Not many crypto products can retain the very essence of crypto technology, as envisioned by Satoshi Nakamoto when he created Bitcoin. One of the few that has done this is Bitamp. In this review, we will analyze its strengths as well as its weaknesses.
What is Bitamp?
Bitamp is a free, non-custodial, and open-source wallet that provides a level of autonomy in processes relating to sending, receiving, and storing cryptocurrency. As its name implies, Bitamp is strictly a bitcoin wallet. Its development team has continued to reiterate its stance that the digital asset encompasses all the features necessary to engage in a borderless and transparent economy. Therefore, it only made sense that Bitamp preserves Bitcoin’s unique signature while providing its users with secure access to their assets.
What Are the Features of Bitamp?
To achieve its ambitious goal, the team has chosen a web wallet design for its product. The developers argued that the enablement of a web interface ensures that the wallet is accessible regardless of users’ locations or jurisdictions. As long as there is internet connectivity, users can easily log in to their accounts and execute transactions.
Another important detail about Bitamp is its penchant for privacy. According to its website, Bitamp promotes user privacy. Hence, it does not store or transmit users’ browser details, IP addresses, seed phrases, or private keys. In addition to this, the platform utilizes a sign-up system that does not require interested users to submit their email addresses or any other personal information. Even, it encourages users to access their accounts through a VPN or TOR browser.
Apart from preserving the privacy of bitcoin holders, the platform’s development team values transparency. This assertion is evident in its decision to take up an open-source system of running the wallet. As such, the project is open-source. Anyone can assess the viability of the project, identify flaws, or suggest ideas, which could improve the quality of the wallet service. You will agree that this model of business often keeps developers on their toes and offer users ample reasons to believe that the product is not just a platform conjured out of thin air.
Lastly, Bitamp practices a non-custodial form of operation. In other words, the platform does not store assets on behalf of its users. Instead, it allows them to create new wallets and generate private keys and seed phrases, which it expects users to keep themselves. To access the contents of wallets and execute transactions, users need to enter their seeds and private keys into the appropriate fields on the website. Since Bitamp offers its users absolute autonomy, they are responsible for the safety of their private keys and seed phrases. On the contrary, Bitamp only guarantees secure and anonymous portals to bitcoin wallets.
What Are the Pros and Cons of Bitamp?
Having explored the features of Bitamp, we took a look at several factors that shaped the arguments for and against the wallet service provider. Below are the pros and cons of Bitamp.
It Offers Free Wallet Services
One of the bright spots regarding the operations of Bitamp is its decision to render free services to its users. As such, it does not impose a subscription fee, neither are users charged transaction fees whenever they send or receive bitcoin. Alternatively, the platform relies on donations so as not to put any financial burden on its user base.
Bitamp Is Open-Source
In the crypto space, experts advise crypto participants and investors to opt for projects tagged open-source. The reason is that it highlights the development team’s readiness to develop a transparent system. By using this sentiment to gauge the credibility of Bitamp, it is safe to say that the Bitamp project is no fluke. Likewise, it means that other developers can explore the project and expose flaws that could undermine the security or quality of the product. Moreover, the team encourages the developer community to report bugs found on its platform.
It Protects the Privacy of Bitcoin Holders
It Provides Non-Custodial Services
Bitamp has effectively reduced the risks of falling victim to hacks and other malicious attacks prevalent in the crypto space. The team chose to transfer control back to its users by enabling a non-custodial bitcoin wallet. In essence, users are responsible for the safety of their private keys and seed phrase.
It Has A Simple User Interface, And It Is Accessible
While exploring Bitamp’s website, we couldn’t help but notice the simplistic nature of the design adopted. This setup makes navigation easier and uncomplicates the processes of creating a wallet and executing transactions. And since the platform favors a web-based framework, users can easily access their accounts anywhere and anytime.
Its Non-Custodial Design Could Be Detrimental to Some Users
Although experts consider non-custodial wallets as the best form of digital asset storage, relying on users’ discretion when it comes to the safety of private keys is not all too assuring. In cases where a user forgets or loses his/her seed phrase, it is practically impossible to access the content of such a wallet.
It Is Relatively New
Reputation is one of the core factors used to analyze the safety and quality of crypto wallets. As for Bitamp, it is a new entrant in the wallet market. Hence, it is hard to gauge the viability of its services and security systems.
It Only Supports Bitcoin
A majority of wallets provide multi-cryptocurrency storage infrastructures to appeal to a bigger market. Bitamp, on the other hand, currently focuses on Bitcoin. Though this does not take anything away from the quality of services it provides, the restrictive nature of its operation might, however, discourage some potential clients.
The Customer Support System Is Not Robust
Customer support is an integral part of businesses. As such, customers often expect service providers to enable robust feedback and support systems. After we explored Bitamp’s website, we discovered that it only provides email support. Nonetheless, this was unsurprising, considering that it enables free services and relies on donations for the management and maintenance of its wallet infrastructures.