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This cryptocurrency wallet is designed to provide secure and easy access to the crypto world

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Bitcoin (BTC) was the first cryptocurrency to emerge in 2009. By offering a tight monetary policy combined with “dissatisfaction” and a thorough openness, Bitcoin introduces an alternative financial system by choice – where economic freedom wins.

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Bitcoin (BTC) was the first cryptocurrency to emerge in 2009. By offering a tight monetary policy combined with “dissatisfaction” and a thorough openness, Bitcoin introduces an alternative financial system by choice – where economic freedom wins.

Since then, the crypto space has expanded far beyond Bitcoin. Largely powered by smart contract platforms such as Ethereum (ETH), consumers now have access to an entire decentralized finance (DeFi) ecosystem, programmable chain art (in the form of irreplaceable tokens, also known as NFTs), crypto-based games and more.

Given that less than 5% of people in the world own Bitcoin, we can assume that the cryptocurrency is still in the early stages of adoption. Further down the crypto path filled with difficulty, the adoption rate is much lower. Ultimately, this means that so far, few people have benefited from the economic freedom of blockchain technology.

Complexity in a high-risk environment

Industry experts agree that the main barrier to adoption is the complexity of user-centric applications that provide root access to the crypto world. In particular, cryptocurrency portfolios, which are mobile or desktop applications that allow direct interaction with public blockchains (i.e., root access to the crypto world), have long been major offenders. Crypto wallets usually introduce newcomers to a lot of new concepts that are not well known in an environment where the support are usually very high. Since “real” crypto wallets cannot be held, even the smallest mistake can lead to disaster (i.e., total loss of money).

In the absence of a user-friendly crypto wallet, a wave of newcomers is coming into the more well-known offerings (trustees). The proposal does an excellent job of keeping consumers out of problems and providing a shield against disaster. However, they do not offer the full range of useful services that crypto wallets offer, nor do they have the same level of economic freedom. In other words, it is not a real crypto offering.

A new generation of cryptocurrency portfolio

Bitcoin.com is working on a mission to preserve economic freedom by providing a multi-coin, unlicensed and no-storage crypto wallet - the Bitcoin.com wallet.

No permission means that anyone in the world can set up a wallet, accept cryptocurrencies in it (currently BTC tokens, Bitcoin Cash (BCH), ETH and ERC-20) and use these cryptocurrencies at will, including trading. No custody means that a third party, in this case Bitcoin.com, will never have access to a user's funds. This means that companies cannot be ordered to restrict users' access to funds or their ability to make transactions. The Bitcoin.com portfolio also makes it possible to purchase cryptocurrencies with their credit card and other payment methods starting at less than $30, although interactions with legacy financial systems require an execution process for acceptance reasons.

“We see crypto wallets as a key tool for providing access to the possibilities that Bitcoin and the wider crypto ecosystem have to offer,” said Dennis Jarvis, CEO of Bitcoin.com since May 2020. “And if we are to succeed in fulfilling our mission of creating more freedom in the world's economy, wallets should be easy and instinctive to use, while the right of users to hold their cryptocurrencies directly is fundamentally preserved.

At its core, Bitcoin.com Wallet addresses the problem of UX complexity by providing a simple user interface with extensive learning materials and instructions. The app has a Discover section where users can get the latest industry news, find where to spend their cryptocurrency, browse crypto-based games, get discounts on purchases and travel with multiple cryptocurrencies, and much more. In addition, the portfolio offers a number of innovative functions.

“The biggest challenge for crypto wallets has always been finding ways to leverage blockchain technology without turning the user experience into a nightmare. One way to do that is with our cloud backup service,” said Jarvis, referring to a feature that makes the private key accessible to all user wallets in the app with a single password of the user's choice. This means that by entering a single password, users can regain access to all of their wallets instead of having to enter 12-24 mnemonic words for each wallet, which has traditionally been a pain point for crypto wallets.

The Bitcoin.com wallet also has a so-called "Send Anywhere" function, which allows users to send crypto as a link via any messaging app. The recipient simply taps on the link to claim the money. "With Send Anywhere, it's really easy to get your friends to come to Space. You can send them money even if they don't have a wallet yet."

Continue on the path to economic freedom

The Bitcoin.com portfolio also feeds the advanced users by providing charts and market forecasts, the ability to trade between multiple coins and the ability to connect to Web 3.0. The ending is made possible by Bitcoin.com Wallet, which handles the open source WalletConnect protocol to connect portfolios to DApps. This means that Bitcoin.com Wallet users can establish secure connections between their wallets and DApps such as decentralized exchanges, NFT platforms, credit platforms and more by simply scanning a QR code with their mobile device.

One of the team members said, “It is clear that crypto wallets will become a critical infrastructure as we move to the Web 3.0 environment. We want to ensure that as many people as possible have access to this environment so that they can truly benefit from the economic freedoms associated with it."

 

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The new DEFI platform enters the market! Earn passively - token sale 0.25 $

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