Is this HD Hybrid Wallet Safe to Use? From BTC.com Review

BTC.com is an open-source Bitcoin (BTC) and Bitcoin Cash (BCH) web and mobile wallet and also a block explorer. Created by Bitmain in 2016, it allows users to store, send and receive Bitcoin and Bitcoin Cash on the web or on their Android or iOS devices. There is a clear emphasis on simplicity and security with the wallet and while it’s suitable for any user level, it’s ideal for beginners. The wallet, similar to Blockchain.info, is an HD hybrid wallet. Meaning, you access it via the web but the keys to the wallet are stored on your machine, so BTC.com has no access to them. Transactions are signed on your device so no one can see your private keys. The wallet also supplies Multisig capabilities and is open source.

Signing up to BTC.com

Signing up for a BTC.com wallet is quick and easy and means you’ll be provided with a unique Bitcoin or Bitcoin Cash address for receiving funds. Registration requires a valid email address and password. Upon typing your password, you’ll see a handy feature which states how long it would take for your password to be cracked, placing greater emphasis on the importance of security. The accuracy of its estimation is open to debate but it’s a nice touch.

Before signing in for the first time, you’ll need to download a PDF of their Bitcoin Wallet Recovery Data Sheet. This contains all of the essential backup information including the wallet identifier, encrypted primary seed and backup seed. BTC.com advises that users print out this document before storing it in a secure location since losing the details makes wallet recovery impossible. It’s also a good idea to delete the digital version of the document so that it cannot be compromised by hackers.

User Interface

Upon logging in to the wallet, you’ll be met by a user interface that is very clear and concise as well as easy to navigate. The first option on the menu allows the user to switch between Bitcoin and Bitcoin Cash wallets. The other menu options are as follows: My Wallet, Send, Receive, Buy and Settings. Below this is a security score which is based on the strength of a user’s password, whether they have verified their email and enabled two-factor authentication.

BTC interface

The My Wallet section of the interface allows you to view your transaction history with full transaction details. If the wallet is new and no transactions have been made, there’s a prompt to head to the ‘Receive’ page in order to fund the wallet. It’s possible to set your BTC.com wallet as the default for Bitcoin payments in most browsers. You’ll be asked if you want to enable this feature on your first visit to the Send page. Alternatively, this can be set up in Settings.

Sending and Receiving

Sending and receiving Bitcoin and Bitcoin Cash with BTC.com is quick and easy thanks to the easy-to-follow interface. Sending involves providing a recipient address, amount and then choosing the level of transaction fees: High Priority, Optimal and Low Priority. It’s also possible to send and receive Bitcoin using QR codes. Another interesting option available on the mobile versions of the BTC.com wallet is sending BTC to phone contacts without requiring their Bitcoin address.

BTC Bitcoin Cash Wallet

 

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