MoneyPipe HD Bitcoin Wallet. Reviews, criticism, and suggestions

[MoneyPipe-HD]

Hi everyone! My name is Dimitry, and I am the developer of the MoneyPipe HD multi-currency wallet. When developing it, we were drawing inspiration from the top fintech apps, which are loved for their simplicity and ease-of-use.

To be honest, the term “multicurrency” does not suit our wallet too much at this stage, as we currently offer only two coins: Bitcoin and Ethereum. However, we will add more coins real soon, and we, of course, already have a list of coins we are planning to use, but we would like to hear your suggestions as well.

I did not make this post for the sake of advertisement, but we did create this app for you and would like you to use it. But for the time being, we simply need a fresh perspective. Perhaps, you will feel like something is missing, while other things might annoy you. To sum up: we need some constructive criticism to understand whether we are on the right path or not. Thank you in advance =)

The app is available on the App Store and Google Play.

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[o_e_l_e_o]

How exactly does the "sending to phone number" work? Does the other party also have to use your app and have linked their phone number to their addresses?

Is your code open source? It says it is on your website (https://moneypipe.com/hd-wallet) under the FAQ section at the bottom, but I cannot find a link to a GitHub repository.

[MoneyPipe-HD]

How exactly does the "sending to phone number" work? Does the other party also have to use your app and have linked their phone number to their addresses?

Is your code open source? It says it is on your website (https://moneypipe.com/hd-wallet) under the FAQ section at the bottom, but I cannot find a link to a GitHub repository.

Yes, the user you want to send the coins to would need to have the app installed on his phone as well. Those of your contacts that have the app installed will appear in Settings -> Address book (as long as they have the "Show me in contacts" option enabled).

We are planning to make the app's source code public in a few version updates - we still need to give it a good polish.

[bob123]

What features does your wallet offer which is not present in the 100 other mobile wallets?

Which BIP's are you using?
Do you integrate CoinJoin? Reusable payment codes?

Do you use block filters? How is the transaction and balance information retrieved?


Anything which makes it worth looking at your wallet?

[libert19]

I checked FAQ (at https://moneypipe.com/hd-wallet) and saw this question

I did not receive the text message with the secret code. What should I do?

Make sure that the phone number was entered correctly. If you still do not receive the text message, try again in 30 minutes.

What does secret code refer to? Is it confirmation code to verify the phone number or seed phrase?

I tried with burner phone number and it's confirmation code.

@op, there should be a way to use wallet without any personal info.

[joniboini]

@op, there should be a way to use wallet without any personal info.

I think that was inteded since he said user can send to a phone number. How does this data get stored anyway? Is it encrypted and never leave user's mobile phone or will you collect it?

[libert19]

@op, there should be a way to use wallet without any personal info.

I think that was inteded since he said user can send to a phone number.

Yes I understand that, but not everyone wants to send via phone number, it should be optional for them.

And by personal info I meant, it asked for first name, last name and some other field. It's kinda unnecessary.

[Pmalek]

Yes, the user you want to send the coins to would need to have the app installed on his phone as well.

I don't understand the logic behind this. Why would you limit the user base only to those who have your wallet installed. If I as a user, wanted to send to an exchange, I wouldn't be able to do that?
Why would I want to use your wallet that asks for my name and phone number, when I can use other wallets that don't?

[MoneyPipe-HD]

First of all, I would like to thank everyone for their questions and feedback!

@bob123
Our wallet is aimed at novice users by making it user-friendly as possible. The goal is to create a single platform where users can use several different coins.

Many wallets use third-party services to receive transactions, balances, and utxo from the blockchain. We have our own infrastructure, and we only use one third-party service - CoinMarketCap (to determine the weighted average rates), while we receive and process everything else ourselves.

To sum up - we do not depend on anyone else; we are wholly independent and possess our own massive technical infrastructure.

Currently, we are not considering using CoinJoin.

@ETFbitcoin
It refers to the code used for phone number verification.

Regarding our Policy - it was written with another project in mind, which we are currently developing and can also be found on our website @ https://moneypipe.com/ It will indeed require users to pass KYC, and certain data will be collected.
The HD wallet is a separate branch, and no data on the users will be collected, except for phone numbers during registration and for sending verification codes.

@libert19
One of our wallet's key feature is the possibility of making payments quickly and easily to other app users from your phone's contact list; therefore, the phone number is required. First and last names are entered so that you can see who sent you the coins if you are both app users. As it is an HD (Hierarchical Deterministic) wallet, the keys are only known to the user, and all of the other data like first and last names are for your convenience only.

@joniboini
The data will never leave your device - we do not collect it and have no access to it.

@Pmalek
Our app functions like any other wallet, and we do not limit our user base - the feature you are referring to enables you to send funds to other app users from your phone’s contact list without having to enter an address. It is for the sake of convenience. The phone number is required for verification, while the name and last name function as additional user ID within the app. We will not see nor collect this data.

[Bitcoin_Arena]

On this link, https://moneypipe.com/hd-wallet at the bottom of the page, you say that you will provide services like
1. Accepting payments
2. Currency exchange
This caught my attention because It usually requires KYC to do exchanges or dealing with payments. How are you going to pull this off yet you say the wallet own will have full control of the private keys?

What happens if someone transfers money from a suspicious transaction to the wallet. Do you then take over the wallet, block the funds until KYC is verified?

[libert19]

On this link, https://moneypipe.com/hd-wallet at the bottom of the page, you say that you will provide services like
1. Accepting payments
2. Currency exchange
This caught my attention because It usually requires KYC to do exchanges or dealing with payments. How are you going to pull this off yet you say the wallet own will have full control of the private keys?

What happens if someone transfers money from a suspicious transaction to the wallet. Do you then take over the wallet, block the funds until KYC is verified?

Answer is in comment above yours.

Regarding our Policy - it was written with another project in mind, which we are currently developing and can also be found on our website @ https://moneypipe.com/ It will indeed require users to pass KYC, and certain data will be collected.
The HD wallet is a separate branch, and no data on the users will be collected, except for phone numbers during registration and for sending verification codes.

@op another question, what sustains the wallet development? If you don't mind answering?

[joniboini]

@joniboini
The data will never leave your device - we do not collect it and have no access to it.

Right, assuming this is true, how will your wallet double check if there's a user with X phone number then? If I type X phone number how will you know the address? I thought what ETFbitcoin said makes sense, but since you said this, then it's weird to say the least.

[MoneyPipe-HD]

@ Bitcoin_Arena
Yes, as libert19 pointed out, I believe that I have already answered that.

@ libert19
We are planning to monetize the wallet. As we are against ads, we are currently considering the following monetization options:
Currency conversion within the wallet;
PoS mining.

There will be other features that it is yet too early to talk about. As for the time being - we are investing our own funds.

@ joniboini
Phone numbers will be stored on our servers, as they are required for verification and registration. However, they will be encrypted, and we will not be using them for marketing purposes.

[joniboini]

Phone numbers will be stored on our servers, as they are required for verification and registration. However, they will be encrypted, and we will not be using them for marketing purposes.

While I expect this to be the case, it will be difficult to verify it. Why not use an e-mail instead? At least people can use throwaway e-mail accounts if they don't fully trust you. There is too many cases of data leaks where information is not encrypted and just stored in plain-text.

[MoneyPipe-HD]

@joniboini
Using a phone number instead of an email address is due to the app’s feature of making payments via your phone’s contact list - you usually don’t have any emails linked to a phone number. We are also very pro-transparency, and we position our wallet as a completely legal means of payment. The wallet is also aimed at novice users who wish to spend their crypto for legal purchases while using a user-friendly platform.

[algopolon]

Could you show your github?

[MoneyPipe-HD]

Could you show your github?

We will reveal our app's source code in a few updates. We still need to tweak a few things.

[MoneyPipe-HD]

Hi everyone!

I am proud to announce that we have released version 2.0 of our wallet.
Here is a what we have added to the new version:

- New design;
- Contact’s photo is now displayed in the transaction history;
- A “Send all coins” button to the Send page;
- The possibility to delete your profile;
- PIN/Face ID delay;
- Pop-up confirmations during wallet reset;
- Estonian language.

The app is available on the App Store and Google Play.

Do check it out and tell us what you think!

[sujon5]

I found out there is a build-in exchange. Will I be required to pass any kind of user verification to buy coins? Plus, I'd be nice to see a card buying option.

[Bitcoin_Arena]

I found out there is a build-in exchange. Will I be required to pass any kind of user verification to buy coins?

Yeah, Apparently you will need to pass KYC verification in order to use the exchange. This was their response in the earlier reply about their KYC policy.

Regarding our Policy - it was written with another project in mind, which we are currently developing and can also be found on our website @ https://moneypipe.com/ It will indeed require users to pass KYC, and certain data will be collected.
The HD wallet is a separate branch, and no data on the users will be collected, except for phone numbers during registration and for sending verification codes.