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

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.

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?

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

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

BTC.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.

Update 2024 – Going forward, the only cryptocurrencies eToro customers in the United States will be able to trade on the platform will be Bitcoin, Bitcoin Cash and Ethereum.

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.

BTC.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.

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