BitGo Online Wallet Review
BitGo is a popular payment solutions company with a focus on Bitcoin and cryptocurrencies. On their website; BitGo.com, they offer an online wallet among many other cryptocurrency related services for both merchants and consumers. Today, their online wallet is one of their most popular features with Bitcoiners around the world, including those located in the United States.
BitGo Bitcoin Wallet Overview
A Bitcoin wallet is basically a space or software program where someone can store, receive and send bitcoins to others. There are four main types of Bitcoin wallets; namely mobile wallets, desktop wallets, hardware wallets and web based wallets. Technically speaking, Bitcoin cannot be stored “anywhere” but rather, what is stored in the wallet is a private key that exists for each BTC address saved in the wallet of the person who owns it.
A Bitcoin wallet not only enables a person to send, receive and store Bitcoin but also gives them the ownership of the balance stored on that wallet’s address. Security is one of the major factors that you should take into consideration when choosing a wallet regardless of the type of wallet you want to use.
Blockchain Based Wallet
The BitGo Bitcoin Wallet is a blockchain based wallet that is easy to use and offers enhanced security features. It’s one of the most popular wallets among Bitcoin owners due to its top-notch security and simple user interface. It provides unique and highly essential services that most users find to be helpful.
The goal of BitGo’s wallet is to get rid of mistakes that often occur during BTC transactions and create an enabling environment for businesses to thrive. The wallet targets entrepreneurs and businesses both large and small. This wallet can help companie diversify their payment options and is also ideal for anyone who may wants to buy cryptocurrencies.
BitGo Company Overview
Bitcoin was the pioneer in the world of cryptocurrencies and is certainly the most popular cryptocurrency today, at least by market cap and notoriety. Despite the popularity of BTC, it faces a lot of opposition in the business arena which impedes its likelihood of being fully incorporated into the global economy. With that said, BitGo is still able to process $1 Billion USD in transactions every month.
The BitGo company aims to make it easy for companies to integrate Bitcoin and other cryptocurrencies into their current environment. One way that BitGo has been able to successfully do this is through the introduction of a safe and secure wallet. Their wallet uses multi-signature features and allows usage rights for different levels of access on each account.
With the multi-signature feature, hackers must be in possession of at least 2 of the 3 signatures needed for them to have access to your wallet. This adds an extra layer of security to protect both companies and individuals against theft of their digital currency.
Normally, a Bitcoin transaction cannot be reversed meaning that it is impossible to retrieve Bitcoins after sending them to another person – but with BitGo, transactions can be reversed because the company provides a third party whose role is to make a trusted transaction. The keys are also held by users not at the company, so a user’s wealth is not accessible to the company employees.
Managing Your Finances at BitGo
The BitGo transaction offers users a platform to manage their finances. This allows users to carry out tasks such as risk, B2B and B2C applications, processing, payment, logistics, treasury management and tax and business compliance. All these tasks are possible at no cost to users.
Initially, the BitGo wallet began as a web wallet for Bitcoin. This is ideal for users since it means that the keys are not only accessible to the account owner, but they can also be potentially accessed by hackers. Over time, the company made expanded their wallet on to the iOS and Android platform. This move ensured that users could store the private keys of their wallets offline and on their devices. They can use their online version to move their private key to another wallet solution.
Consumers enjoy both convenience and security when they choose the BitGo online Bitcoin wallet; a formidable combination that most wallets in the market are unable to offer. Ethereum user can also enjoy using their Ethereum-based wallet which makes use of the same BitGo technology.
Disadvantage of the BitGo Online Wallet
One drawback with BitGo is that it’s not an open source solution and it might remain that way for a while. This bothers some people more than others. Another flaw is that user’s Bitcoins might not be very secure when they are using the web version since the method of generating the private keys is not secure. One positive, however, is that the multi-signature feature is available to all users to enhance the security of the Bitcoin stored on an account.
Users also have the option of adding other security features, showing that BitGo is serious about account safety. The BitGo mobile app is quite reliable. Experienced users who are not interested in multi-signature support might find BitGo to be a bit bland, but new users can find it quite useful.
BitGo Wallet User Experience
The BitGo Online Wallet is quite easy to use. It comes with numerous and efficient features which enrich it to a great extent. It has a simple interface that is easy to navigate. BitGo charges 29 satoshis/bytes per transaction which is cheaper than a lot of other wallets, and transactions take only about 10 minutes to go through.
The wallet gets positive reviews from users who praise it for innovative and trustworthy services. Businesses also prefer it due to its reversible transaction feature which enables businesses to avoid making unnecessary losses.
At this time, BitGo’s online wallet only supports Bitcoin. The company is exploring additional cryptocurrencies, but there has been no timeframe as to when more currencies may be added.
BitGo wallets are available to users in any part of the world except in countries that have embargoed by the US such as Cuba, Sudan, Iran, Syria, North Korea and Ukraine.
There is no limit to the number of Bitcoins users can store in the BitGo wallet. The decision as to how much digital assets they should store in it lies with the user.
BitGo.com Online Wallet Account Security
The BitGo wallet is considered by many to be the safest and the most trusted in the world of Bitcoin. This is mainly due to the secure transaction services and highly encrypted protocols. It is quite reliable for businesses no matter their sizes. Individuals can also find it to be quite convenient. Thus it is highly dependable for everyone who may need it.
The wallet at BitGo.com is also backed up meaning that if it gets lost, BitGo can use a passphrase to rebuild it. The wallet also comes with a 2FA feature which blocks unauthorized persons from accessing the wallet further boosting its security. Its two-factor identification is crucial in securing users’ Bitcoins from server attacks, hackers, and malware. It also comes with features such as P2SH and BitGo safe among others which improves user’s transaction experience and make it more secure.
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