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by Nate Urbas

Crypto Trader, Bitcoin Miner, Holder. 🚀🌑


OpenLedger Bitcoin Wallet

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Site Rank: 27

OpenLedger is a Danish company founded in 2014 whose focus is to bring blockchain technology to businesses. They offer a variety of services with their main product being a decentralized exchange. The web wallet provided by OpenLedger support users who want to trade, store, and send Bitshares native token, BTS, along with other cryptocurrencies. OpenLedger uses BitShares as a platform and that is why the wallet is oriented towards BitShares. Because OpenLedger is using BitShares as a platform, BitShares wallets will also work on OpenLedger. The wallet does not have any support for fiat currencies. To conduct exchanges on the platform, users pay fees in BTS. If a user were to deposit Bitcoin to a wallet and wanted to conduct an exchange for another cryptocurrency, they would require BTS to do the transaction.

The decentralized exchange is actually built into the wallet and this provides a lot of function. Primarily, this enables users to be able to be able to convert assets using the exchange. It also puts users in control of their own private key. This wallet solution will be attractive for those who are advocating for true decentralization. Users who are new to cryptocurrency and blockchain technology may struggle to use it and may be better off going with a more centralized solution if ease of use is a key need for them. There are many forums online showing users struggling with using the wallet. In terms of other features, the wallet is not hierarchical deterministic but it does have multi-signature functionality. There is also no option for users to enable two-factor authentication.

Pros & Cons
  • Founded in 2014
  • The wallet is built into a decentralized exchange.
  • Users control their own private keys
  • Multi-signature functionality
  • Supports a number of cryptocurrencies
  • The wallet is close to the ethos of true decentralization
  • Not user-friendly
  • No fiat currencies supported
  • No two-factor authentication
  • Users require BTS to do transactions