Bonpay provides storage and transaction solutions to cryptocurrency users. They support a wide variety of cryptocurrencies and their main offering, the Bonpay Card, enables users to do everything that they can do with a normal debit or credit card. Holders of the Bonpay card can make online transfers, withdraw at an atm, and fund their card at their own discretion.
The storage solution offered is a web-based wallet. Two-factor authentication can be enabled which can add an extra layer of security but overall, web-based wallets are a less secure solution than hardware wallets or being in control of your own cryptocurrency. Essentially, you will be trading some of your security for convenience.
The overall aim of the project is to make Bitcoin and other cryptocurrencies easier to use. In terms of security, users have the ability to lock their card if they lose it. There is 24/7 support from the team. However, Bonpay is in control of the private key which means you are outsourcing the overall security of your cryptocurrencies to Bonpay.
- Support for a wide variety of cryptocurrencies
- Two-factor authentication can be enabled for storage
- Makes using cryptocurrencies more convenient and easy.
- Fees are typically higher for the card when compared with doing a normal cryptocurrency transaction from your wallet
- Citizens of the United States and Singapore are restricted and unable to use this service
- Storage is not as secure as a wallet where you have your own private keys