Bakkt app wallet?

Bakkt just released their new app for managing digital assets including Bitcoin and other cryptocurrencies, reward points, gaming assets and gift cards.

We can buy and sell bitcoin and pay other people with Bitcoin or cash using Bakkt app but let's take a deeper look in this app from their website.

You first need to sign-up and pass kyc verification for using Bakkt app and it is only available for United States customers for now and you can only buy maximum of $500 worth of Bitcoin per day.

Bakkt account can be locked at any time if they notice anything suspicious with identity verification.

You can buy or sell Bitcoin with Bakkt app only from Monday through Friday from 7am to 7pm ET and if you try to buy it outside this time range you will receive an error message. Cheesy

Bitcoin in Bakkt app is not actually owned by customer but by Bakkt Trust and it can't be sent to other Bitcoin wallets.

Quote

Can I add bitcoin from the Bakkt® App to a different Wallet?

No, the bitcoin stored in your Bakkt® App is being held on your behalf by Bakkt® Trust, a qualified custodian, and limited purpose trust company regulated by the New York State Department of Financial Services (NYDFS) and cannot be transferred externally to another wallet.

https://help.bakkt.com/hc/en-us

I checked their Google store app and I see a lot of bad reviews claiming that app have many issues especially during their early access program.

This Bakkt wallet app may introduce Bitcoin to new people but their app is probably worse than Paypal and other custodial wallets and I would not suggest anyone using it.

Quote from: dkbit98 on March 31, 2021, 11:03:21 AM

I checked their Google store app and I see a lot of bad reviews claiming that app have many issues especially during their early access program.

I have checked google playstore for the app but I did not see anything, can you include the link using code. Or maybe the wallet has been removed from google playstore.

Any wallet that is custodial are not safe. It will be good to let us discuss more about this wallet if it was removed from google playstore or not. This will let us know if it is legit or not.

Quote from: Oshosondy on March 31, 2021, 12:28:11 PM

Like I said it is only available in US now, not in Africa, it is not removed and you can find the link for Bakkt app on their website:
https://www.bakkt.com/get-started

Quote from: dkbit98 on March 31, 2021, 12:32:58 PM

Like I said it is only available in US now, not in Africa, it is not removed and you can find the link for Bakkt app on their website:
https://www.bakkt.com/get-started

I checked for the wallet and I did not saw it on playstore, but I followed what you said and get the link that took me to playstore where I can download it but it does not support my country. Hope it is not just an app that is supported by just few countries, maybe only one country. Though I can not use the wallet because it is not custodial.

Quote from: dkbit98 on March 31, 2021, 11:03:21 AM

You can buy or sell Bitcoin with Bakkt app only from Monday through Friday from 7am to 7pm ET and if you try to buy it outside this time range you will receive an error message. Cheesy

Bitcoin in Bakkt app is not actually owned by customer but by Bakkt Trust and it can't be sent to other Bitcoin wallets.

It raises me a big question: Is it really Bitcoin?
We cannot call something as Bitcoin when we cannot even move it anywhere. Obviously, it goes against the current Bitcoin market factor. So, do we really buy BTC from them? Is it really a wallet? In this way, I can see from another perspective, buying BTC on this platform is an investment. A real investment, because you don't really own it. Just press buy and sell. Furthermore, since it has a limited time to buy and sell, it feels like Forex. Markets are closed on Saturday and Sunday, similar to here. So, all I see here is a cryptocurrency-based Forex trading platform, not a new wallet. Wallets are usually not limited to the countries they are allowed to use, right?

Quote from: dkbit98 on March 31, 2021, 11:03:21 AM

using their wallet is not free and you need to pay fees for using it,

Are you sure about that part? Not sure if I'm missing something but their FAQ page, says something else:

Quote from: https://help.bakkt.com/hc/en-us/articles/360053185251--Bakkt-App-Crypto-Bitcoin-Buy-Sell-FAQ

Is there a wallet service fee?

No, Bakkt does not charge users a wallet service fee.

Quote from: dkbit98 on March 31, 2021, 11:03:21 AM

Bakkt account can be locked at any time if they notice anything suspicious with identity verification.

Looks like it's going to be the Coinbase version 2.0 ^{[not referring to their recent wallet app]}.

Their tagline ^{[unlock the hidden value...]} is quite misleading ^[SMH].

Quote from: SFR10 on April 01, 2021, 07:19:59 AM

Are you sure about that part? Not sure if I'm missing something but their FAQ page, says something else

You are right, and I made a correction in my first post, there are no extra service fees.
Thank you.

Quote from: ETFbitcoin on April 01, 2021, 09:35:34 AM

They really treat Bitcoin as stock. But even investor (who don't care about decentralization/freedom) will find this limitation very annoying and might use another platform.

I am not really sure what alternatives there are for Bakkt app, that are offering support for crypto and stocks, but maybe Crypto.com is the best from the worst.
Someone needs to make a list of worst services for holding Bitcoin and Paypal and Bakkt would probably be on top.