Bitrefill

Description:

Bitrefill is an online platform that enables users to spend their cryptocurrencies through various channels, including gift cards, phone airtime top-ups, prepaid cards, and bill payment services. 

The business, registered in Sweden as Airfill Prepaid AB and headquartered in Stockholm, was founded by serial entrepreneur Sergej Kotliar in 2014. Michael Mauritz Grunberger, the Chief Financial Officer (CFO), is often described as a co-founder. Michel Gustavsson and Patric Stiller are also listed as having played a significant role in creating the platform.

According to data from the business data platform Crunchbase, Bitrefill has raised about $9.4M in capital in three rounds, with the most recent funding in early 2021. The most notable investors in Bitrefill include Tether Operations Limited, Fulgur Ventures, Draper Associates, and MCMA Ventures.

Countries Bitrefill Is Available

Bitrefill is available in about 186 countries. However, not all of its services are available in every country. For example, the Betrefill physical debit card is only available to EU residents, and the Bitrefill virtual Visa card is only available to US customers. Also, the bill payment service is only available in a few countries (mainly El Salvador). 

In general, Bitrefill uses a geoblocking system that ensures that you can only purchase products that can be used in your location or country.

Does Bitrefill Work in the US?

While Bitrefill is not incorporated in the US, American customers can access and use its services. A few of its services have been specifically designed for the US market, including gift cards from major American brands and a virtual Visa card that US customers can apply for and use.  

What Is Bitrefill Used For?

Bitrefill has grown into a platform that offers multiple services to crypto holders. However, most of these services involve helping users spend their crypto on merchants or service providers that ordinarily do not accept crypto.

The following are the core services that you can access on the Bitrefill platform.

Mobile Phone Refills

This is the earliest Bitrefill service. Through this service, you pay in crypto, and in exchange, the platform tops up your phone’s air time. After you input your mobile number on the platform, your service provider is automatically preselected, and the page where you can input the amount is displayed. 

On the transaction page, you enter the amount, select your preferred crypto, and add the purchase to the cart. You can also buy the airtime as a gift card. Once the payment is completed, the top-up is made directly, or the airtime code is sent to your email.

Gift Cards

This is the most popular service on Bitrefill. You can buy gift cards from thousands of brands worldwide. Although the platform presents the brands based on location, you can shop for gift cards from anywhere.

Buying gift cards with crypto allows you to live entirely on crypto. To buy, select the gift card you want, put it in a cart, and process the payment, which involves selecting the wallet you prefer and the particular coin you want to use. 

Once the payment is made, the gift card codes are sent to your email. The gift card can be sealed or unsealed. If you intend to use the card later, consider purchasing it sealed so that it is not easily accessible to others. 

Bitrefill offers its own gift card, the Bitrefill Check-out Card, which can be used to purchase up to $2000 on the platform. This card speeds up the purchase process and reduces network transaction fees, which you will likely pay if you make multiple purchases from a crypto wallet. 

eSIMs

If you travel frequently, especially across international borders, Bitrefill makes it easier to find and pay for phone and data plan connections in the countries you visit. Using crypto, you can pay for the eSim and the plan (call and data) you use.

Bitrefill’s eSIM product is powered by ESIM Go Limited, a company registered and headquartered in the United Kingdom. This company manages your connectivity worldwide with the Bitrefill-branded eSIM product.

Bill Payments

Bitrefill facilitates paying electricity, gas, internet, and other utility bills using crypto. However, this service is available in limited countries. 

El Salvador is the most notable country where the service has been launched and successfully implemented. To use the bill payment service, you need to verify your account. The bills are processed by a third party with the legal capacity and local network on behalf of Bitrefill. 

Bitrefill Visa Card

Bitrefill issues a debit card supported by Visa. The card is available in both virtual and physical forms. However, only European Union (EU) residents can apply for a physical card. Meanwhile, the virtual card is available to US residents, who can only acquire one with a weekly maximum spending limit of $1,000. If your identity is verified, you can have spending limits of up to €7,500 daily.

Lightning Network Services

Bitrefill is one of the businesses that has embraced the Lightning Network. This means you can pay for the services available on the platform using this Bitcoin Layer 2 platform, which assures you of low transaction fees and faster transaction confirmation.

Currencies Accepted by Bitrefill

Bitrefill was created primarily to allow crypto holders to spend their assets on everyday goods and services. Since its launch in 2014, crypto has been the primary payment method accepted on Bitrefill. 

The platform accepts hundreds of cryptocurrencies, including bitcoin, ethereum, litecoin, dogecoin, and tether. Bitrefill accepts cryptocurrencies directly as well as through integrated wallets like Coinbase and Trust Wallet and gateways like BitPay and Binance Pay.

Where third-party payment processors are used to send payments to Bitrefills, extra fees might apply according to the terms of use of the third-party processors. 

KYC Requirements on Bitrefill

Bitrefill has four levels of customer accounts, each with different KYC requirements and benefits accessible to holders. The following are the four types of accounts on Bitrefill:

No Account Customer

The first level is as a non-account. You can shop on Bitrefill without creating an account. That means you can select products, add them to your cart, and proceed to make payment. At checkout, you will only be required to provide an email address or phone number to which your items will be delivered. 

However, without an account, you cannot review your order history, earn rewards, or add two-factor authentication. Also, your spending limits are generally low, and you cannot access all products. You can also make no more than 15 orders per day and have a purchasing limit of $500 per day and $1000 per month.

Bitrefill Basic Account Customer

This is an account you create by registering and verifying your email address. With this account, you can review your order history, earn rewards, and add two-factor authentication to protect your shopping and assets. But your spending limits are still generally low, and you cannot access all products.

You are limited to 15 daily orders and a purchasing limit of $2000 per card, up to $5,000 per day, and up to $10,000 per month. Meanwhile, you can do up to 15 phone top-ups per day, with a maximum expenditure of up to $200 per top-up, up to $500 per day, and up to $2000.

Verified Bitrefill Account Customer

This is an account that you verify by providing a photocopy of an ID, such as a passport or driving license, proof of address, and a live selfie. The verification takes from a few minutes to hours.

With a verified account, you are allowed up to 25 gift card top-ups daily, up to $2,000 per card, up to $10,000 daily, and up to $50,000 monthly. Meanwhile, you can top up your phone with up to $500 per refill, up to $1,000 daily, and up to $5,000 monthly.

Verified Corporate Account

A corporate entity can create and verify an account on Bitrefill by presenting relevant documents. This account allows a business to purchase, manage, and distribute gift cards in bulk as part of a rewards or incentive program. The account comes with a widget for processing and reviewing transactions. 

Security and Privacy on Bitrefill

Bitrefill has taken measures to protect your assets and the data generated. These include using the 3DSecure protocol, encryption, and two-factor authentication.

Meanwhile, Bitrefill is regulated, which means it adheres to KYC requirements. However, you can access some of its services without creating an account. However, you must create an account if you need to have higher spending, access a wider range of products, and maintain and access a detailed record of your transactions. 

To access even more products and benefits, you may need to verify your account by providing a government-issued identity document and an address.

It is important to note that Bitrefill has agreements with many partners, including payment processors, phone companies, utility companies, and others, who help provide many of the services you access on the platform. These partners have independent security systems and privacy policies outside Bitrefill’s control. 

Fees

In a Medium post, Bitrefill explained how it is possible to not charge fees on purchases made on the platform and that you pay the face value of gift cards and air time tokens. According to the post, Bitrefill negotiates huge discounts from brands, which allows it to make profits and give rewards to customers. 

It is important to note that when you pay on the Bitrefill platform, network fees apply. These fees can vary depending on the exact crypto you are using and the blockchain on which it is minted. In the case of bitcoin, they also depend on whether you use the Lightning Network. 

The Bitrefill Visa card does not charge monthly fees or foreign transactions, but a top-up fee of 1.9% is applied, and ATM withdrawals are charged 2.49%. You are charged an inactivity fee if you do not use the card for over 12 months. If you lose your card, you must pay a €10 fee to replace it.

FAQs

What is Bitrefill used for?

Bitrefill is a platform that enables users to spend cryptocurrencies, such as bitcoin, ethereum, and others, on everyday purchases. Through Bitrefill, individuals can buy digital gift cards for various retailers and services, top up mobile phone credit, and even pay bills in certain regions.

Is Bitrefill legit?

Bitrefill is a legitimate platform that has established itself as a reliable service for spending cryptocurrencies on everyday needs since 2014. The platform has grown a user base of crypto holders who rely on it to purchase gift cards, mobile top-ups, and even pay bills.

Bitrefill’s strong reputation is reflected in its high ratings and positive reviews. On Trustpilot, for example, it has an average rating of 4.8 out of 5, based on over 1,600 reviews, with 92% of users awarding it five stars. Most customers have indicated that the platform is reliable, fast, and intuitive. Meanwhile, Scamadviser assigns Bitrefill a high trust score, indicating that the website is legitimate and safe for consumers.

What is the alternative to Bitrefill?

Birefill’s alternatives include CoinGate, eGifter, Gyft, and CryptoRefills. These platforms enable users to buy gift cards, top up mobile phones, and sometimes, pay bills using cryptocurrencies.

How does Bitrefill work?

Users simply select the product or service they want from the platform’s extensive catalog, add it to their cart, and proceed to checkout. At checkout, they can choose their preferred cryptocurrency for payment. Once the transaction is confirmed on the blockchain, Bitrefill delivers the purchased gift card code or completes the service, such as recharging a mobile phone, often within minutes.

How long do gift cards freeze on Bitrefill?

Gift cards, airtime cards, balances, and rewards in your Bitrefill account are frozen one year after your last account login or one year after you purchase the product.

Does Bitrefill work in Canada?

Yes, Bitrefill works in Canada. You can buy gift cards from hundreds of Canadian brands and refill your phone on Canadian networks. However, you cannot use the platform to buy the Bitrefill Visa virtual card or pay bills in Canada.