BTC.com Wallet Review
BTC.com Wallet Details
Wallet name: The BTC.com Wallet
Coins accepted: Bitcoin (BTC) and Bitcoin Cash (BCH)
Linked Exchange: n/a
Countries: 25 major fiat currencies (including GBP, EUR and USD)
Languages: English, Dutch, German, Japanese, Korean, Portuguese, Arabic, Spanish, Hindi, Swahili, Chinese, French and Russian
Mobile compatibility: iOS and Android smartphones and tablets
Wallet Rating: 4/5
Wallet Type: Web-based & app-based
What is the BTC.com Wallet?
BTC.com’s open-source wallet is designed to store Bitcoin and Bitcoin Cash. It was established in 2016 by Bitmain, giving Bitcoin owners the ability to send and receive their Bitcoin via desktop and mobile devices (Android and iOS). There is a clear emphasis on making it quick and easy to transact with Bitcoin and Bitcoin Cash. The BTC wallet is designed to be highly secure yet simple to use for crypto investors at any level, particularly beginners to buying Bitcoin.
The BTC wallet was designed as an open-source cryptocurrency wallet, with a no-frills interface that is easy to navigate and complete tasks. Bitmain are the pioneers behind the much-talked-about Antminer mining rigs, as well as various other Bitcoin-related products. In many ways, the BTC.com wallet can be compared to Blockchain.info wallet as it is a hierarchical deterministic (HD) hybrid wallet too. What does this mean for you? Put simply, when you access the BTC.com wallet via the internet, the keys to your wallet are stored securely on your machine, with BTC.com having no direct access to them. The BTC.com wallet also supports multi-signature transactions, which not only provides a new layer of security for transactions but shares the overall responsibility for Bitcoin ownership.
This BTC wallet review is designed to shine a spotlight on the key features of this leading Bitcoin wallet, as well as its limitations, ensuring a 100% objective BTC wallet review.
The BTC Wallet features
Choice of coins
As cryptocurrency wallets go, the BTC wallet is somewhat limited in the number of crypto coins it supports. Bitcoin (BTC) and Bitcoin Cash (BCH) are your two options with the BTC Wallet. The wallet was first established as a Bitcoin-exclusive wallet, but more recently it has adopted Bitcoin Cash too. Bitcoin Cash is a fork of the Bitcoin blockchain that is already growing in popularity as an emerging altcoin.
Mobile & Desktop
BTC.com’s crypto wallet is designed to act as a multi-platform wallet available for use on your browser and iOS and Android devices.
Operating systems
The BTC wallet is designed to work on all leading desktop operating systems (Windows, Mac) and mobile operating systems (iOS and Android).
The BTC Wallet fees
BTC.com wallet owners are not charged fees to send and receive Bitcoin and Bitcoin Cash. The BTC.com app is free to download and use. Do bear in mind that when buying Bitcoin, you’ll need to make a small payment towards the Bitcoin network. From your BTC.com account, you can specify a fee rate based on how quickly you need your Bitcoin. The faster you want your transaction authorised, the more you’ll have to pay.
Security
Unlike many other Bitcoin wallets, the BTC wallet never has access to your wallet’s private keys. This gives users 100% control over the security of their Bitcoin. Multi-sig functionality also provides an additional layer of authorisation for any Bitcoin transaction.
The BTC Wallet customer support
The BTC.com customer service department is linked to Bitmain’s customer support team. You can leave an online ticket, while the site also has an active social media presence. The BTC.com FAQ Help Centre is extensive and can answer the most common issues.
Pros and Cons of the BTC Wallet
Don’t have time to read our entire BTC wallet review? Here are the main pros and cons of the BTC.com wallet:
Pros
– Underpinned by the highly-reputable Bitmain brand
– Two-factor authentication (2FA) available
– Multi-sig transactions
– Supports multiple languages
– Open-source
– Easy-to-use wallet backup and recovery
Cons
– No support for altcoins except BCH
– Only suitable for buying and selling small amounts of BTC and BCH
– Less secure than hardware wallets
– Cannot buy Bitcoin directly through a BTC.com wallet
Guide to Opening a BTC Wallet
– Visit the wallet.btc.com website. Fill in your email and chosen password, agree to the terms of service and hit ‘Create new wallet’.
– Before signing in to your BTC.com wallet for the first time, you’ll be required to download a PDF of its Bitcoin Wallet Recovery Data Sheet.
– Log in to your new BTC.com wallet and familiarise yourself with the dashboard. Start buying Bitcoin by hitting the ‘Funding your wallet’ button.
Is the BTC Wallet a scam?
There is nothing to suggest that the BTC wallet is anything but legitimate. As it is backed by the reputable Bitmain brand, BTC.com’s wallet should be a go-to Bitcoin wallet for any cryptocurrency beginner. With next to no criticism over BTC.com’s security to be found online, this would suggest that it is one of the more trusted crypto wallets in the industry.
A better alternative to the BTC Wallet
As online Bitcoin wallets are generally considered to be less secure than a hardware (offline) wallet, a recommended alternative to using a crypto wallet is to invest in Bitcoin through a broker.
eToro is the world’s leading social trading community that brokers investments in leading cryptocurrencies such as Bitcoin through the use of contracts for difference (CFDs). With Bitcoin CFDs, you don’t physically purchase or store Bitcoin. Instead, you can trade its price to capitalise on market movements in its value. For example, if you believe the price of Bitcoin will rise in the coming days, you can place a ‘Buy’ trade. Alternatively, if you think the price of Bitcoin will fall, you can place a ‘Sell’ trade.
As you never actually own the Bitcoin you buy or sell, this is a more secure way of profiting from Bitcoin, without the need to own and use a crypto wallet. Those who sign up to eToro can also benefit from its well-regulated system, given its association with the UK’s Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC).
Conclusion
On the whole, our BTC wallet review has shown it is a no-frills Bitcoin wallet, offering impressive security options for beginners. Although multi-signature transactions and having 100% control over private keys for your wallet are good, it’s still not as secure as having a hardware wallet, leaving you more susceptible to cyber-crime. If this BTC wallet review has deterred you from signing up for an account, don’t forget to check out our eToro review to find out more about using a CFD broker to profit from the price of Bitcoin.
FAQs
Is it possible to buy Bitcoin through BTC Wallet?
No. BTC.com wallet is designed solely to store, send and receive Bitcoin, but it cannot be used to buy Bitcoin directly. If you wish to purchase Bitcoin and any other crypto coin using your country’s fiat currency, you’ll need to visit a cryptocurrency exchange or find a Bitcoin ATM in your area.
Do I need to pay to use BTC Wallet?
At the time of writing, BTC.com does not charge its users fees to use their wallet. Their mobile app is also free to download onto all smartphone and tablet devices. It’s worth noting that transactions made through your BTC Wallet incorporate network mining fees, paid to the Bitcoin network to guarantee your transaction.
How secure is the BTC Wallet?
BTC Wallet users can benefit from multi-signature transactions, where more than one individual involved in a Bitcoin transaction must agree and sign a transaction to validate it. BTC Wallet users get complete control over their private keys and benefit from hierarchical deterministic (HD) Bitcoin addresses so you only need to create one backup address.
Is the BTC Wallet available on mobile devices?
Yes. You can download the BTC.com wallet app which is designed for users of Android and iOS-powered smartphones and tablets.
Can you send Bitcoin directly to other BTC Wallet users?
You can send Bitcoin directly to contacts listed on your mobile device, providing they are also BTC Wallet users. All you need to do is find your contact from your smartphone’s address book, enter the amount you wish to transfer and hit the ‘Send’ button. Via the wallet’s innovative HD technology, it’s possible to locate the wallet linked to your friend’s phone number to send your Bitcoin. If you want to send Bitcoin to a friend or family member that’s not already a BTC wallet user, you’ll be asked to send them an invite to download the BTC.com wallet via the ‘Tell a Friend’ function.
What if I forget my BTC Wallet password?
In the event that you forget or lose your BTC wallet password, you need to make sure that you have the private key to your account. This key will be needed to reset your password. Those who forget or lose their private key as well as their password may struggle to retrieve their account funds and gain access to the account as a whole.