Bitcoin has been in the news since billionaire hedge fund manager Paul Tudor Jones announced that he had bought Bitcoin. Although there are many ways to buy Bitcoin and store it with an exchange such as Coinbase or Binance, the popular way to store Bitcoin by early believers has always been through self custody solutions.
Bitamp has launched recently to address the growing demand for self custody. The Company has created an open-source Bitcoin wallet that enables users to send and receive Bitcoin from anywhere, on any device and the ability to create a new Bitcoin wallet in an instant.
BitAmp’s Open Source Roots
With Bitcoin’s open-source roots, it is no surprise that Bitamp is a web-based open-source wallet free for everyone. Users’ anonymity is important to the Bitamp team. Accordingly, Bitamp does not store seed, private keys, IP address or browser details.
With most Bitcoin transactions costing only pennies and users’ ability to maintain anonymity during transactions, Bitamp’s stance is that it’s no mystery why Bitcoin is used by millions of people to transfer money worldwide. The team points out on its website that Bitcoin transactions only take 10 minutes to settle as opposed to transfers with normal banks which are orders of magnitude more expensive and can take several days or weeks to settle.
BitAmp’s Focus On Non-Custodial Solutions
BitAmp’s focus on free, non-custodial solutions runs counter to many new developments in the crypto space, with custodial wallets and exchanges using their users’ funds to generate additional profit for their companies.
Bitamp’s team believes that custodial wallet and exchange solutions will always bear some amount of risk. The company, therefore, advocates that users choose to hold their own funds after making trades, in order to avoid the risk of hacks and insolvencies. Bitamp’s warnings do not come unsupported with famous hacks such as the hack of QuadrigaCX, leaving users with no proper recourse to recover their funds.
The ultimate beauty of non-custodial wallet solutions lie in users’ ability to access wallets they may have created on other platforms via the Bitamp web interface. Armed with seed phrases for wallets created on other platforms such as Electrum, Mycelium, Trezor, Ledger, etc., users can transfer funds and check balances for these wallets directly on the Bitamp site. Users interested in self-custodying their Bitcoin may view Bitamp as a favorable alternative to more centralized solutions.