Bitamp Bitcoin Web Wallet - Send & Receive Bitcoin Instantly!

[Chikito]

Newbie asked how to use a hardware wallet without connecting to the Internet when sending a transaction. This was the explanation we gave. Think you can do better?

Don't need to worry about sending it online because signing transactions already outside on PC.

Are have a plan Bitamp can connect with the Hardware wallet?

[bitampcom]

Newbie asked how to use a hardware wallet without connecting to the Internet when sending a transaction. This was the explanation we gave. Think you can do better?

Don't need to worry about sending it online because signing transactions already outside on PC.

Are have a plan Bitamp can connect with the Hardware wallet?

You still need to broadcast the signed transaction to the Bitcoin network to propagate it though, otherwise it doesn't get picked up by miners and never gets confirmed... unless you specifically are a miner yourself and can enter your transaction into a block;)

We'll think about it and pass on the question to our developers... although you could still simply restore a seed from a hardware wallet to use it;)

[bitampcom]

Someone asked us why some governments made Bitcoin illegal, well, it's because governments are always going to be afraid of something that threatens their status quo.

Until your country begins to be more friendly towards Bitcoin and crypto, you can still use Bitcoin and keep it (store and save) on your own wallet, without risk of your state ever finding out about you! The way? A real Bitcoin wallet where only you know and control about it. Check out Electrum and check out Bitamp.

Censorship free, sovereign, open. The way Bitcoin is supposed to be.

[bitampcom]

So a post on reddit argues that everyone should not use technical difficulty as an excuse, and learn and learn so they don't miss out on Bitcoin amazingness...

I agree here somewhat but the facts are that most people, including myself when I first started all those times ago, that the fear of the unknown and unfamiliar is a very strong, strong hurdle to overcome. So instead of forcing people to learn, I think the better way is to try make easier tools first, and then encourage them to move up the technical ladder until they get to the desired stage. With wallets, for example, start with a web one like Bitamp or a soft client like Electrum. Then move up, slowly, until you eventually learn to use nodes, LNs, hardware, etc.

What do you think?

[bitampcom]

Someone asked: What'd happen if someone stole Satoshi's bitcoins and took 5,000 bitcoins and left the rest in fear to crash the whole bitcoin value?

We think, let’s say, for the sake of theoretical fantasy, that someone was somehow in control of Satoshi’s bitcoins and only decided to take 5k bitcoins?
He’d be watched by everyone. And he wouldn’t instil fear, rather he’d inspire curiosity and hype. Everyone would be sitting up and getting their share.

A selloff? Maybe another 90% crash but guess what? Those coins are now circulating and in the hands of many. That means one less thing to be uncertain about and a much more distributed supply.

Long term? Good news for Bitcoin.

Agree?

[bitampcom]

Difference between Bitcoin wallet and online bank account?

I think it’s unfair to say that digital wallets are better than online bank accounts (though you could probably say they serve the same function.
The one thing for me that’s really unique about crypto digital wallets like Bitamp (used for Bitcoin) is that the wallet is really just an interface that lets you visualize your Bitcoin. You access it with private keys, that can then be used to open the same “account” anywhere on any other wallet. so even if the wallet ceases to exist, you can always open another wallet with the same credentials.

A bank account on the other hand, if the bank decides to close your account access, well, then it’s all gone and can’t be opened anywhere else.

Agree or disagree?

[bitampcom]

So a new Wyoming law was passed to day which is good news for everyone in Bitcoin as banking charters now let people keep their Bitcoin safely in banks...

But is this really good in the long term? Shouldn't we all be keeping bitcoin in our own wallets? What do you guys think of this?

[OcTradism]

Difference between Bitcoin wallet and online bank account?

Depends on which bitcoin wallet is used, it will be better, worse or the same when compare to bank accounts.

I think it’s unfair to say that digital wallets are better than online bank accounts (though you could probably say they serve the same function.

True. Only non-custodial wallets are better than bank accounts. With such non-custodial wallets, people have full control on wallets by having private keys, mnemonic seeds. They will have their own banks.

Custodial wallets are nearly same as bank accounts because people can not have full control on their wallets like as with bank accounts.

Sometimes it is worse when exchanges are hacked, shut down, scam exit, or governments require to freeze some accounts from money laundering accusations. Many reasons to make custodial wallets are worse than bank accounts.

[bitampcom]

True. Only non-custodial wallets are better than bank accounts. With such non-custodial wallets, people have full control on wallets by having private keys, mnemonic seeds. They will have their own banks.

Custodial wallets are nearly same as bank accounts because people can not have full control on their wallets like as with bank accounts.

Sometimes it is worse when exchanges are hacked, shut down, scam exit, or governments require to freeze some accounts from money laundering accusations. Many reasons to make custodial wallets are worse than bank accounts.

Glad you agree, and we see it this way. Someone counter-argued that transparency would be the only way companies can legitimize themselves which is why they go for custodial options but I'd argue that custodials mean less transparency. Imagine holding the private-keys alone and showing people you as a company are transparent about yr txs!

[bitampcom]

Question: What is the main use for crypto when the majority of people do fine using the dollar?

Answer: I’m going to answer this honestly. I do believe in crypto and bitcoin as sovereign money, money only you control, and the eventual form of money the world will use to displace regular dollar money.

BUT the honest answer today, isn’t that Bitcoin is about being your own bank. It’s not banking the unbanked.

But the majority of people using crypto now find it especially useful as a store of value that appreciates with time AND is secure from being controlled by the state. Imagine today your country’s money suddenly loses value overnight, and then spirals out of control so your life savings are wiped out in weeks. This isn’t fiction. It’s happened many times over the last 10 years. And we’re not talking only about “some country at war”. It’s not just happening in Iran, Jordan, but also in Argentina, Brazil, even Greece…

People there are all using Bitcoin to make sure they don’t just see their money vanish.

[bitampcom]

You know, people are always asking if we should always always trust only ourselves and I think the answer is always more nuanced than yes or no. We created Bitamp wallet because we believe that “not your keys, not your crypto” should also apply to easy consumer solutions, hence a web wallet that yu control your own private keys.

But at some point, if you’re holding crypto and savings as part of a risk diversification strategy, then you also want to consider either taking out insurance on your savings — costly — or allocating some of it to something like Kraken, which would, as a Federal bank, include deposit insurances.

I might also engage them for custodial services alongside inheritance plans — so when I die, for example, I can have some assurance that my will is carried out and a custodial entity, perhaps a bank like Kraken, would ensure my crypto is passed on properly.

Everything is about context, don't you agree?

[OcTradism]

People there are all using Bitcoin to make sure they don’t just see their money vanish.

Bitcoin transaction is irreversible and no one can reverse your bitcoin transactions, deposits or withdrawals or payments. There is no charge back on your bitcoin transaction. Be your own bank with non-custodial wallet and you can control what amount you want to send out, pay out and to the person you want. No one else can reverse your bitcoin transactions if you do it on your non-custodial wallets.

On custodial wallets, exchanges, marketplaces the companies can hold your funds, freeze your account, and subtract your balance for some reasons.

[sabotag3x]

Just a feedback.. The seed should be hidden by default like the private keys.

[OcTradism]

Just a feedback.. The seed should be hidden by default like the private keys.

It should be an option to show or hide private keys or sees as same as with password when people log in their accounts on exchanges, services.

I would like to have another feedback.

There is difference between Receive bitcoin page and Account address page

In Receive bitcoin page, it has only a drop-down list of receive addresses

In Account address page, it has a drop-down menu or tags for 3 types of bitcoin address in the Address list: standard (1xx), legacy (3xx), segwit (bxx)

Can we have the same info for the Receive bitcoin page. Newbies in crypto might not feel familiar with 3 types of address and they might make faults by choosing inappropriate address.

[bitampcom]

Just a feedback.. The seed should be hidden by default like the private keys.

Thanks a lot for the suggestion. We'll pass them on to our devs. Really appreciate the time!

Can we have the same info for the Receive bitcoin page. Newbies in crypto might not feel familiar with 3 types of address and they might make faults by choosing inappropriate address.

Awesome suggestions guys. You're right, this might cause confusion... keep both pages the same right? We'll also pass them on.

[bitampcom]

We had a LOT of really good and constructive comments when we asked on Reddit if really we cannot compromise on "not your keys, not your coins" and while it's clear a lot of people think we shouldn't budge from that stance, many others also agree that there are some cases where this may not be the best thing for everyone. Feel free to change their minds;)

[DarkStar_]

Just a feedback.. The seed should be hidden by default like the private keys.

https://i.imgur.com/lNEv71j.png

https://i.imgur.com/c0ptrTr.png

Quick heads up, if you plan on actually using that wallet, it's extremely easy to bruteforce a small number of missing seed words and/or the last few characters of a private key. You should consider the wallet compromised and generate a new wallet.

[OcTradism]

Quick heads up, if you plan on actually using that wallet, it's extremely easy to bruteforce a small number of missing seed words and/or the last few characters of a private key. You should consider the wallet compromised and generate a new wallet.

Totally agree. I fully shown the wallet I used to express my idea there but I did not hide addresss, private key details because I won't use it.

[sabotag3x]

Quick heads up, if you plan on actually using that wallet, it's extremely easy to bruteforce a small number of missing seed words and/or the last few characters of a private key. You should consider the wallet compromised and generate a new wallet.

I know that, I hid some words so that a newbie can't use it..

[erikoy]

Quick heads up, if you plan on actually using that wallet, it's extremely easy to bruteforce a small number of missing seed words and/or the last few characters of a private key. You should consider the wallet compromised and generate a new wallet.

I know that, I hid some words so that a newbie can't use it..

The wallet you were just showing was all for demonstration? If it has btc on it then it could open by brute force. If you are holding some funds with it might get compromised anyway I know you were not holding any funds in that wallet since you give some seed phrase and it is just for demonstration. Good job in doing it. It seems like not an easy task to to manuallt bruteforce bitcoin wallet and no one will going to have an interest with wallet that has nonm funds stored.