Bitamp, a new client side open source free Bitcoin wallet, allows users to create a new wallet in seconds.
The Bitamp sign up and sign in processes are instant, instead of the annoying username, password, and 2FA set up and KYC onboarding processes that more centralized services require.
In addition, since there are no usernames and passwords, users can know that rest assured, even if they are SIM swapped by a growing number of cybercriminals, their Bitamp account will never be associated with an email, password or phone number. Instead, their Bitcoin wallet will only correlate to a 12 word seed phrase that no one else has previously seen.
The beauty of Bitamp is that when you lose your phone or your 2FA authenticator or access to your email, your Bitcoin will still be recoverable.
The fact that Bitamp’s wallet is not correlated to any other personally identifiable information such as one’s name or social security number will let the user know that rest assured, no subpoena or hack will allow their information or funds to be exposed.
This all boils down to users’ control over their own funds. Not having access to one’s private key or seed puts one at risk of losing one’s Bitcoin.
Time and time again, crypto exchanges and custodial wallets have been hacked, dissolved or become insolvent; leaving their members with empty wallets. Users must understand that although it may be easy to buy Bitcoin on exchanges such as Coinbase and Binance, taking control of your Bitcoin means withdrawing and holding one’s Bitcoin in one’s own non-custodial wallet.
Custody of one’s own assets means financial independence.
How to Obtain Bitcoin
Bitamp’s step by step guide outlines how people can obtain Bitcoin such as on exchanges like Coinbase, Binance and Kraken.
Before you can buy Bitcoin users will always need a cryptocurrency wallet. Coinbase, Binance, and Kraken already have built-in digital wallets.
However, these wallets are “custodial” wallets meaning that users do not have their own private keys and sole access to their funds. For all the users know, these exchanges could be lending out their Bitcoin to crypto companies for an interest rate or doing whatever they’d like with the funds.
Bitamp’s Value Proposition
Bitamp offers a very convenient bitcoin wallet for beginners to withdraw their Bitcoin from traditional crypto exchanges. Although the novice crypto users has probably used at least one exchange, exchange wallets are a convenient but unsafe place to store Bitcoin.
Hardware wallets are known for their superior security and privacy layers. Whereas digital wallets are quicker to use, and usually preferable if you want to just buy cryptocurrency fast or sell it fast.
Hardware wallets used in conjunction with Bitamp provide protection to the user’s digital funds by keeping their private keys on a secure device. Unlike traditional crypto wallets which are entirely software-based, a hardware wallet, or cold storage wallet, stores private keys offline.
This means that unless the user is using the wallet to check their balance or make cryptocurrency transactions, the user’s keys are anonymous or private. Only when they use the wallet to generate a key, can a transaction be authenticated online.
Users may benefit from using Bitamp over Coinbase, for example, because there is no upper limit of funds that the user can withdraw at one time. Most times on centralized exchanges, to remove that limit, users have to complete the identity verification process.
This means that if you wish for more anonymity, users cannot expect to transfer large amounts of cryptocurrency at once on centralized exchanges. The good news for Bitamp users is that users can withdraw however much Bitcoin they’d like without KYC.
As many more businesses start to accept crypto payments, non-custodial wallets will also grow in terms of utility without having to interface with custodial exchanges and wallets that have fiat gateways.
In the future, Bitamp used in conjunction with hardware wallets such as Ledger, Trezor or KeepKey will be all users need to transact in the modern day Bitcoin-enabled economy.
The post Bitamp: Free Open Source Bitcoin Wallet Gives Users a Competitive Edge appeared first on Blockonomi.
June 11, 2020 at 03:29AM https://blockonomi.com from Blockonomi https://ift.tt/2XSbj2z
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