Opinion: easyBitcoin Launch is Significant, But Carries Risks

Bitcoin’s been around for over 15 years. But so far, we haven’t seen many traditional financial brands embrace this cryptocurrency and offer it to their customers.

And that’s what makes a new announcement by easyGroup so significant. The company — best known for its budget airline easyJet — has revealed it’s built a “simple and affordable app” for investing in BTC.

As you’d imagine, it doesn’t take a rocket scientist to figure out what the platform’s called: easyBitcoin. The app is part of a collaboration with the established crypto exchange Uphold, which will handle transactions behind the scenes.

For the uninitiated, easyGroup has spread into a plethora of different industries over the years — covering everything from hotels to storage, and from car rentals to gyms. But each venture is underpinned by a unifying philosophy: the service in question should be low cost and free of frills.

When it comes to taking a flight, that means you’ll end up paying more for baggage, specific seats and snacks. Their hotels don’t offer extras such as coffee machines in rooms — and in some cases, even windows aren’t guaranteed. An overarching goal is to bring pricey services within the reach of those on low incomes.

Returning back to crypto, and you could argue that the sector has been crying out for an exchange that’s laser-focused on simplicity. Rather than offering thousands upon thousands of altcoins, complicated user interfaces and charts you’d need a PhD in statistics to decipher, easyBitcoin has gone back to basics.

Recurring BTC buys can be established, enabling newcomers to benefit from dollar cost averaging. Simple gamification’s also added through a 1% reward for the first $5,000 invested in three months, rising to 2% if the streak extends beyond that. Interest is also offered on the cash deposited in the app.

Of course, simplicity can have its downsides. BTC remains a risky asset — especially for inexperienced investors who don’t know what they’re doing. And you could argue that Bitcoin needs as many words as it can get its hands on when this volatility is being explained to newcomers.

A chart on easyBitcoin’s website illustrates how buying $100 in BTC a month would grow over five years, with an investment of $6,000 eventually worth a cool $18,233.65. But it isn’t made crystal clear that this is based on past performance, rather than a projection of what could happen between now and 2030.

That criticism aside, the recognition attached to the easyGroup — not to mention its bright orange branding — has the potential to win the trust of consumers who remain skeptical about Bitcoin’s potential. Polling cited by the company suggests 49% of respondents have found it difficult to buy, sell and hold BTC, with many arguing that current platforms have been built for sophisticated traders. And despite the best efforts of Coinbase and Binance, this remains true.

Further research suggests that curiosity and enthusiasm remains for Bitcoin, despite some murmurings on X that retail investors have yet to engage with this bull market. While 88% claimed they trust BTC to grow their wealth in the coming decade, 57% prefer it to traditional savings accounts — a figure that many only rise as interest rates continue to dwindle.

Another bullish development is linked to how easyGroup was founded by the Greek-Cypriot billionaire Sir Stelios Haji-Ioannou, who is vowing to make BTC “a practical investment option for all.” He added:

“For too long, investing in Bitcoin has felt like an exclusive club, out of reach for the general public with very high transaction costs. With the easyBitcoin.app, we’re aiming to change that and provide simple access via your mobile phone, great value and a focus on earning Bitcoin rewards whether you’re buying or simply holding Bitcoin.”

Looking forward, I predict that we will see greater numbers of legacy brands team up with existing crypto ventures to launch apps geared toward consumers. This could be a vital first step in extending Bitcoin’s appeal beyond degens, and to the wider public.

However, this needs to be combined with accessible education so would-be investors know what they’re getting into. Given how BTC plunged by 80% after hitting $69,700 in the last cycle, companies like easyBitcoin have a duty to make clear that this digital asset isn’t a get-rich-quick scheme. While easyJet’s flights might be short-haul, anyone tempted to dabble in crypto needs to be in it for the long haul.

Disclaimer: The opinions in this article are the writer’s own and do not necessarily represent the views of Cryptonews.com. This article is meant to provide a broad perspective on its topic and should not be taken as professional advice.