In this review, we’ll talk about the Bitcoin.com Wallet mobile app, which is a wallet for cryptocurrencies, an exchange for cryptocurrencies, and a browser for decentralized apps all in one. Let’s find out how the Bitcoin.com wallet works, what features it has, and where it falls short of the competition.
Bitcoin.com Wallet is a mobile app that lets you store, send, and receive digital currencies. You can also buy cryptocurrencies with a payment card or exchange them right in the app. The only way to buy things is through partner exchange Simplex, and they are very expensive.
Bitcoin.com Wallet works as a mobile wallet without an administrator (so-called self-custody wallet) (so-called self-custody wallet). Cryptocurrencies, or more precisely, private keys, are stored in your mobile and you yourself are responsible for them. This is a big plus because the wallet provider can’t lose, misuse, or block your coins because they don’t have access to them.
The app supports 4 blockchains – Bitcoin, Ethereum, Bitcoin Cash, and Avalanche.
Cryptocurrencies are kept in wallets, which are created by the user in the app. If you already have a wallet, you can seed it into the app. The benefit is that users can manage multiple wallets at once, like three bitcoin wallets, and they can also make a wallet with more than one private key (multisig).
Advantages:
- Self-custody wallet
- Intuitive environment and easy to use
- A multi-sig wallet can be created
- dApps, cryptocurrency exchange
Disadvantages:
- It does not have a Czech translation
- Non-public source code
- Problems importing BTC wallet
- Cannot import a paper wallet
- For mobile phones only
Bitcoin.com is a website that provides information, resources, and services related to Bitcoin and other cryptocurrencies. It was founded in 2015 by Roger Ver, a well-known early investor and advocate for Bitcoin.
Some basic information about Bitcoin.com include:
- The website offers a wide range of resources for Bitcoin and cryptocurrency users, including news, articles, guides, and reviews of various wallets and exchanges.
- Bitcoin.com also offers a Bitcoin wallet, which allows users to securely store, manage, and exchange Bitcoin and Bitcoin Cash.
- The wallet supports features such as two-factor authentication, multi-signature support, and integration with hardware wallets for added security.
- The website also has a Bitcoin Cash faucet, which allows users to earn small amounts of Bitcoin Cash for completing simple tasks.
- Bitcoin.com offers a cryptocurrency exchange, which allows users to buy and sell Bitcoin and Bitcoin Cash for other cryptocurrencies or fiat currencies.
- The website also provides educational resources for those who are new to Bitcoin and cryptocurrency, including a beginner’s guide and a glossary of commonly used terms.
- Bitcoin.com is known for its advocacy for Bitcoin Cash, a cryptocurrency that was created as a fork of Bitcoin in 2017. The website provides resources and information on Bitcoin Cash and supports its adoption and use.
Overall, Bitcoin.com is a comprehensive resource for Bitcoin and cryptocurrency users, offering a range of services and information to help users securely and efficiently manage their digital assets.
Bitcoin.com Wallet is a decentralized cryptocurrency wallet for Android or iOS mobile phones.
You can store, send, buy, and sell 4 popular cryptocurrencies and hundreds of tokens from the Ethereum network using the Bitcoin.com Wallet app. The wallet also works with NFTs and decentralized apps (dApps).
The application does not collect any personal data, so using the wallet is completely anonymous. But some functions, like buying or selling cryptocurrencies for regular money, require you to prove who you are.
SUPPORTED CRYPTOCURRENCIES
Bitcoin.com Wallet supports 4 blockchains: Bitcoin, Ethereum, Bitcoin Cash, and Avalanche. So, you can store 4 native coins (BTC, ETH, BCH, and AVAX) or tokens from the Ethereum network (ERC-20 and ERC-721) on the wallet.
IMPORT WALLET
Cryptocurrencies are kept in wallets, which are created by the user in the app. You can also make multiple wallets for the same cryptocurrency, so managing 3 bitcoin wallets at the same time is not a problem.
But there is a catch. There are two:
- Bitcoin.com Wallet can’t use a private key to import cryptocurrency, so it can’t import cryptocurrency from a paper wallet.
- The app only showed us bitcoins that were stored at P2PKH addresses (Legacy). Bitcoins that were stored on P2SH and bech32 addresses, which are newer Segwit addresses, did not show up in the application.
Bitcoin.com Wallet is a non-custodial wallet, so users have full control over their cryptocurrencies.
On the one hand, this is good news because neither the person who made the wallet nor any other administrator can access the cryptocurrency. So it cannot happen that he loses, embezzles or blocks your cryptocurrencies.
At the same time, however, this means that you bear all responsibility for the stored cryptocurrencies. Cryptocurrencies, or private keys that have been encrypted, are kept right on your phone.
The application can only be opened with a fingerprint or, if you choose, a password. Therefore, if your mobile falls into the wrong hands, the cryptocurrencies will remain safe.
Wallet backup and recovery
Wallets created through the Bitcoin.com app can (and should) be backed up with a recovery phrase or seed.
In Settings > Backup and Security > Manual Backup, you can find the recovery phrases for all of your wallets.
Write all 12 words and their order on a piece of paper and hide it carefully so that it doesn’t get into the wrong hands. Don’t take a picture of the seed with your phone or save it on your computer, or hackers will be able to get it.
MULTISIG WALLET
Users can choose to create a classic wallet or a multi-signature (multi-sig) wallet.
How do they differ?
A traditional wallet only has one key, but a multi-sig wallet has more than one. So to send crypto from a multi-sig wallet, you need to know multiple keys. For example, a multi-sig wallet type requires two out of three total private keys to confirm a transaction.
A multi-sig wallet can be used as a shared wallet for many people (each person has their own key) or as an extra-secure wallet for one person (all keys are held by you but are in different applications).
BUYING AND EXCHANGING CRYPTOCURRENCIES
You can not only store cryptocurrencies on Bitcoin.com, but you can also buy, sell, or trade them.
The Simplex partner platform is where cryptocurrency is bought and sold. Users can choose how much to order (at least 750 CZK) and in what currency to pay for it (CZK, EUR, USD…). You can’t change the way you pay; you can only pay with a card.
You can not only store cryptocurrencies on Bitcoin.com, but you can also buy, sell, or trade them.
The Simplex partner platform is where cryptocurrency is bought and sold. Users can choose how much to order (at least 750 CZK) and in what currency to pay for it (CZK, EUR, USD…). You can’t change the way you pay; you can only pay with a card.
Using the Bitcoin.com Wallet to buy cryptocurrencies is easy, but it also costs a lot. The costs add up to more than 4%. Also, in order to buy, you have to prove who you are, which takes away one of the biggest benefits of cryptocurrencies: your privacy.
Bitcoin.com doesn’t charge any fees to receive or send cryptocurrency, so users only pay a network fee (ie, a fee to miners for processing a transaction).
However, you will pay the fee when you exchange cryptocurrencies or when you buy cryptocurrencies with a payment card. The exchange Simplex, which takes care of the orders, charges a fee to buy cryptocurrencies.
After fees and exchange rate losses are taken into account, the total cost of exchanging cryptocurrencies is about 2% to 4% and buying things with a card costs between 4% and 6%.
WHERE TO BUY CRYPTOCURRENCIES?
Do you want to use crowns, euros, or dollars to buy cryptocurrency? Bitcoin.com You can do this with Wallet, but you will have to pay quite high fees.
Since 2017, the Bitcoin.com Wallet app has been running. It was made by Saint Bitts LLC.
The main benefit is that it has an easy-to-use and clean interface, supports multi-sig wallets and lets you manage more than one wallet at the same time. But that is not enough these days. For example, the Blue Wallet bitcoin wallet has the same benefits. It can be translated into Czech and allows cheap bitcoin payments through the Lightning Network.
Bitcoin.com The number of cryptocurrencies that Wallet offers is below average. Fans of altcoins will appreciate Coinomi (supports over 120 blockchains) or Trust Wallet (over 60 blockchains) (over 60 blockchains).
When it comes to buying and exchanging cryptocurrencies, these functions are rather limited in decentralized wallets. Through cryptocurrency exchanges (like Czech SimpleCoin) or exchanges, you can buy or sell cryptocurrencies for a lot less money (e.g. Binance ).
The Bitcoin.com Wallet application has been downloaded by over 5 million users, making it one of the most successful self-custody wallets on the market.
Our experience with Bitcoin.com Wallet has been mostly positive and we haven’t found any major issues during testing. Compared to other self-custody wallets, however, the Bitcoin.com Wallet application did not impress us much. We still like Trust Wallet and Coinbase Wallet the most.
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