DropBit wallet is a highly innovative Bitcoin wallet app developed by Coinninja Technology Company and introduced to the crypto community in 2018. According to its developers, the mobile wallet is specially designed to make it as user-friendly as possible without alienating experienced crypto traders/investors. But even more importantly, it was designed with convenience in mind. It is the first crypto wallet app to make it possible for you to send crypto to mobile phone numbers and twitter handles.
This convenience extends to the speed with which Bitcoin transactions are confirmed and the security measures around the wallet and your private keys.
But how effective are all the operational and security measures put in place by the Bitcoin app? Is the DropBit app as legit and functional as it claims, or is it just another crypto scam?
We answer these questions by detailing its features and everything else you need to know before creating a user account with the wallet in this review.
DropBit Wallet key features
Mobile-only wallet: DropBit is a mobile-only wallet. It is only accessible via mobile phones. You can download this crypto vault app on the official Coinninja website, Google Play Store, or Apple app store.
Integrates Lightning network: Though the wallet was initially designed to facilitate Bitcoin blockchain transactions, it recently integrated the Lighting network that champions ultra-fast crypto transfers. However, note that you will have to create an account on the lighting network and fund it if you wish to enjoy instantaneous bitcoin transfers. Plus, the account for the Lightning network, unlike the Dropbit user account, is custodial.
Integrates the phone’s address book: Dropbit doesn’t just make sending cryptocurrencies as easy as sending an SMS or posting on twitter. It also makes it possible to send cryptos to mobile numbers and twitter handles. The recipient doesn’t even need to have a crypto wallet. Since the wallet can be integrated with your phone contacts and twitter portfolio, you only have to select their phone number or twitter handle. Dropbit will send them a message asking them to download the app to receive the coins. If they download and install the wallet within 24 hours, you will get a notification asking you to complete the transfer.
Fee-free transactions: You only have to pay transaction fees for the outbound crypto transfers that were verified and confirmed on the Bitcoin blockchain. The transactions conducted on the ultra-fast lightning network are free.
Tracks your crypto portfolio: The Dropbit wallet dashboard features the balance and history tabs. The balance tab lets you monitor your crypto balances for all the wallet addresses hosted on Dropbit in real-time while the history tab outlines your crypto inflows and outflows for a given period. Both play a key role in helping you make sound financial decisions.
Dropbit Wallet security features
Password + encryption: The DropBit wallet app is secured by a multi-character password that not only helps you secure the app but also helps serve as an encryption tool.
Recovery seed: Dropbit will also provide you with a wallet backup and recovery option. When creating a user account, the wallet provides you with 12 random phrases (the recovery seed) that you can use to restore the wallet and private keys on another mobile device.
Hierarchically deterministic: Dropbit is privacy-conscious. For every new transaction initiated on the platform, Dropbit auto-generates a hierarchically deterministic wallet address, making it impossible for other individuals to track your wallet address and view your past crypto transactions.
Open source: DropBit wallet is also built on an open-sourced technology. Anyone, including its users and blockchain experts, can view and scan the wallet for malicious codes or security loopholes.
Non-custodial: Ideally, DropBit doesn’t store any of your personal information – private keys included – in its servers.
User anonymity: Even though DropBit wallet makes it possible for you to integrate your phone contacts and twitter profile, it doesn’t record or store any of the information contained here on its servers. It also allows for anonymous user registration and anonymous trading.
How to set and activate the DropBit wallet
Step 1: Start by downloading the Dropbit wallet app on the Coinninja website or your phone’s play/app store.
Step 2: Install and launch the app.
Step 3: Since you are using Dropbit for the first time, click on the “Create New Wallet” tab
Step 4: Create a password for the wallet
Step 5: Dropbit Wallet will then provide you with the mnemonic phrase, write it down on a piece of paper and save it offline
Step 6: The wallet is now active and ready to use
How to add/receive crypto into your DropBit wallet
Step 1: Log in to the Dropbit wallet and click on the “receive” icon.
Step 2: On the deposit window displaying your public address and QR code, copy either, and send it to the individual sending you coins.
Step 3: Wait for the Bitcoins to reflect on your Dropbit wallet.
How to send crypto from your DropBit wallet
Step 1: Log in to the Dropbit wallet and tap on the “send” icon
Step 2: On the transfer window, choose to either send to a contact address, a twitter handle or simply key in the recipient’s wallet address
Step 3: Enter the number of coins you wish to send
Step 4: Check the accuracy of these transaction details and hit send
DropBit wallet ease of use
Dropbit is an easy-to-use bitcoin-only wallet. It has eliminated all the complexities surrounding the process of installing a crypto wallet. It has also made sending cryptos to your phone contacts and social media acquaintances quite easy.
It also features a clean and easily navigable user interface that appeals to the newbie crypto traders and experienced investors.
DropBit wallet supported currencies.
Dropbit is a Bitcoin-only crypto wallet that will only host Bitcoins on the wallet.
DropBit wallet cost and fees
DropBit is a free wallet to the extent that downloading the crypto vault, creating a user account, and storing coins therein is fee-free. Network fees that are collected by the Bitcoin blockchain miners, however, apply when you send Bitcoins to another wallet or exchange.
What are the pros and cons of using the DropBit wallet?
- Dropbit wallet maintains an easy to use and beginner-friendly interface
- It integrates the lightening network that provides ultra-fast crypto transfers
- Dropbit promotes user privacy as it is non-custodial and its servers don’t access your private information
- It introduces a unique method of sending and receiving crypto via SMS and Twitter
- Its anonymous trading feature is limited as you will need to verify your phone number if you want to send crypto via SMS and twitter
- Dropbit is dogged by numerous unsolved customer complaints on their Google Play Store page
- It has a sluggish and unresponsive customer support team
Comparing DropBit wallet with other Bitcoin-only wallets
DropBit wallet vs. Bitcoin Core
Dropbit and Bitcoin Core are similar in that they are both Bitcoin-only crypto wallets. They also share a common commitment to privacy and transparency. That is, they both are non-custodial wallets. They are also open-sourced, allowing for regular vetting and auditing by both the wallet users and blockchain experts.
But while Dropbit is a mobile-only wallet app, Bitcoin Core is a full-stack desktop client that synchronizes the wallet activities with the blockchain network in real-time. One may also consider Bitcoin Core safer and less controversial. Dropbit wallet app nevertheless carries the day when it comes to the ease of use and user-friendliness.
Verdict: Is DropBit wallet safe?
Dropbit wallet app has placed several premium safety and privacy measures, including hierarchically deterministic wallets, anonymous registration and trading, non-custodial wallets, password encryption, and recovery seed. The effectiveness of these security and privacy measures has, however, been dwarfed by the constant controversies surrounding the wallet.
First is the mountain of unanswered user complaints about the app’s ineffectiveness, missing cryptocurrencies, and a non-existent customer support team. Just recently, Dropbit founder and CEO – Larry Harmon – was arrested and charged with using the Bitcoin wallet for money laundering. These incidences have significantly injured Dropbit’s reputation and put a dent on its reliability. On Google Play Store, for instance, the app has a 2.6-star rating.