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BTC.com Wallet Review 2020: Fees, Pros, Cons and Features

BTC.com, which was formerly known as Blocktrail, was acquired by Bitmain in 2016. It is an open-source wallet designed to support Bitcoin.
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Author: Nica SJ
Last Updated: 07 July 2020
BTC.com is a good wallet overall but there is one wallet that we believe to be better. Read this article to find out which one.

BTC.com wallet is designed to strike a balance between ease-of-use and security for crypto users. It is currently a service offered by Bitmain which has Bitcoin mining pools globally. Bitmain was founded in 2013 and its headquarters is currently based in Beijing, China. After taking an in-depth look at its features, we have found that it is not the safest storage for your coins. Therefore, we would not recommend it. Read more below to find out why it’s a recommended wallet and how to find the best crypto wallet.

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    Top-rated crypto platform for 2020

    OUR RATING

    eToro Commits To Better Future Growth with Delta Acquisition
    • 15+ coins supported
    • CySEC and FCA regulated
    • Buy, sell and trade crypto in 1 platform
    • Over 6 million users worldwide
    eToro Commits To Better Future Growth with Delta Acquisition
    75% of retail investor accounts lose money when trading CFDs with this provider. Crypto assets are highly volatile unregulated investment products. No EU investor protection.

    Is the BTC.com Wallet Recommended?

    ❌ Though the team behind BTC.com wallet has put a lot of thought into the design of this wallet, we cannot recommend it. It has reliable security measures in place but has failed to take into consideration regulatory compliance. In the unpredictable cryptocurrency space, few platforms have undertaken the rigorous processes required for compliance. One such service provider is the eToro wallet which seeks to submit to regulatory oversight in every jurisdiction where it operates. This has made it one of the few wallets that we can recommend as truly secure as you can see in our eToro review.

    If you still have doubts as to what the best service for storing your cryptos is, you can compare theBitcoin wallets here.

    What is BTC.com Wallet?

    Before we get started, let us find out, what is BTC.com? BTC.com is currently a service offered by Bitmain, which operates the largest and second largest Bitcoin mining pools globally. Bitmain was founded in 2013 and has its headquarters in Beijing, China.

    The mining giant acquired BTC.com from a Netherland-based fintech company in 2016. BTC.com, which is formerly known as Blocktrail, is an open-source wallet designed to support Bitcoin. Following the Bitcoin blockchain hard fork that took place in 2017, the wallet extended its support to cover Bitcoin Cash as well. It offers support for a wide range of languages including:

    • German
    • Spanish
    • English
    • French
    • Russian
    • Dutch
    • Portuguese

    BTC.com Compatibility

    BTC.com is compatible with:

    • Web
    • Android
    • iOS
    • Windows
    • Mac

    What wallet type is BTC.com?

    • Multi-platform
    • Hierarchical Deterministic (HD)
    • Web wallet
    • Open source

    What cryptocurrencies does the BTC.com wallet support?

    • Bitcoin
    • Bitcoin Cash

    What fees does BTC.com wallet have?

    There are no BTC.com wallet fees charged for using the service. Rather, users are only subject to the miner’s fees charged on the blockchain for transaction confirmation.

    How to open your BTC.com Wallet account

    Let’s explore how to open BTC.com wallet. The wallet features one of the simplest initial setup procedures:

    Step 1: Go to wallet.btc.com and click “Create Wallet”

    Step 2: Fill in the required details such as your email address and password, agree to the terms of use and click “Create New Wallet”

    Step 3: Download a PDF of the BTC.com wallet recovery data sheet

    Step 4: Log in to your new wallet and start transacting

    That is everything you need on how to open a wallet on BTC.com.

    How do I add cryptocurrencies to BTC.com Wallet?

    To start using your wallet, you need to know how to add currency to BTC.com wallet. Here is what you need to do:

    Step 1: From the main menu, go to “My Wallet” to find the BTC.com wallet address.

    Alternatively, you can log in to your Bitcoin account and tap on “Funding your wallet” which will also direct you to your wallet address

    Step 2: Copy this address and paste it on the recipient’s wallet address in your other wallet or the “Send to” tab on an exchange

    Step 3: Click “Send” to add cryptocurrencies to your new wallet.

    That is how to transfer Bitcoin to BTC.com wallet. We won’t be learning how to transfer Ripple to BTC.com wallet or how to transfer Ethereum to BTC.com wallet as it does not support those two. But the steps for BCH transfer are the same as for BTC.

    Note that only after you fund your wallet can you create a backup. To do this, tap on the orange band, write the words that appear and enter them for verification.

    How to send payments on BTC.com wallet?

    Next, we want to find out how to send payments on BTC.com wallet:

    Step 1: Tap the “Send” option from the main menu and enter the amount you want to send.

    You will get three sending options:

    • Manual Entry – Enter the wallet address of your recipient to send them BTC or BCH
    • QR Code – Scan the QR code of the receiving address and then send
    • Sync with Contacts – On the BTC.com Hybrid wallet, you can sync to phone contacts and send crypto to a contact. For any contact who does not have a BTC address, the wallet will create one for them.

    Notably, the wallet uses encryption to keep all phone numbers secure, including yours and does not access any personal details associated with your contacts.

    How do I receive payments on BTC.com wallet?

    To receive payments on BTC.com, use the following procedure:

    Step 1: Find your wallet address from “My Wallet” on the main menu

    Step 2: Either let your counterparty scan the QR code that appears or copy the wallet address and send it to them so that they can transfer funds to your account.

    How safe is BTC.com Wallet?

    Related image

    BTC.com safety is ensured by a number of measures implemented in the design of the wallet. Consider how each of these features works:

    Hierarchical Deterministic (HD) Algorithms

    Using this feature, on one hand, lets users access an easy-to-use wallet backup seed on PDF. On the other, it offers privacy by creating a new wallet address for every receiving transaction. As such, malicious actors cannot track your wallet usage.

    Two-Factor Authentication (2FA)

    Using 2FA allows a user to take advantage of a combination of two authentication components for the wallet. This could include your password and a verification code sent via email before granting access to the wallet.

    Full User Control over Private Keys

    The private key BTC.com wallet resides not on the service provider’s servers but on the device you use. It is therefore within your control at all times and cannot be compromised in case of a company server hack.

    Open Source Code

    BTC.com’s code is open source, letting third parties carry out audits. This level of transparency makes it easy to identify bugs in the code. It also means that users can always see what is happening under the hood so to speak.

    Though BTC.com has gone the extra mile to ensure security for its users, it is not the most secure option out there. It has covered almost all bases, with one exception – regulatory compliance. Admittedly, very few companies in the crypto industry are compliant. eToro is among the few that stand out in this regard.

    eToro has sought licensing with various authorities in almost all the jurisdictions where it operates.

    BTC.com Wallet Pros and Cons

    Pros:

    • Does not store entire Bitcoin blockchain and is therefore not data/storage space intensive
    • Open source code allows for public audit
    • Multi-language support
    • Has the backing of a reputable crypto industry player
    • Easy setup and easy to use backup and recovery features

    Cons:

    • As an online wallet, it is inherently insecure and vulnerable
    • It is not regulated
    • Only supports two cryptocurrencies
    • Only suitable for storing small amounts of funds
    • Users cannot buy Bitcoin directly from the wallet
    • Does not support trading or crypto exchange

    BTC.com Wallet vs. other wallets – how does it compare?

    eToro Commits To Better Future Growth with Delta AcquisitionBTC.com wallet vs. eToro

    • Coins Supported

    Even though BTC.com supports Bitcoins and one other cryptocurrencies, eToro supports a total of five different cryptocurrencies, including Bitcoin. On top of this, eToro also offers trading services, meaning that if you wanted to, you could also buy the currencies and store them through your eToro trading account on your eToro wallet.

    • Regulation

    eToro is also one of the safest platforms on the market because it is heavily regulated by agencies like CySec. The fact that it is regulated also improve its reputation because it ensures that the platform in question is transparent, has limited costs and protects the interests of customers.

    BTC.com wallet vs. Bitcoin Core

    • System Demands

    Though both BTC.com and Bitcoin core are Bitcoin wallets, their system design differs significantly. Bitcoin Core requires a download of the entire Bitcoin blockchain, which is currently over 140GB. But BTC.com does not need the full blockchain and is therefore less demanding in terms of data and hard disk space.

    • Ease of Use

    Both the setup procedure and use for transactions is much easier on BTC .com than Bitcoin Core. But in providing ease of use, BTC.com sacrifices the functionality accessible on Bitcoin Core, which lets users confirm their own transactions if they so please.

    ElectrumBTC.com wallet vs. Electrum

    • Storage

    While BTC.com is a hot wallet, vulnerable to online attacks, Electrum offers cold storage and is therefore more secure. It also integrates with hardware wallets, further enhancing its safety.

    • Functionality

    BTC.com supports both Bitcoin and Bitcoin Cash, making it more functional than Electrum which is a Bitcoin only wallet.

    Conclusion

    Overall, the above wallets offer different merits as well as weaknesses to their users. But at the end of the day, eToro is more secure and supports more functions than the rest. Not only does it support more crypto options, but it is also a lot more versatile than the rest. More importantly, since it is a regulated platform, it adheres to more stringent security requirements. This offers users a higher measure of confidence in the platform.

    Top-rated crypto platform for 2020

    OUR RATING

    eToro Commits To Better Future Growth with Delta Acquisition
    • 15+ coins supported
    • CySEC and FCA regulated
    • Buy, sell and trade crypto in 1 platform
    • Over 6 million users worldwide
    eToro Commits To Better Future Growth with Delta Acquisition
    75% of retail investor accounts lose money when trading CFDs with this provider. Crypto assets are highly volatile unregulated investment products. No EU investor protection.

    FAQs

    Where can I download BTC.com Wallet?

    You can download BTC.com from Google Playstore for your Android device or Apple’s AppStore for your iOS device.

    My BTC.com wallet froze; what should I do?

    To recover a frozen BTC.com wallet, uninstall or delete the app from your device. Use the recovery PDF to recreate your wallet from the backup created during initialization.

    How do I reset my BTC.com password?

    BTC.com uses a wallet PIN code. You can reset it by going to Settings and then logging out. When logging back in, you can create a new PIN code.

    Why does my receive address always change?

    The BTC.com wallet uses hierarchical deterministic (HD) technology. One of the features of the technology is that it enables the creation of a new BTC.com wallet address for every transaction. It is a security feature that makes it difficult for a malicious actor to track your crypto usage.

    Am I the custodian of my private keys on this wallet?

    Yes. The user is the custodian of the private key BTC.com wallet. As such, the service provider does not have access to your funds.

    What will happen to my funds if BTC.com is no longer available?

    If the service provider is ever unavailable, you can restore the wallet by using the BTC.com backup recovery document using https://recovery.blocktrail.com/

    Why has my BTC.com wallet been disabled?

    This mostly happens when the service provider detects suspicious activity on a wallet. To address the issue, contact someone in the company’s support team.

    What should I do when my IP address get banned?

    Your IP address was likely banned as a result of suspicious activity detected on your wallet. To get the issue sorted out, contact someone in the company’s support team.

    Remember, all trading carries risk. Past performance is no guarantee of future results.
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    Nica is an expert writer who specializes in financial technology and cryptocurrency. At her young age, she was already able to work with founders who graduated from Harvard, tech startups funded by Y-Combinator, CEOs of multi-million dollar blockchain companies, investment companies in London and many more.

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