Bitcoin vs Banking [infographic]
There is a new wallet that has surfaced recently that allows users to send Bitcoin and many other digital currencies by using a web address. This new service, bitcoinwallet.com, gives users the ability to personalize their payment address in a manner similar to a Tumblr or hosted web address. The Bitcoin Wallet platform makes sending and receiving payment as easy as exchanging names. For example, if John Smith used this platform, he could share the address “johnsmith.bitcoinwallet.com.” This would allow John to send and receive payments to anyone who uses the service.
Bitcoin Wallet was started by Alex Charfen, entrepreneur and CEO of Charfen Institute. Recently, Charfen released an article which showed his staunch support of Bitcoin. By using examples from current and past technology and innovation to reinforce his points, his writing is one of the strongest endorsements of Bitcoin thus far. His investment in Bitcoin and its technology led to the creation of this new wallet service. Charfen states in the article, “Bitcoinwallet.com is our contribution to this passionate community and through the technology and ease of use we have created, our submission to the community at large that we may solidify our approval and inclusion.”
Bitcoinwallet.com supports Bitcoin, Litecoin, Dogecoin, Quark, Megacoin and Peercoin. When you create an account, an official address is assigned to you, giving users the ability to send Bitcoin to your official address. Users can also list other addresses for Bitcoin and supported cryptocurrencies as external addresses, meaning that when a user visits your profile they will see all your addresses, and they can send payment in the currency of their choice.
According to the site, users can also receive free Bitcoin for signing up for an account or referring a friend. Furthermore, there are daily, weekly and monthly giveaways that all users are eligible for.
What about security?
In regards to the security of funds, Bitcoinwallet.com uses two-factor authentication for every user who signs up. The wallet service also states that a majority of funds will be stored in cold storage wallets, which are not accessible via any system, with only 6% stored in hot wallets according to the company’s news page. They maintain systems with SHA-2 SLL and AES user data encryption. For users worried if they are sending funds to the correct address, each profile states the sign-up email that was used when the profile was created. For example, users who want to send funds to the Red Cross will be able to see if they are sending to an official company (redcross.com) email address.
Users are able to send other users coins for free, with a minimum user-to-user transaction size of one satoshi (.00000001BTC). Bitcoinwallet.com charges .0008BTC to cover cost of service and miner fees for blockchain deposits and withdrawals the minimum transaction amount is .001BTC. To clarify, Bitcoinwallet.com is not an exchange. Instead, it is a means for user-to-user transactions without fees or confirmation delays.
The company is also planning to release a crowdfunding feature to allow users to create and manage crowdsourced funds, and will also be releasing support for other languages after the initial beta period.
Check out this new wallet here.
The post How One Company Simplified the Wallet Address appeared first on Bitcoin Magazine.
