chrome browser for secure transactions.
Open the extension in your browser, then log in.
Authenticate your computer to authorize access to your wallet.
Speed Wallet for retail
Speed Wallet places particular emphasis on the integration and use of Bitcoin and stablecoins in businesses around the world.
From Speed Business, you have a unified payment aggregator to accept Bitcoin, powered by Lightning Network that you can use in your store, online or physical.
Essentially focused on payments, you will find the following options:
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Online payments: With this option, you can accept Bitcoin as a means of payment for your digital products, via payment links, invoicing and subscriptions.
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On-site payments: To collect payments in your store.
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Instant payments: An option that lets you manage reimbursements, withdrawals, expenses and employee pay slips directly from Speed Business Interface.
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Platform payments: Connect your Speed Business account to external tools you use to make transfers and payments to these platforms.
You've reached the end of our Speed Wallet tutorial. If you found this tutorial useful, please give us a green thumb. We also suggest you take a look at our tutorial on saving and setting up an estate plan using the Liana wallet.
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This tutorial has been written by Olaniran
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