BTC.com bitcoin wallet | April 2021 review
Safe and easy bitcoin storage with BTC.com's wallet
BTC.com's wallet makes it easy to store, send and transact with bitcoin. For those who are looking for a more secure option than keeping bitcoin on an exchange, without the added hassles of hardware or complicated interfaces, BTC.com's wallet is a tool worth exploring.
What is the BTC.com wallet?
Created by Bitmain, the same well-known company responsible for pioneering the popular series of Antminer mining rigs and other bitcoin-related products, BTC.com's wallet is a solution that combines security with ease of use. Available online at BTC.com and on mobile for both Android and iOS, BTC.com's wallet offers a clean, no-frills interface that is simple to navigate. Some of the standout features of the BTC.com wallet include:
- Privacy. Unlike some online and third-party wallets, BTC.com never has access to your private keys, ensuring that you always maintain full control over your fund security.
- Send directly to contacts. An innovative feature of the BTC.com wallet’s mobile app is the ability to sync your contacts and send bitcoin directly to them without the need to import (or even know) their bitcoin addresses.
- Support for Bitcoin Cash. When the bitcoin blockchain forked in August 2017, BTC.com's wallet continued to support bitcoin, and also quickly added support for the new Bitcoin Cash blockchain and currency.
Fees and charges
The BTC.com wallet is free to download and use. When making bitcoin transactions, however, you will need to pay fees to the bitcoin network.
BTC.com's wallet allows you to set your fee rate according to transaction priority, allowing you to pay more if you want faster transaction speeds.
Which cryptocurrencies can I store?
- Bitcoin Cash
How do I add currency to my BTC.com wallet?
Assuming you have some bitcoin, getting started with the BTC.com wallet is simple. Mobile users will want to download the BTC.com wallet app from the appropriate app store. For the web version, visit BTC.com.
Once you have downloaded the app or visited the website, you must provide an email address and password to create a new account. You may need to verify your email address in order to finalise wallet creation. You’ll be able to add bitcoin to your account as soon as the wallet is created. Here’s how:
- Within your BTC.com wallet, you can find your public wallet address by navigating to “My Wallet” from the main menu.
- To transfer bitcoin into your account, send it to this address.
- You can also access this information from the “Receive” tab, which will provide easy options, such as a wallet QR code that can be shared via email or text for quick access.
How do I make payments with the BTC.com wallet?
The BTC.com wallet offers several convenient ways to pay with bitcoin. To send payment, simply navigate to the “Send” option from the main menu and enter the amount of bitcoin you want to send. From there, you have several options:
- Manual Entry. Perhaps the most standard method of sending a bitcoin payment is by entering the bitcoin wallet address of the receiving party. Of course, manually entering a long string of letters and numbers is not the easiest or quickest route. In addition, there’s a risk of human error, such as accidentally missing a number or hitting the wrong key. One incorrect digit in an address could result in your funds being sent to the wrong wallet. Fortunately, BTC.com's wallet offers a few other payment options that make this process significantly easier and less error-prone.
- QR Code. Most bitcoin addresses have unique QR codes associated with them, including the BTC.com wallet. To send payment, you can use the QR code method, which lets you simply scan the QR code of the receiving address and hit send.
- Sync with Contacts. One of the most innovative and convenient features of BTC.com's wallet is the ability to sync to your phone’s contacts. You will have to allow the app to sync to your contacts in order to use this feature. Using this option, you can actually send bitcoin to any of your contacts even if they don’t already have a bitcoin address – BTC.com will create one for them.
It’s important to note that the BTC.com wallet uses encryption to keep all phone numbers secure, including your own. Through encryption, BTC.com matches wallets, creates new addresses for each transaction, and completes them without ever having access to your personal information or that of your contacts.
How secure is BTC.com's wallet?
In general, online wallets are considered to be less secure than offline wallets. Anything that is connected to the Internet is known to be more vulnerable to cyber attacks than something that is not connected. That being said, the BTC.com wallet does employ a fairly robust security infrastructure to keep your funds safe. Security features of BTC.com's wallet include:
- Full control over private keys. BTC.com's wallet works via the central servers at BTC.com. If your private keys were stored on those servers, BTC.com would be able to access your funds and any potential attacker who got into those servers would be able to control your account. Fortunately, your private keys are never exposed to BTC.com’s servers and they aren’t stored anywhere except with you. This ensures that you have full control over your funds and account access.
- HD addresses. HD stands for “hierarchical deterministic”. Typically bitcoin addresses are generated from a unique random number. Many users find that creating a new backup every time they create a new address can be frustrating and difficult to keep track of. HD addresses work by using a master “seed,” or keyphrase, made up of a series of random words (usually 12). All future addresses are derived from this master seed, which means that you only need to create one backup.
- Open source. BTC.com's wallet’s code is open source and available to the public. Code that isn’t open source is difficult to assess in terms of security, since nobody outside of the company who writes it typically has access to it. By making its code open source, the BTC.com wallet gives users the option to look under the hood and see exactly what is going on.
- 2-of-3 multi-signature. The BTC.com wallet supports multi-signature transactions. This is typically used as both an additional security measure and a way to divvy up responsibility for bitcoin ownership.
Standard transactions on the bitcoin network are direct peer-to-peer transactions where Person A sends bitcoin to Person B. These are known as single-signature transactions because they only require one signature, in this case from Person A, the holder of the sending wallet’s private key.
Multi-signature transactions, as the name implies, require the signatures of additional parties in order to complete the transaction. In the case of BTC wallet, two out of three of the parties involved must agree and sign a transaction in order for it to be validated. For example, a group of three executives working on a project may not want any single member to have control over the project’s funds. In order for any funds to be spent, at least two of the members must agree.
Where can I get the BTC.com wallet?
You can download the BTC.com wallet app for Android from Google Play, for iOS from the App Store or from the web at BTC.com.
Pros and cons
- Easy to use.
- Backed by the reputable Bitmain company.
- Extra PIN code option for added security.
- Two-factor authentication is available.
- Simple wallet backup and recovery.
- Transactions are signed locally on your device.
- Open source.
- Users do not need to store the blockchain.
- Multi-language support.
- Online wallets are, in general, considered to be less secure than offline wallets, such as hardware wallets.
- Does not support altcoins.
What’s up next for the BTC.com wallet?
- Further integration with Bitcoin Cash. The BTC.com wallet recently added support for Bitcoin Cash. While this feature is currently live, the company has announced that it plans to improve navigation between bitcoin and Bitcoin Cash throughout its interface.
- Replay protection for potential bitcoin forks. BTC.com has announced that it will implement wallet-side protection against replays, so let’s talk about how that will work. When the bitcoin blockchain forks, “replay attacks” are a risk. When a fork happens, the bitcoin blockchain splits in two different directions: the original bitcoin keeps going in one direction, and another version of bitcoin, such as Bitcoin Cash, starts going in a new direction. If you send bitcoin to Person A on blockchain A around the time of the fork, there is a risk that the transaction will also show up on blockchain B. This means the same amount could be deducted from your account twice. The BTC.com wallet will take measures to prevent this from happening to users.