Which is the most secure cryptocurrency wallet? Though the hardware wallets such as Trezor are considered very secure, Breadwallet is fast winning the support of the community because of its unique features and design.
Breadwallet, a mobile-based wallet, is designed for storing Bitcoins on Android and iOS phones. However, the cryptocurrency community appears sharply divided about the safety of Breadwallet.
This Breadwallet review is a comprehensive interrogation of the wallet to establish how it works and its key features. The review seeks to answer the hard questions that have been hovering on the wallet, including “Is Breadwallet secure?” and “Should you join Breadwallet?”.
What Exactly Is Breadwallet?
Breadwallet (BRD) is a mobile wallet designed by Bread Company in 2015. It is available as a free-to-download application for both Android and iOS mobile platforms.
The commitment to build Breadwallet stemmed from the company’s belief in financial freedom, independence, and commitment to empowering people. This commitment has seen it build on the successes of the wallet to launch the native coin on the platform referred to as Bread (BRD) coin.
While operating solely as a mobile wallet is indeed limiting, many people prefer it because they can stay in touch with their coins wherever they go. Besides, it is open source and free. However, sending coins requires paying a transaction fee for miners.
Breadwallet: A 4.0 Star Rated Wallet
Breadwallet’s design and features have demonstrated that it is possible to provide optimal security to users’ coins on a mobile wallet. The ease of use and commitment of the development team to make the wallet better has made it win high ratings from both users and experts.
The ability of the app to directly link with their respective blockchains helps to increase the speed of the transactions. The app makes users feel like they have the entire blockchain in their pockets.
The biggest issue that makes the wallet remain only a 4.0-star app is supporting a limited number of coins. Many people indicate that though the wallet is fun, they are forced to have other wallets to store coins such as Loopring and Ripple, which are not supported.
How Does Breadwallet Work
Breadwallet was developed to provide a more secure mobile platform compared to others in the market. The wallet operates by generating private keys that help users control their transactions.
To achieve their mandate of storing coins securely, Breadwallet does not use a central server. Rather, the wallet connects to Bitcoin or other networks directly.
Though Breadwallet was initially designed as a Bitcoin-only wallet, it has since expanded to support other coins such as Ethereum, Bread Coin, and Bitcoin Cash. To deposit, store, and run other transactions on the wallet, here is the process to follow:
- Visit the Google Store or Apple App Store to download the application on your phone.
- On the wallet interface, navigate to and click “Create New Wallet”.
- Select a 6-digit PIN code (private key) that will be used to log into the wallet when running transactions.
- Use the code to log into the wallet. At this point, the wallet will generate a “seed phrase” that will be required to recover the tokens in case the phone gets lost.
- To add tokens such as Bitcoin, you need to tap the “Receive” icon. It will generate an address referred to as a QR Code that you should use to direct the coins from the Bitcoin platform.
- To send coins, navigate to the “Send” icon and enter the receiving address. Note that the app provides the option of scanning or writing the receiving address for easier management.
Here is a tutorial on how to set up and start using Breadwallet:
Breadwallet utilizes Simplified Payment Verification (SPV) that helps to make transactions faster. Note that once the transaction is initiated, it is taken over by the respective blockchain network’s miners who verify the details and add the details to the public ledger.
Unique Features That Make Breadwallet Highly Effective
The Breadwallet’s development team knew that the growing popularity of cryptocurrencies would attract a lot of players. Therefore, Bread has focused on progressively enhancing the operational design and features of Breadwallet to guarantee better performance. These are:
- Hierarchical deterministic
- Open code that is publicly verifiable
- APP sandboxing
- Hardware encryption
- Payment identification protocol
This Breadwallet review established that the wallet will soon be part of the Bread’s Decentralized Asset Exchange that will help to send transactions without involving third parties. The team also wants to improve the wallet by adding more financial services, including billing features, peer2peer lending, and direct deposits of users’ salaries.
Is Breadwallet Secure?
To keep the Breadwallet’s users’ assets and their information secure, the development team went to great lengths to improve the existing technologies. The team has also been very creative in adopting newer technologies to identify threats and keeping the platform as secure as possible.
- The wallet uses a PIN that is different from the phone’s password. Even if someone gets access to or steals the phone, he cannot know the wallet’s PIN.
- You can enhance the safety of the wallet by activating touch-ID or facial recognition.
- The wallet links directly with the respective blockchains without going through servers. This makes it extra hard for hackers.
- The wallet is hierarchical deterministic. This allows it to generate many public addresses that make it extra difficult to pull out personal details.
The multiple security features and strategies have made it extra challenging for attackers to break and steal users’ assets. However, the community is still not amused by the lack of a 2-factor authentication system.
This Breadwallet Bitcoin wallet review found the platform to be a carefully thought of and articulately implemented wallet. The commitment of the development team to introduce new features, especially the decentralized exchange, has made the community remain optimistic that things will keep getting better.
- The wallet is very easy to use.
- It connects directly to the Bitcoin blockchain.
- It has a built-in customer support section.
- It generates multiple addresses for every transaction for extra privacy.
- Its touch-ID login makes it very hard for third parties and hackers to gain access.
- A highly responsive support system.
- It does not have a 2-factor authentication system.
- Supports very few digital coins.
- The wallet is only available for Android and iOS operating systems.
The Breadwallet’s development team responded to their users’ desire to have a reliable, secure, and anonymous platform everywhere they go. Though those outside the Android and iOS operating platforms cannot use the wallet and it only supports a few coins, Breadwallet remains one of the most secure options out there.
If you have been looking for a reliable wallet to store crypto coins, Breadwallet is no doubt a great option. However, this review suggests spreading your risk between Breadwallet and another wallet that uses cold storage such as Ledger Nano S or Trezor.