Swedish bitcoin exchange Safello has started rolling out their Safello Wallet feature. The main reason for creating their own Bitcoin wallet service as an exchange is because the traditional Bitcoin wallet is not that user-friendly. Safello prides themselves on offering an easy-to-use and secure environment to Bitcoin users, and their Safello Wallet feature brings that goal one step closer.
Safello Wallet – Lots of Potential
Instead of having to keep track of everybody’s Bitcoin addresses, the Safello Wallet lightens the workload for you. If you are a Safello user, and so is/are your friend(s), you can send them Bitcoin funds by looking up their username. Granted, this does require all parties to use the Safello Bitcoin exchange, but it makes it far easier when your inner circle uses the same service as you do.
One of the questions you could ask yourself is whether or not this feature is sort of centralizing the decentralized aspect of Bitcoin. The answer to that questions is both yes and no. Yes, because everyone uses the same service (Safello) in order to access this feature. No, because the feature is only as useful as the amount of users enabling the Safello Wallet in their account.
Note from the Author: Bitcoin is a decentralized digital currency, but does it become centralized because a lot of people use the same software client? No, it doesn’t. The same can be said for the Safello Wallet feature.
One of the things I personally really like about the Safello Wallet is the detailed transaction history of your associated Bitcoin addresses. Some of my Bitcoin wallet addresses go back for years, and it’s nice to look back at them and see how far we have come in the mean time. Plus, you also get the fiat currency value per transaction mentioned for each incoming and outgoing Bitcoin transaction.
All of this information is presented on a beautiful timeline in your Safello account, letting every transaction tell its own story. Granted, this functionality is also available on Blockchain.info and similar services, but Safello is the first Bitcoin exchange in Europe to integrate these features.
Have you ever wondered if you are sending Bitcoin to the correct address? Maybe you have noted down the address correctly, but it doesn’t belong to the person you want to send money to. And that person isn’t online, so you can’t verify the details with them. Safello Wallet offers a “Verified Accounts” feature, which nullifies the risk of scams and impersonations. Whenever you send funds to an organization or a public figure, Safello Wallet will check the address and show a verified-symbol next to the name.
Integration With Blockchain.info
The Safello Wallet offers so many features, and most of the transaction data is pulled from Blockchain.info. If you already have a Blockchain.info wallet, you can easily link it to your Safello wallet by enabling the API access in your account. Do make sure that two-factor authentication is disabled until your account has been linked though.
I have personally linked both of my wallets, and the process is as straightforward as can be. Do keep in mind you will receive an email confirmation to allow API access once the Safello wallet requests to pull data from Blockchain.info. Once that confirmation has been given, the process completes automatically and you can start using the Safello Wallet immediately.
Private Wallet & Public Wallet
There is one last thing you need to know about the Safello Wallet. Once you have set up your account, the exchange platform will create a private wallet and a public wallet for you. My private wallet is the wallet linked through Blockchain.info. My public wallet is generated by Safello themselves, and can be used by other people to look up alias in order to send me bitcoins.
All of the Bitcoin addresses stored in my private wallet are kept private, and will not be visible to other Safello Wallet users – unless I disclose them myself of course.
Safello wallet is currently in an invite-only beta phase, and you can request your invite by clicking here. Should you receive an invite, feel free to look up “Jean-Pierre Buntinx” when sending a payment. My name should show with the verified-symbol.
All images courtesy of Safello AB.