Looking for some feedback before using this Bitcoin Wallet

[irfan_pak10]

Hello,
First of all HAPPY NEW YEAR TO EVERY ONE.  

I came across this website called https://bitwallet.cc/ and they seem to be offering many different features within the wallet. So my question is: those anyone have any reviews on them. Are they a trusted site (i really don't want to loose my coins) or another flight by night site. I have also come across many others but to be quite honest i really like their features but again i rather be safe then sorry.

Here are BitWallet's Features:

Decentralized Bitcoin Trading Platform. Peer-to-Peer bitcoin trading.

Sellers are able to create advertisements and make trades without carrying an active balance on BitWallet.

When a trade is opened, if escrow is not funded, it alerts trader to deposit bitcoins to finish the trade. They designed it specifically so active buyers and sellers can post ads and trade bitcoins without the need to have bitcoins in your balance.

- Improved easy payment pages to accept Bitcoin.

- Improved overall security on the wallet. Your BitWallet account can now be protected with 3 layers of security (credentials + 2Factor + PIN system)

- Performance improvements throughout the wallet.

Upcoming Features:

They have already started building the platform to enable all users to create Multi-Sig addresses and use them as part of daily transactions using their BitWallet account.

Features on BitWallet will work seemlessly with multi-sig addresses. This provides users and BitWallet with a great deal of added security and peace-of-mind.

BitWallet will only store ONE key, permitting users to easily send bitcoins through their system while keeping 100% control over their bitcoins.

So as you can see they seem to be legit but again i really want to makle sure before using them.

Looking forward to your feedback

THANKS

[LiteCoinGuy]

i dont know this site. i recommend that you use a site with a good reputation instead. good luck  

https://bitcoin.org/en/

[Gervais]

Never heard of it, but I'd only use it if you're sure its legit, but I wouldnt keep any of my coins online in such a site personally.

[irfan_pak10]

Never heard of it, but I'd only use it if you're sure its legit, but I wouldnt keep any of my coins online in such a site personally.

Yeah I'm not sure about this site whether its legit or not.

[Mikez]

Here is a nice list of wallets to pick from. Straight from bitcoin.org, a very reputable source of Bitcoin info.
Link: https://bitcoin.org/en/choose-your-wallet

[DannyHamilton]

I've not heard of it until you mentioned it.

It might be a legitimate new wallet, but there's also a pretty good chance that it is a scam just waiting for gullible people to send their bitcoins so that they can run away and disappear.

After reading their "security" page, I see that they are not a wallet at all.  They are a service that provides bitcoin based accounts.  This means that you don't have control over the private keys.  Instead you give your bitcoins to them, and they promise that, when you request it, they will send an equivalent amount of bitcoins to any destination you provide. I also don't see any indication that they are running open source software.  So it is impossible to know if their service even does the things they say it does.

Imagine you are walking down the street and come to a corner where someone has set up a folding table with a big cardboard sign that says: "Super safe personal banking".  Imagine that the person sitting in a folding chair behind the table tells you that you can just give them all of your money money, and they will keep it safe for you. Any time you want to buy something, all you have to do is call them on the phone and tell them where you want the money sent, and they'll take care of sending the money to that location for you.

Would you trust this complete stranger with all of your money?  Would you assume that you'd still be able to find them later when you wanted the money back?

If not, then why would you trust someone that creates a web page and offers the same thing for your bitcoins?

[feryjhie]

Never heard of it, but I'd only use it if you're sure its legit, but I wouldnt keep any of my coins online in such a site personally.

Yeah I'm not sure about this site whether its legit or not.

never heard about this site
but i prefer to you to use the trusted site for saving your coin

[El Emperador]

I never heard about that wallet... but surely the domain name of the site is very catchy!

[crazyearner]

If you want to use an online wallet use something like coinbase. If you want to use software based be expected to download 20GB of data. Look over at http://www.bitcoin.org and look though the list of supported and trusted wallets. Any other wallets else where id tend to stay away due to risk of it being rouge and a wallet stealer and lose your coin with it. Do research on a Bitcoin wallet before even thinking to use it and saying oh cool such a lovely site nice wallet system deposit coin to it and next min poof your coins are gone and never to be seen again.

When it comes to wallets do research first off and make sure that someone else has at least tied it and reviewed it, and theirs people using than just to dive in the deep end and take risk using it.

Go to https://bitcoin.org/en/choose-your-wallet you can find all the wallets that bitcoin devs are currently trusting if it is not listed their or been spoke about on Bitcointalk then stay away.

[irfan_pak10]

I've not heard of it until you mentioned it.

It might be a legitimate new wallet, but there's also a pretty good chance that it is a scam just waiting for gullible people to send their bitcoins so that they can run away and disappear.

After reading their "security" page, I see that they are not a wallet at all.  They are a service that provides bitcoin based accounts.  This means that you don't have control over the private keys.  Instead you give your bitcoins to them, and they promise that, when you request it, they will send an equivalent amount of bitcoins to any destination you provide. I also don't see any indication that they are running open source software.  So it is impossible to know if their service even does the things they say it does.

Imagine you are walking down the street and come to a corner where someone has set up a folding table with a big cardboard sign that says: "Super safe personal banking".  Imagine that the person sitting in a folding chair behind the table tells you that you can just give them all of your money money, and they will keep it safe for you. Any time you want to buy something, all you have to do is call them on the phone and tell them where you want the money sent, and they'll take care of sending the money to that location for you.

Would you trust this complete stranger with all of your money?  Would you assume that you'd still be able to find them later when you wanted the money back?

If not, then why would you trust someone that creates a web page and offers the same thing for your bitcoins?

Thank you for posting your review here.

Yeah yesterday I was searching for a site that also providing paper wallet which is secure and I was redirected to this site. It was looking nice from design but I thought before using this why not take some review about this site from reputable member. And its just awesome. Thanks for this type of review which always help me and other members

Thanks

[Q7]

Browsing through the "about us" page seems convincing enough with the profile of the ceo and that's the first thing i would look for to check reputation. Anyway, just like any other online wallet and exchangers, think they are okay. But they should have wrote what other security features put in place like cold wallets, multisigs and such