BitWallet Review

Navigating through various Bitcoin wallets can be daunting. This especially becomes an issue when considering how many different ones you can find on the market. That's why I want to introduce you to a high-quality wallet in my BitWallet review.

Unlike other alternatives, such as Ledger Nano X or Binance Wallet, which support a wide range of coins, BitWallet focuses on managing Bitcoin and a handful of altcoins. With this in mind, let’s evaluate whether this platform's streamlined approach makes it a good choice for securing your cryptos by highlighting its pros and cons.

Lastly, it's worth noting that BitWallet has been in the crypto space since 2012. Therefore, it's safe to say that the platform's services are of high quality and trustworthy.

Verdict at a glance: BitWallet stands out for its user-friendly interface and security, making it great for anyone new to Bitcoin. While it offers solid protection and global access, it doesn't support a wide range of cryptocurrencies or advanced features. Users looking for more options might prefer more comprehensive wallets like the Binance or Ledger Nano X.

What Is BitWallet?

Before we discuss the pros and cons, let’s start the BitWallet review by understanding what it’s all about.

The platform boasts itself as a cutting-edge cryptocurrency app. Although it doesn't support a lot of altcoins, BitWallet focuses on providing a safe and reliable method to buy, sell, store, trade, and transfer Bitcoins across the globe.

Launched in July 2019 on both iOS and Android platforms, BitWallet aims to simplify Bitcoin adoption during a crucial time for global finance. Their mission extends beyond secure storage, with plans to integrate a licensed exchange feature.

If they were to add this tool, users could seamlessly convert fiat currencies like USD, EUY, and GDP directly into Bitcoin within the app. That said, Bitwallet has also expanded its support to include other popular cryptocurrencies, such as Ethereum.

Beyond individual users, businesses can also leverage its features to accept Bitcoin payments at competitive rates, which are lower than traditional credit card processing fees. As of writing, BitWallet claims to have over 10,000 businesses using its platform across 160 supported countries.

This broad adoption showcases BitWallet as a comprehensive solution for both individuals and businesses seeking a secure and cost-effective way to engage with the Bitcoin ecosystem.

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BitWallet Review: PROS

In this part of my BitWallet review, I'll delve into its security protocols and other key features that may appeal to Bitcoin devotees. Understanding these advantages lets you determine if this platform aligns with your priorities for a secure and seamless transaction experience.

Robust Security Protocols

When choosing a crypto wallet, ensuring the security of your hard-earned Bitcoin is always the top priority. So, you might ask: “Is BitWallet safe to store and manage your Bitcoin?”.

In a crypto transaction, online wallets automatically manage and store the private key remotely, ensuring your assets are accessible from anywhere. However, traditional online wallets typically store the private key centrally, which can be risky if that storage is compromised^[1].

BitWallet addresses this concern by implementing high-security encryption standards. While I can't verify the exact encryption standards used by the platform, their emphasis on security and terms like "military-grade" suggests a strong commitment to protecting your assets.

In addition to the advanced encryption protocol, BitWallet further enhances security by incorporating two-factor authentication (2FA). This system adds an extra layer of protection by requiring not just a password but also a second form of verification against online attacks, as well as a second line of defense in case of password leakage.

Using 2FA reduces the risk of unauthorized access to your wallet^[2]. Typically, 2FA generates a short, one-time secret PIN, which users receive via SMS. Then, you have to manually enter it into the client interface for verification.

As a result, even if someone manages to get hold of your password, they would still need the PIN to log in. This extra layer of security makes BitWallet a reliable choice for storing your Bitcoin.

Account verification, otherwise known as KYC, short for "know your customer", is also mandatory for buying and selling digital assets through the platform. If you want to purchase Bitcoin, you must submit basic debit card information, including your name, address, and phone number.

On the other hand, to sell Bitcoin, you must provide the aforementioned details and a social security number (SSN). Additionally, for larger transactions, you may need to upload an image of your driver’s license or passport.

While the mandatory processes might not be so attractive for privacy-conscious users, they show that the wallet is compliant with KYC and AML regulations. These protocols answer the question, “Is BitWallet safe to store your Bitcoin?” and reassure users who prioritize safety in cryptocurrency transactions.

However, security extends beyond the wallet's built-in features. While BitWallet boasts robust security measures, there are additional precautions you can implement.

Consider using a hardware wallet, such as Ledger Nano X, for long-term storage of your Bitcoin. This device will keep your private keys offline, minimizing vulnerability to hacking attempts. Think of it as placing a high-tech safe within your secure vault, adding an extra layer of protection.

Combining BitWallet's safety features with a cold wallet allows you to establish a highly secure environment for your Bitcoin assets.

Swift and Efficient BTC Transactions

Apart from security, BitWallet also places a strong emphasis on transaction speed, claiming to allow you to purchase and sell Bitcoin swiftly.

Newly purchased Bitcoin arrives quickly due to the immediate processing of card payments. After completing all fraud and KYC checks, the platform promptly releases your cryptocurrency.

For first-time transactions, this verification process can take anywhere from a few minutes to a few hours, depending on the checks required. However, subsequent transactions are typically completed in less than 20 minutes, providing convenience for regular users.

It's worth noting that when selling Bitcoin through BitWallet, GBP transfers typically process within one working day, while Euro transfers may take between one to three working days. Also, transactions initiated on Friday evenings, weekends, or holidays may experience delays until the next working day.

Overall, BitWallet offers an efficient transaction process, making it a reliable choice for managing your Bitcoin. This efficiency level especially benefits individuals and businesses looking for seamless Bitcoin transactions.

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Easy-to-Use Application

Another key aspect I want to discuss in my BitWallet review is its ease of use. The app features a clean and straightforward user interface (UI), making it an inviting option for newcomers to the cryptocurrency space.

On top of that, signing up for this platform is straightforward and quick. Users frequently praise the simple process in user BitWallet reviews, noting that they can create the wallet and purchase Bitcoin within minutes of verification. This streamlined onboarding ensures a hassle-free start to your crypto journey.

BitWallet also excels in its intuitive design. The dashboard allows users to access essential functions such as buying, selling, requesting, and sending Bitcoin easily.

For instance, if you want to purchase Bitcoin when the price is right, you can simply open the app on your phone and buy it directly from the home screen. Its user-friendly interface and clean layouts make it a great choice for anyone who wants to acquire or sell BTC easily, no matter where you are.

The uncluttered layout avoids complexity, often a drawback in more intricate crypto apps. If you like the minimalist approach, I think you’ll appreciate BitWallet’s app design, which allows you to conduct Bitcoin transactions quickly and efficiently.

That said, the platform receives positive user feedback for its intuitive interface and straightforward usability. People frequently praise its ease of navigation and accessibility, highlighting BitWallet's effectiveness in meeting the needs of cryptocurrency users.

Broad Global Access

Bitcoin's strength lies in its global accessibility, facilitating seamless international transactions. As you can imagine, BitWallet reflects this borderless nature by offering access to users worldwide.

With support for 160 countries, BitWallet enables you to manage your virtual assets almost anywhere, making it easy to capitalize on Bitcoin's worldwide reach.

I also want to emphasize in my BitWallet review the app's effort to simplify Bitcoin purchases for a broad range of users. The platform accepts most major credit cards, such as Visa, MasterCard, and Maestro, along with some prepaid and virtual debit cards, including Apple Pay.

However, there are a few limitations. The “Buy” feature is not supported in some US states and specific regions like China, Russia, and Iceland. Therefore, always check the latest list of unsupported areas directly on BitWallet before making a purchase.

Despite these limitations, I think the platform is still a solid choice for global Bitcoin storage. Its wide support across countries and acceptance of major credit cards make it a convenient option for managing digital asset holdings anywhere in the world.

Enterprise Level Payment Processing

BitWallet offers several advantages for businesses looking to incorporate cryptocurrency payments into their operations.

One of the key benefits is the ability to customize payment processing pricing. This flexibility allows businesses to manage their costs effectively, making it adaptable to each enterprise's unique needs.

While BitWallet supports enterprises of all sizes, it truly shines for large companies like professional sports teams, grocery store chains, and restaurant groups. These businesses require robust and innovative solutions for global payments, and that's what this platform aims to deliver.

For example, in 2022, BitWallet entered into an exclusive partnership with the Houston Texans, a professional American football team. As their official digital currency wallet, it enables fans to purchase single game suites with cryptocurrency, seamlessly converting it into US dollars.

This partnership with the Houston Texans highlights BitWallet’s significance in digital transactions. It showcases the power and flexibility of BitWallet's enterprise-level solutions.

Another feature that caters to enterprise-level players is its over-the-counter (OTC) desk service, which can be accessed via its website. This service facilitates trades ranging from $25,000 to $250 million weekly, which can be helpful to enterprise users looking to make large-scale trades.

BitWallet also claims that its enterprise-level payment processing opens up new revenue streams for businesses. By accepting cryptocurrency payments, companies can attract a broader customer base, including those who prefer to use digital currencies.

All in all, BitWallet stands out for its seamless and straightforward BTC trading experience, catering to a global audience with its easy-to-use application. Additionally, it has a history of supporting enterprise-level customers and offers an OTC service for large transactions, which will be valuable for bigger traders and businesses.

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BitWallet Review: CONS

Now, we have covered the advantages of this platform. Naturally, it also has drawbacks. Therefore, let's continue this BitWallet review and explore the disadvantages it has, starting with the limited selection of altcoins.

Limited Selection of Cryptocurrencies

As of writing this BitWallet review, the application mainly supports Bitcoin and some popular altcoins.

For newcomers, the platform's selection might seem sufficient since it covers popular cryptocurrencies. However, seasoned enthusiasts looking to diversify their portfolios with a broader array of digital assets may find this limited selection disappointing.

The crypto market is vast and constantly changing, with new and exciting projects constantly popping up. Sticking to a few coins means you might miss out on some good investment opportunities and the chance to explore different blockchain technologies.

In comparison, other wallets like Ledger Nano X or Ledger Nano S Plus support hundreds of different cryptocurrencies. This diversity allows users to get involved with a wider variety of projects and ecosystems.

That said, broader cryptocurrency support can help you create a more flexible investment strategy, whether sticking with major coins or exploring lesser-known tokens. While BitWallet is reliable and user-friendly, its limited selection of cryptocurrencies might not be ideal for those looking for more altcoins.

Lack of Advanced Features

Another drawback that I need to mention in my BitWallet review is the need for advanced features.

The platform's primary focus is fundamental functionalities such as buying, selling, and receiving Bitcoin. Even though these core features are well-integrated, some users may find the absence of more advanced capabilities disappointing.

For instance, BitWallet doesn’t support cryptocurrency staking. It has become a popular way for crypto holders to earn passive income by contributing to the security of a blockchain network. Unfortunately, BitWallet doesn't offer this option, which might be a deal-breaker for some investors.

The lack of staking can limit your earning potential compared to other wallets that provide this feature. If passive income generation is a key factor in your investment strategy, you might want to explore alternative options that offer staking alongside secure storage.

Additionally, BitWallet lacks support for non-fungible tokens (NFTs), which users trade to own unique digital assets like art and music. The absence of NFTs can also be seen as a drawback for users looking to grow their investments.

In addition, the platform cannot be used as a Web3 wallet to connect to various decentralized applications (dApps). BitWallet is mainly a crypto wallet, a digital vault for safely storing and managing digital currencies like Bitcoin.

On the other hand, Web3 wallet functionalities are beyond just storing and managing cryptocurrencies. You can think of it as a "Swiss Army knife" for the decentralized web. Not only can it handle cryptocurrencies like a regular crypto wallet, but it also lets you manage different digital assets and play around with decentralized apps.

That said, while it might not have all the advanced features some users want, BitWallet still excels in user-friendliness and core security. This simplicity makes it a good choice for beginners or anyone who prefers a simple way to hold Bitcoin.

However, users seeking a more comprehensive platform with advanced functionalities might find alternative wallets more suitable.

No BitWallet Desktop Version

Another notable drawback of BitWallet is its exclusive availability on mobile platforms, specifically the App Store for iOS and Google Play for Android. Currently, there’s no desktop version, which can be inconvenient for PC users.

If you prefer to manage your cryptocurrency on a larger screen or need to perform more complex transactions with a keyboard and mouse, the lack of Windows, macOS, or Linux applications can be unpleasant.

In addition, the absence of a PC version might reduce BitWallet's appeal to professional traders and businesses that often rely on desktop software, as it provides better integration with trading tools and financial applications.

In my BitWallet review, I've pointed out that while the mobile app is easy to use, the lack of a desktop version is a notable limitation. If you value managing your crypto assets on multiple devices, including PCs, BitWallet's mobile-only approach might feel too restrictive.

BitWallet Review: Pricing

My BitWallet review would not be complete without discussing its fee structure. So, let's delve into the costs associated with using this wallet, exploring both complementary and fee-based features.

One thing to note about BitWallet is that it offers free signup. With no initial fees, it makes the app an easy choice for anyone interested in Bitcoin to get started.

In addition, the BitWallet app is freely available for download on tablets and smartphones via the Play Store and App Store. This accessibility allows users to manage their crypto assets from anywhere conveniently, enhancing its appeal to Bitcoin owners.

BitWallet also doesn't charge fees for sending or receiving cryptocurrencies. This feature sets it apart from other wallets that usually include small transaction payments. If you frequently send or receive Bitcoin, this can be a substantial cost-saving benefit.

However, while BitWallet charges no fees for sending and receiving, there are costs associated with buying BTC. If you choose to purchase Bitcoin using a debit card, you’ll incur a 4.49% fee.

On the other hand, BitWallet charges a 1.49% fee for those looking to sell BTC and receive a direct deposit into their bank account.

That said, the convenience of having the funds directly transferred into your bank account can be worth the fee. This is especially true for users who frequently need to convert their Bitcoin to cash.

In addition, you also need to consider the network fees. All Bitcoin transactions charge an additional payment for it to be processed on the blockchain. The amount of the additional payment varies based on the network congestion level and is not imposed by BitWallet.

During times of high activity, network fees can increase significantly. So, it's worth keeping an eye on current rates when planning your transactions.

How to Use the BitWallet App?

Now that I've explained the pros and cons in my BitWallet review, let's explore how to install and purchase Bitcoin using the BitWallet app. The process is straightforward and designed to be accessible even for beginners.

How to Set Up the BitWallet App?

The BitWallet app is exclusively available on mobile devices that run on iOS and Android operating systems. In this part of my BitWallet review, I'll guide you through the process of installing the app specifically on an Android smartphone.

Step 1: First, open the Google Play Store on your Android device and search for the "BitWallet" app. Once you find it, tap the [Install] button and wait for the download and installation process to complete.

Step 2: After the installation, tap [Open] to launch the BitWallet app. Then, the app will direct you to the homepage. You need to tap [Sign Up] to begin the sign-up process. Choose whether you’re an individual user by tapping [Individual] or a business user by tapping [Business].

Step 3: Enter your email and mobile number, and create a strong password to enhance your wallet's security. Then, mark the “I agree to BitWallet Terms and Conditions” checkbox (read them first, of course) and tap the [Sign Up] button.

Step 4: You’ll receive a verification email. Open your inbox and click on the confirmation link to verify your account.

Congratulations! You have successfully set up the BitWallet app on your Android phone. Installing the BitWallet app is straightforward, allowing you to start securing and managing your Bitcoin transactions with ease.

How to Buy Bitcoin Using the BitWallet App?

Purchasing Bitcoin with the BitWallet app is also similarly simple. Nonetheless, in this section of the BitWallet review, I'll guide you through the steps to buy Bitcoin conveniently using your mobile devices.

Step 1: Open the BitWallet app on your Android device. Ensure you have completed the installation and sign-up process and are logged into your account.

Step 2: On the BitWallet app's homepage, tap the [Buy] button to purchase Bitcoin.

Step 3: You must select the currency you wish to use for the purchase. After selecting Bitcoin as your preferred currency, enter the number you want to buy. Make sure to double-check the number entered for accuracy. Once done, tap [Next] to proceed.

Step 4: Choose the option that works best for you on the payment method screen. For a quick and straightforward transaction, you can use a debit card. Simply enter your card information, including name, address, and phone number, and ensure that all details are correct.

Step 5: Review all your transaction details, including the number of Bitcoins you’re purchasing and the total cost. If everything is correct, tap [Confirm] to finalize your purchase.

Your newly purchased Bitcoin will arrive in your BitWallet within a few minutes. The app's intuitive design and step-by-step guidance make it a reliable choice for securely managing Bitcoin transactions.

Pros

• Can be managed from mobile device
• Very secure
• Supports more than 5500 cryptocurrencies

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Pros

• A brand-new design
• Industry-leading security
• Coin, token and NFT storage

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Pros

• Supports over 7000 crypto assets
• Easy navigation
• Open-source

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Conclusions

To sum up my BitWallet review, I think it's a reliable and easy-to-use wallet made for handling Bitcoin. It comes with solid security features like military-grade encryption and a 2FA protocol, which can answer the question, "Is BitWallet safe to store Bitcoin?" soundly.

The app's intuitive design makes it an appealing option for both seasoned Bitcoin enthusiasts and curious newcomers. Furthermore, its global accessibility, with support in over 160 countries, positions BitWallet as a strong contender for businesses seeking to integrate Bitcoin payments seamlessly.

However, its simplicity comes with limitations. While offering a handful of altcoins alongside Bitcoin, BitWallet lacks broader cryptocurrency support and advanced features. Additionally, the absence of a desktop application may lead some users to more comprehensive wallets like Ledger Nano X or Ledger Nano S Plus.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. F. Zhu, W. Chen, Y. Wang, et al.: ‘Trust your wallet: A new online wallet architecture for Bitcoin’;

2. D. Han, Y. Chen, T. Li, et al.: ‘Proximity-proof: Secure and usable mobile two-factor authentication’.