In this review, I will walk you through the features, pros, and cons of using Bitamp and how it stacks up against other crypto wallets. We’ll take a look at Bitamp’s safety features and the likelihood of it getting hacked, who the team behind the wallet is and what’s special about it.
Bitamp is a robust web-based wallet to store your Bitcoin in. It stands out for its ease of use and robust security features. The online wallet is 100% open source which means that anyone can check the code for weaknesses. Bitamp won’t ask for personal information; only you can access your private keys. Bitamp excels in simplicity with its no-frills approach, focusing on a streamlined user experience. While it currently supports one cryptocurrency, its dedication to user-friendly design is a notable strength. Bitamp’s commitment to improvement and user satisfaction remains a priority as it continues to evolve and explore potential integrations with exchanges and fiat-to-crypto on-ramps.
Let’s take a closer look.
Bitamp is a browser-based open-source Bitcoin wallet. The fact that it’s browser-based means that the private keys to your wallet are encrypted locally within your browser. Being Open source means that anyone can check the source code of the wallet and highlight any vulnerabilities.
- no-frills user experience
- non-custodial wallet
- bitcoin only
- Available as a browser-based wallet as well as an app on mobile devices.
- Built-in currency converter
1. Secure client-side private key encryption.
Your private keys are locally encrypted in your browser. This means that there is no central server that stores your data. For example, if you store your bitcoin on a cryptocurrency exchange you are more vulnerable because a centralized database with loads of digital assets on it is a much larger honey pot for attackers to try and hack. By locally encrypting your keys in your browser.
- You are a smaller target.
- A hacker would need to know where you have stored your Bitcoin to even attempt an attack. They don’t know that unless you tell them.
- Only you can access your keys using your seed phrase. Provided you store your 12-word seed somewhere safe it is almost impossible for a hacker to exploit
Only you have access to your keys. When you set up a wallet for the first time you are issued a 12-word recovery seed. Provided you store this offline then the only way for someone to log in to your account is to have access to your seed phrase. Unlike a centralized exchange that stores your private keys on your behalf, Bitamp Wallet gives you complete custody and control of your funds.
3. No-frills UI
As a former UX consultant, I like it when a product is intuitive and easy to use. This is the case with Bitamp.
The user interface is easy to navigate with clear instructions about what’s going on. Once you set up a Bitamp account you are provided with an overview of your assets and you can click on the send or receive tabs to manage your wallet.
4. No personal information required
The Bitamp Bitcoin wallet won’t ask you for any personal information such as name, email address, or proof of ID like some other wallets and exchanges do. Does this mean you are completely anonymous? It depends. Transactions on the Bitcoin blockchain are pseudonymous. This means that anyone can see transactions that your public address has made. But to connect a public address to your name you would have had to declare it. This usually happens if you buy Bitcoin on a centralized exchange where you need to verify your ID. See Buying Bitcoin anonymously for more on this topic.
5. Open source
Most people in the crypto community consider open-source projects to be more trustworthy. When we say that wallet is open source it means that anyone can download the code from a repository like GitHub and check it for vulnerabilities. This is something that crypto geeks like to spend their time on. The good thing is that it means that the more eyes there have been on the code the more secure you can feel that it’s not a scam or liable to being exploited. It’s also more transparent as it shows the team has nothing to hide. Bitamp has attached a standard MIT license to their code which indicates that they have permitted for anyone to go ahead and replicate their code.
The team is responsive with 24-hour email support. Remember that they will not be able to help you if you lose your seed phrase. That responsibility is yours. You can reach out to support by reaching out to support@bitamp or if you want to give feedback you can write to [email protected].
7. Free to use
Setting up an account and storing Bitcoin does not cost anything on Bitamp. The only fees you will need to consider are the blockchain transaction fees that are used to reward miners when you send Bitcoin to another address. But this is universal no matter what platform you use to send Bitcoin from. However, in the future bitcamp is expected to add an exchange feature within the wallet. This will allow you to swap Bitcoin with other cryptocurrencies and might be where Bitamp adds a commission to generate some profit. This is speculation on my side. It remains to be seen what they will do.
8. Compatible with other wallets
Bitamp is compatible with Electrum, Mycelium, Trezor, Ledger, and Blockchain which means you can import your accounts from those wallets using the same seed phrase.
9. Guides and resources
Bitamp’s website has rich resources with beginners’ guides that answer commonly asked questions about crypto and bitcoin.
1. You can only store Bitcoin
The wallet currently only supports Bitcoin. This means that if you plan on investing in any other cryptocurrency besides Bitcoin you will need to set up a new wallet with another provider. The counterargument to supporting multiple cryptocurrencies is that the more coins a wallet tries to support the more complexity it introduces. This increases the attack surface for someone looking to exploit the wallet.
3. You can’t buy crypto with fiat
While the Bitamp web wallet is easy to use it also means that it lacks certain features compared to other more function-packed hot wallets. At the time of writing Bitamp does not integrate with third-party providers to allow you to purchase crypto directly via the wallet using a debit card or credit card. Having installed and used more than 20 wallets this is a feature that I see becoming more and more prevalent. This would also add another way the creators of the wallet could make money as they could take an affiliate commission.
4. It’s a hot wallet
In crypto circles any crypto wallet with an internet connection is considered less secure than cold wallets. This makes sense as it is much harder for a hacker to exploit a device if they cannot connect to it remotely. Hardware wallets require physical presence as you need to press buttons on your device to confirm transactions.
5. It’s not idiot proof
Like with all self-custody wallets if you lose your seed phrase or private key you will no longer be able to access your crypto.
How to use Bitamp
Setting up an account with Bitamp is super easy.
- To open an account navigate to bitamp.com or search for Bitamp bitcoin wallet on the Google Play store or Apple App Store if you are using your phone
- To set up a new wallet click on where it says Get Started under Create Wallet
- You have two options here. The first is to generate a 12-word seed phrase. This is the easiest option as it is easier to memorize, copy, type, and check for errors. In the background, the seed phrase can generate your private keys using an algorithm. We don’t need to get into the weeds here but just know that the seed phrase is an easy way to generate your private key and that anyone with access to the seed phrase can do so, which is why you won’t have to keep it safe and not store it online. The second option is to directly generate a private key. I am not sure why you would want to do that and I would generally advise against it.
- You also have the option to generate a keystore file. The Keystore file is a file that stores your private key in an encrypted format. The private key is encrypted with a password that you set during the keystore file creation process. Personally, it’s not something I use.
- Once you have written down or printed your seed phrase you have to type it into the field that says Confirm your seed
- Click on “I’ve written down my seed, Log me in”
- Wait for a few seconds for your wallet to be generated.
- And Voila you are now ready to use Bitamp
- Whenever you want to log into your account you need to re-enter your seed phrase or private key or keystre file and password if you have opted for the latter. Make sure you verify that you have an SSL connection before logging in. To do this click on the left of your URL and check the browser details. You should see a padlock icon.
How to send and receive Bitcoin on Bitamp
The first screen you see on Bitamp will show you your Bitcoin address. You can either share the long string of characters or the QR code with the person who wants to send you Bitcoin.
If you want to send bitcoin click on the send tab and paste the wallet address of the person you want to send BTC to. Alternatively, if you are using your phone you can click on the QR code icon and scan their QR code.
Scanning QR codes is easier and safer as it reduces the chances of a manual error during copy-pasting.
Next, enter the amount of bitcoin you wish to send.
When setting the transaction fee you have three options:
I would recommend you select regular unless you are in an extreme hurry and you need to transaction confirmed within the next 10 minutes.
There is also the option to donate to the Bitamp team if you are feeling generous.
When you set up your Bitamp account you will see it has generated 456 addresses for you. This should be more than enough. There are three types of addresses.
- Legacy P2PKH which starts with a 1.
- SegWit Compatible (P2SH) which starts with a 3.
- SegWit Native (Bech32) which starts with bc1.
The latest iteration of Bitcoin uses Segwit addresses so it would be best to use those to void confusion. But always check with the recipient or sender what they prefer.
Alternatives to Bitamp
Are you wondering whether you should use multiple crypto wallets or one wallet to rule them all? Using many wallets means you need to manage multiple seed phrases and makes it hard to keep track of your total portfolio. Using a single wallet exposes you to more risk. What if you get hacked or lose your seed phrase? What if you lose your device if you use a hardware wallet? Is there even a single wallet that can accommodate everything you want to do with your crypto assets? Having used more than 17 different wallets, I guarantee you that you too will end up using many wallets as you become better acquainted with the world of crypto. Read more.