We recently partnered with Relai to bring you the best experience of buying and storing Bitcoin in a simple and safe way. We are excited to work together with a company that, like us, is Swiss and shares similar values: empowering users for financial independence while strongly focusing on simplicity and usability.
Relai makes it easy for customers in Switzerland and the EU to accumulate bitcoins with automatic recurring buys from your bank account. The Relai app offers a built-in Bitcoin wallet that allows you to store your coins once you start buying. But what happens when you build a more significant holding?
The best way to safe-keep substantial amounts is to use an offline hardware wallet. And that's why the Relai app will recommend you to secure your coins using a BitBox02 once you hit a certain threshold.
So, how can you withdrawal your funds from the Relai app to your BitBox02? We've created a quick guide to assist you through the process.
How to use your BitBox02 with Relai
Setting up the Relai app
Once your BitBox02 is set up, visit Relai to download their app. Launch the Relai app and click "start now". Next, choose a PIN code for your Relai app. Relai will then locally create a Bitcoin wallet where you will receive your coins.
Configure your recurring buy
Once the wallet creation process is finished click on "buy" to configure your savings plan. During this step you can specify how much you want to invest and how often. At this time you will also be asked to add the details of the bank account from which you will transfer the money.
This is also where you can use the referral code "BitBox" to get a 0.5% discount off the Relai fees.
You will now be presented with a page showing you the details of your savings plan and instructing you to set up a recurring bank transfer. In this example you would be setting up a weekly payment of 50 EUR to the following bank account:
Address: Bity SA, Rue des Usines 44, 2000 Neuchatel, Switzerland
The Relai app will also display a "payment message" that you need to add to your bank transfers as the payment reference. It's crucial that your payments include this reference. Without it, Relai might not be able to identify to which wallet your payments belong.
Please note that bank payments can take up to 3 days to arrive to Relai. Once each payment is received, Relai will buy bitcoins for you and transfer the coins to your Relai wallet.
Relai wallet backup
Now that you've set up your regular payments, it's time to create a backup of your Relai wallet. This way you will be able to restore the wallet in case you lose your phone or it gets stolen. To do so, go to app settings and click on the red "please backup your wallet" banner. You will be shown the 12 recovery words for your wallet: write them down on paper (you can use our print-yourself backup card for example) and keep them in a secure place.
Sending funds to your BitBox02
When you have accumulated a certain Bitcoin value in your Relai wallet you can then transfer it to your BitBox02 for safe long-term storage. This value depends on whatever you're comfortable with holding on your smartphone. For example, if your threshold is 500 EUR we would recommend transferring your coins to a hardware wallet at that point.
Open the BitBoxApp and in your Bitcoin account click the "receive" button. Verify the address on the BitBox02 screen via the "verify on device" button, as you would normally do when receiving funds.
In the Relai app click on "send", select the amount that you wish to send, choose the fee level (slow, medium, fast) and fill in the address field: you can do so either by scanning the QR code displayed in the BitBoxApp, or by directly copy-pasting the address if you're using the BitBoxApp on your phone.
Compare the Bitcoin address in the Relai app to the one displayed on your BitBox02 screen and make sure they match. If they do, confirm the withdrawal in the Relai app. Shortly after, the BitBoxApp will display the new incoming transaction. At that point you can unplug your BitBox02, you don't need the device for your transaction to be confirmed in the blockchain.
Congratulations! Keep on stacking :)
Don’t own a BitBox02 yet?
Keeping your crypto secure doesn't have to be hard. The BitBox02 hardware wallet stores the private keys for your cryptocurrencies offline. So you can manage your coins safely.
The BitBox02 also comes in Bitcoin-only version, featuring a radically focused firmware: less code means less attack surface, which further improves your security when only storing Bitcoin.
Shift Crypto is a privately held company based in Zurich, Switzerland. Our international team of specialists across engineering, cryptosecurity and Bitcoin core development build the BitBox products and provide consulting services. The BitBox02, a second generation hardware wallet, equips individuals to easily store, protect, and transact cryptocurrencies. Its companion, the BitBoxApp, provides an all-in-one solution to securely manage your digital assets with ease.