Several companies and services are trying their darndest to make the “explaining Bitcoin” phase a bit more straightforward, without the need to go into technical details. However, when you want to explain people how they can receive Bitcoins, the wallet creation process is still rather tedious. Plus, novice users don’t want to keep handing out their address manually, or even send a QR code all the time. BitcoinWallet.com is making everything Bitcoin-related a whole lot easier.
Make Your Name A Bitcoin Wallet Address
Alias systems are nothing new in the world of digital currencies, and mostly altcoins are working on various implementations of that system. However, as most of the people will keep their focus on Bitcoin, it was only a matter of time until we saw a similar service appear for Bitcoin users. And the best part is that it works across all platforms and devices, as long as you have a device running a web browser.
Granted, there is still a bit of tweaking to do by the end user, but once you sign up for a Bitcoinwallet.com address, your Bitcoin wallet address will be generated automatically. Should you ever venture into the world of altcoins, you can add your individual addresses to your profile as well. Supported altcoins include but are not limited to Dogecoin, Devcoin, NXT and Litecoin.
By creating a Bitcoinwallet.com account, users can simply share their Bitcoin address in the form of <name>.bitcoinwallet.com. We took the signup process to the test, and it only requires an email address, a strong password and your mobile phone number. A verification code will be sent to your mobile phone number in order to authenticate your account.
No Transaction Fees & No Confirmation Delays
When conducting a Bitcoin transaction, or any other digital currency transaction for that matter, there are transaction fees involved. Compared to traditional payment methods, Bitcoin transaction fees are extremely low. However, explaining the process and “need” of transaction fees to novice users is another technical hurdle which might prevent them from getting involved with Bitcoin or other currencies.
Bitcoinwallet.com has found a simple solution to this “problem” as well, and they do not charge any transaction fees for user-to-user Bitcoin transactions. However, deposits and withdrawals are still subject to a fee of 0.0002 Bitcoin for transactions under 0.001 Bitcoin. Larger transactions surpassing the 0.001 Bitcoin threshold are subject to a 0.0008 Bitcoin transaction fee for both deposits and withdrawals.
It is also interesting to note that the minimum amount for depositing to and withdrawing from Bitcoinwallet.com is 0.001 Bitcoin. Furthermore, the minimum amount for executing user-to-user Bitcoin transfers is 0.00000001 Bitcoin (also known as 1 Satoshi). Bitcoinwallet.com users can change the minimum transaction amount they are willing to accept as a payment from other users in their “Account” settings.
Because Bitcoinwallet.com uses Proof of Solvency, everyone can always confirm that any user’s balance is accounted for, without seeing their actual balance. In order to verify whether or not a user is included in Bitcoinwallet.com’s Proof of Solvency hash, click the green leaf next to their name. This feature has another benefit, as it allows for instant user-to-user transactions, without the need to wait for transaction confirmations. Deposits will still require 6 confirmations on the blockchain before they will appear in your account.
Storage and Security
Novice users are not too worried about how their funds on Bitcoinwallet.com is stored, as all they want is an easy to use Bitcoin wallet address. Most of our readers will care about funds’ storage though. Initially, Bitcoinwallet.com pools users’ funds. However, the team is working on optional individual storage with user accessible private keys, multisignature withdrawals and insured storage.
Bitcoinwallet.com’s cold storage wallets are distributed in physical vaults across the United States and require multiple people to access. The distribution of funds between the hot wallet and cold storage can be found on this page. Bitcoinwallet.com’s cold storage wallets can not be accessed through any system, and they will not automatically replenish the hot wallets either.
Account security measures include two-factor authentication provided by Authy.com. Bitcoinwallet.com’s servers, load balancers and databases are hosted by Amazon AWS, and the SHA-2 SSL protection is provided by Godaddy. Google is helping out with several of the development tools and analytics.
Bitcoinwallet.com started their operations on April 7th of 2014, and they have seen a steady growth in the number of created wallets as well as the number of transactions per week. On the other hand, the number of support tickets has been going down slightly, which is a good indication of how easy it is to use their platform in its current form.
On the topic of storing users’ funds, the following screenshot gives you a nice overview of how Bitcoinwallet.com is handling funds management. Very little funds is to be found in the hot wallets at this time, with a lot of funds being kept in cold storage for now. However, nearly half of the funds is owed to users, and this number will likely increase as the service grows more popular.
Not An Exchange
Last but not least, it is important to note that Bitcoinwallet.com is not an exchange platform where users can buy and sell Bitcoins in exchange for government-issued currencies.This platform simply lets users send and receive Bitcoins in an easy and user friendly way.
Website : https://bitcoinwallet.com
Referral link : http://cryptoarticles.bitcoinwallet.com