We’ll come right out and say it — Bitamp might very well be the simplest Bitcoin wallet out there that pretty much anybody could use with ease. It’s the textbook example of a no-nonsense, straight-to-the-point hot wallet for storing your bitcoins.
Of course, as with any other wallet, not everything is perfect about Bitamp (which wallet is perfect anyway?) And that’s precisely the point of this review. We hope by the time you’re done reading it, you will have developed a fair bit of idea about what kind of a wallet Bitamp is, its safety and reliability, how much it costs, and most importantly, whether or not it’s the right choice for you.
Bitamp Bitcoin Wallet: Who is it For?
Bitamp is an open-source, client-side hot wallet that allows you to send and receive Bitcoin in real-time. For those out of the loop, a hot wallet is one that is connected to the internet (as opposed to cold wallets, which are offline).
Bitamp is relatively new, having been around only since May 2020. However, it seems to be scooping in a decent number of users consistently and in the process, has already built itself a sizeable user-base.
As already mentioned, Bitamp is very easy to use, which is what makes it particularly enticing for newbies. Since it’s web-based, you don’t need any special device or software to use it. Just an internet connection and a web browser are all you’ll need to get started.
Let’s quickly go through the sign-up process to give you a quick gist of the ease of use.
Creating Your Bitamp Wallet
First, head over to the Bitamp website and click on “Create a New Wallet.” The website will instantly generate a 12-word recovery seed that you can use to access the wallet. Here comes the important bit — make sure that you write this recovery seed down in a safe place.
If you lose it or somebody else gains access to it, you may lose your Bitcoin permanently and Bitamp will not be able to help you.
Receiving and Tending Bitcoin
Once you are logged in, you can find your Bitcoin wallet address under the “Receive” tab. You can choose any of the following three types of addresses:
- Standard addresses (1xx)
- Segregated witness (Segwit) addresses (bxx)
- Pay to Script Hash (P2SH) addresses (3xx)
The wallet auto-generates a QR code to make the process even simpler.
Sending Bitcoin to an external wallet is even easier. Just paste the intended recipient’s wallet address in the input field, enter the amount of BTC you want to transfer, and then pick one of the three available transaction fee settings. Depending on how fast you want the transaction speed to be, choose between “Priority”, “Regular”, and “Slow.” The higher the speed, the higher the transaction fee you’ll be paying.
The Benefit of Being a Client-Side Wallet
Because Bitamp is a client-side wallet, your private keys are created randomly on your own device and not on the servers of the wallet service provider. This means you could always import your keys to a new wallet from another provider even if Bitamp goes permanently offline.
Being a hot wallet, of course, Bitamp doesn’t provide the same level of security provided by an expensive hardware wallet, also known as cold storage devices. But, is Bitamp vulnerable to cyber attack? The open-source wallet claims that it has a stringent and state-of-the-art server-side security infrastructure.
Having said that, we also know that as long as the cat-and-mouse game between cybercriminals and cybersecurity will continue, no online service provider can claim full immunity to possible breaches.
To their credit, however, the developers of the Bitamp wallet has ensured that you retain complete control over your seed and private keys. This way, even if the wallet was to ever get breached, the hackers simply have no ways to gain access to your funds. That’s because whenever you use the wallet, all the underlying processes take place locally right on your web browser, without inadvertently leaking any sensitive data.
Nonetheless, all said and done, it is not a very good idea to store a very high amount of Bitcoin on Bitamp, or for that matter, any other type of hot wallet. Bitamp’s best use case includes receiving BTC from external wallets and storing a low-to-mid amount of BTC that you plan on sending elsewhere.
Bitamp Pros and Cons
- One of the easiest-to-use Bitcoin wallets, if not the easiest.
- It doesn’t cost you a penny to sign up and use Bitamp.
- Bitamp will soon have Lightning Network integration to enhance services.
- A native exchange is also expected to be available soon.
- Complete anonymity — no pesky KYC verification etc.
- Because it is a hot wallet, storing high amounts of BTC in your Bitamp wallet is not advisable.
- So far, Bitamp only supports Bitcoin (although, it may start supporting other cryptos like LTC and BCH in the foreseeable future).
- No 2FA authentication.
Once again, Bitamp can be your go-to option if you’re looking for an easy-to-use, relatively secure Bitcoin wallet to send and receive BTC. With additional features likely to be deployed in the near future, as mentioned above, the wallet is likely to soon have a wider use-case. Security is decent, and you retain full control over your asset despite it being a hot wallet.