Developed and maintained by Bitmain, BTC.com is a crypto wallet app and web wallet that seeks to provide users with the most secure yet easy to use crypto storage. This online wallet has made it relatively easy to earn, store, and spend your Bitcoin without having to worry about the insecurities that come with storing your crypto in an exchange or the complicated interfaces of the hardware wallets.
Unlike most of its competitors with shadowy reputations, BTC.com has the solid backing of Bitmain. This is a Bitcoin-focused technology company that’s best known for pioneering and popularizing antminer rigs, running two of the largest bitcoin mining pools, and developing other bitcoin-related products. The company introduced the BTC.com wallet to the crypto industry in 2016, and it has gone on to become the favorite wallet for most Bitcoin miners, traders, and investors.
In this BTC.com wallet review, we look at the factors that help the Bitmain-sponsored crypto wallet app stand out. We detail its key operational and security features, its ease of use and level of customer support, highlight its pros and cons, and compare its efficiency with that offered by similar crypto wallets.
Key features:
Highly reputable:
One of BTC.com wallet’s strengths and biggest selling point is that it is maintained by the highly reputable and security-conscious Bitmain company. This, plus the fact that it has never suffered a significant security breach, endears it to most users.
Multiplatform:
There are two primary versions of the BTC.com wallet – the mobile app and internet-based wallet. Both are versatile and work well with the two main mobile operating systems and popular internet browsers.
Straightforward setup:
We also like the BTC.com wallet’s user-friendliness highlighted by its quick and straightforward user account set up process. This aligns with BTC.com’s commitment to being the most secure yet highly secure crypto wallet.
Integration with mining pools:
The BTC.com wallet also gives you access to the mining pools operated by Bitmain. And if you contributed your RAM to either of the pools, your portion of earnings will be automatically deposited to the BTC.com wallet from which you can sell them at an exchange.
Hardware wallet integration:
In addition to the wallet’s close ties with Bitmain Bitcoin mining pools, BTC.com also integrates with some of the leading hardware wallets. This provides it with an added layer of security and makes it possible for you to hold more than just two (BTC + BCH) cryptocurrencies.
Phone contacts synchronization:
This revolutionary BTC.com feature ensures that you don’t always have to key in the complex wallet addresses when sending cryptos. You can give the wallet app permission to access your phone book and send cryptos to your contacts without necessarily having to copy or import their wallet address.
BTC.com wallet security features:
Password:
When installing the BTC.com wallet app and creating your user account, you will be required to set a highly unique password. This becomes the central-most form of protection for your crypto wallet and its contents.
Two-factor authentication:
You can reinforce the effectiveness of the wallet password in deterring illegal access to your private keys by activating two-factor authentication. You can activate this using your mobile phone number whereby you receive calls or SMS verification codes or via the Google authenticator app.
Non-custodial:
BTC.com wallet app is a non-custodial wallet – implying that the wallet developers don’t store your private keys in central servers. Rather, they are stored in your phone when using an app and on your computer if you are using the chrome browser extension. This essentially means that you have absolute control over your digital assets.
Hierarchically deterministic:
The BTC.com wallet will auto-generate a new wallet address every time you initiate a bitcoin/bitcoin cash transaction. This ensures that you rarely get to share your real wallet address with the public, which then minimizes the chances of third parties tracking your bitcoin expenditure or crypto activity.
Open-sourced code:
The BTC.com wallet is built on an open-sourced technology, effectively providing a guarantee of safety and transparency. The fact that it is open-sourced means that it has been subjected to a lot of scrutiny and vetting by experienced industry experts who have found it safe for public use.
Multi-signature:
The BTC.com wallet also supports multi-signature transactions that require the authorization of two or more third parties. This makes it ideal for copay and organizational use as it requires 2-of-3 signatures for a transaction to be validated.
Replay protection:
The replay protection feature that applies to Bitcoin and its forks are ideally meant to cushion you and your funds from the risk of double payments if you ever initiate a Bitcoin payment at a time when a Bitcoin hard fork is being generated. BTC.com wallet developers announced that they are taking measures to prevent this from happening.
How to set up the BTC.com crypto wallet app:
Step 1: Start by downloading the BTC.com mobile wallet app from Google play store or Apple’s app store. The app and the browser extension can also be downloaded from BTC.com official website.
Step 2: Install the crypto app and also key fill in the account registration form that captures your email address.
Step 3: Create a password for your wallet address and agree to the wallet app’s terms of service.
Step 4: Download the wallet’s recovery datasheet. This is availed in PDF Format and captures your wallet’s recovery seed.
Step 5: Access your user account dashboard and click on ‘Create New Wallet’ to generate your primary wallet address.
Step 6: You can start adding Bitcoin and bitcoin cash to your wallet, trading or investing
How to add/receive crypto into your BTC.com wallet
Step 1: Log in to your BTC.com bitcoin wallet
Step 2: On the MyWallet section, click on Bitcoin or Bitcoin cash to reveal the wallet address for the crypt you wish to receive
Step 3: Copy the wallet address or the QR code and send them to the party from who you wish to receive the coins.
Step 4: Wait for the cryptos to reflect in your BTC.com wallet.
How to send crypto into your BTC.com crypto wallet:
Step 1: Log in to your BTC.com Bitcoin wallet, and on My Wallet section, click ‘Send.’
Step 2: Click on the crypto you wish to send – Bitcoin or Bitcoin cash.
Step 3: On the popup window that appears, key in the recipient’s wallet address or scan their QR code. Alternatively, use the app’s contact connect feature to send cryptos to saved contacts on your phone.
Step 4: Confirm that the wallet address and amounts you wish to send are correct and click send.
BTC.com ease of use:
According to the BTC.com website, the Bitcoin wallet app has security and ease of use as its key driving pillars. Both the mobile crypto app and the web wallet feature decongested and highly intuitive interfaces. The app is also infused with a wide range of features that make it easy to use.
It, for instance, has the contacts-synchronization feature that gives the app permission to access your phone contacts, which eliminates the need to memorize the wallet address. Similarly, the downloadable recovery seed option minimizes the common errors most crypto users face when copying the backup phrases. Further, it gives you the option of saving the seed as an electronic copy, printing it, or both.
Unlike most other Bitcoin wallets that can be considered opaque, both the BTC.com mobile app and web wallet allow you to view your crypto transaction history.
BTC.com supported currencies
BTC.com is a Bitcoin-biased wallet and will only support the legacy crypto coin Bitcoin and its Bitcoin Cash hard fork.
The wallet app is nonetheless highly versatile and can easily integrate with some of the most popular hardware wallets like Ledger Nano S. Anyone looking to add a security layer to the app or increase their digital assets portfolio without losing access to the Bitcoin mining pools connected wallet, should consider integrating it with their hardware wallet.
BTC.com cost and fees:
The BTC.com wallet is free. You will not be charged to download or install the crypto app. Neither will you incur any fees for storing your Bitcoins or Bitcoin Cash.
When sending Bitcoins to other wallets or exchanges, however, the bitcoin blockchain network may impose transaction charges. These are highly variable and largely dependent on the Crypto transaction volume.
Additionally, the bitcoin trading platform further adopts a highly dynamic fee structure. This allows you to chose from a three-tier fee system where low-fees translate to low transaction processing, moderate charges equal medium transaction speeds, and high transaction fees result in near-instant transaction processing.
BTC.com customer support:
BTC.com features an extensively elaborated FAQ page as well as a highly informative Blog. They both address some of the common challenges you might face during installation and when using the app.
You are also advised to join the BTC.com online community forum. Here, you get to interact with numerous BTC.com users – both newbie and experienced BTC.com clients – as well as the crypto wallet developers. The forum allows anyone to contribute by way of asking questions and providing solutions to common challenges faced by wallet users. You get to learn the tips and tricks of using the app and get help from developers.
More personalized queries regarding the use of the app can be directed to BTC.com’s customer support team by raising a support ticket, email, or through a call. Alternatively, you can message them on their different social media pages that include Twitter, Reddit, and Facebook.
What are the pros and cons of the BTC.com crypto wallet app?
Pros:
- The fact that the BTC.com wallet doesn’t store the entire blockchain on your device makes transaction processing relatively fast and doesn’t eat up your phone’s RAM.
- The wallet features a highly responsive customer support team that is available via social media, community forums, and even on the phone.
- The Bitcoin wallet has the backing of one of the most reputable crypto industry players.
- The bitcoin wallet features a wide range of security features, including the fact that it is hierarchically deterministic, open-sourced, and supports two-factor authentication.
- Installing and using the app is quite straightforward.
- Your private keys are stored in your device, giving you absolute control of your funds.
Cons:
- The crypto wallet will only support two cryptocurrencies – Bitcoin and Bitcoin cash.
- It doesn’t feature an in-built wallet, and neither does it allow for direct bitcoin purchases using fiat currencies.
- While it has the backing of a reputable company, it still is an unregulated crypto wallet.
- Its online nature exposes it to the inherent risks associated with online crypto-wallets.
Comparing BTC.com wallet with other crypto wallets
Comparing BTC.com to eToro
BTC.com can be said to have more security features than the eToro crypto wallet, including the fact it is developed on an open-sourced technology. eToro crypto can, on the other hand, be considered more convenient and easy to use. It, for instance, has an inbuilt exchange and supports both crypto-to-crypto and fiat-to-crypto conversions.
Unlike BTC.com that only supports two bitcoin-related cryptos, eToro supports 10+ cryptocurrencies and numerous fiat currencies. And while they both have the backing of highly popular technology companies, eToro is considered more reputable as it is also highly regulated.
Verdict? Is the BTC.com wallet safe?
Well, the BTC.com wallet has adopted some highly innovative security protocols that are aimed at keeping your private keys truly private. Its non-custodial nature, for instance, eliminates a possible central point of attack by storing your private keys in the device hoisting the wallet and not the company’s servers. Other features that endear BTC.com wallet to its users include its ease of use, compatibility with other wallets, and the fact that it is highly customizable.
We nevertheless believe that BTC.com could be even more popular within the crypto industry circles if it were regulated, supported more crypto coins and tokens, and featured an inbuilt crypto trading or exchange platform.