ArcBit is a hierarchical deterministic mobile for Bitcoin. The wallet only supports Bitcoin which is limited compared to competitors. Users can send, store, and receive Bitcoins. They are able to see their full transaction history in the wallet. The balance on the wallet can be displayed in over 150 local currencies. Users control their private keys which are stored on their device. Users are provided with a recovery seed to restore their wallet in the case that the device is lost or stolen. The wallet is available on web browsers, Android, and iOS. There is no signup or verification required to use the wallet which will be an advantage for users who wish to remain anonymous.
There is an optional cold storage feature which users can avail of. The wallet code is open source. There is no multi-signature functionality. There is also no option for users to enable two-factor authentication. Users can choose a block explorer which they want the wallet to integrate with. Users also have the ability to import private keys and watch only addresses.
There has been some concerned raised online about an issue where users are unable to transfer Bitcoin out of the wallet. It is unclear whether this remains an issue and there have not been official responses to users from ArcBit in relation to this.
- Private keys are stored on the device
- No signup or verification process
- Optional cold storage
- Hierarchical deterministic
- Users can choose between different block explorers
- No multi-signature functionality
- No option for two-factor authentication
- Issues raised over the ability to transfer Bitcoin out of the wallet