With the launch of Bitcoin, Satoshi Nakamoto envisioned a financial system which allows users to be in control of their funds and transfer across borders without the need of an intermediary (middleman) such as banks. As Bitcoin became more popular, centralized crypto exchanges and custodial services sprouted storing users’ private keys to help non-technical Bitcoiners easily trade and store their funds.
However, so far, the exchanges and custodial services have witnessed several hacks, phishing attacks, exit scams and blackouts that have seen millions in users’ funds go down the drain. The introduction of cold storage (hardware) wallets such as Ledger and Trezor solved much of the problem allowing self-custody of your private keys.
What is Bitamp.com?
While providing enhanced security, hardware wallets have their misgivings such as difficulty in trading and sending amounts. Bitamp, an open-source self-custodial wallet gives its clients an anonymous and private platform to send and receive Bitcoin.
“Bitamp is an open-source, client-side, free Bitcoin wallet that allows you to send and receive Bitcoin securely on the blockchain.” – Bitamp.com official website
The platform is a user-friendly platform designed under an MIT license that allows users to send and receive BTC from anywhere in the world.
The privacy quality of Bitamp
Bitcoin users are very cautious while dealing with consumer-focused apps in fear of possible exploitation of their data. Bitamp offers the uttermost anonymity and privacy to users on the platform. First, Bitamp does not collect the user’s name or email address when a transaction is made through the wallet.
“Your anonymity is important to us. No personal information is required to use our service.”
Users can also access their Bitstamp wallet over the TOR browser or over Virtual Private Networks (VPNs).
Your private keys, your Bitcoin!
How to use
All you need to get a Bitamp wallet is an internet connection (and a pen and paper). Once you are on the official Bitamp.com website, click the “Create new wallet” tab and write down the provided 12-seed phrase. Type the 12 seed phrase on the lower text box and click “I’VE WRITTEN DOWN MY SEED, LOG ME IN” button.
On the resulting page, you have a wallet account and you can start sending and receiving Bitcoins in the wallet.
NB: Make sure you store your 12 seed phrase very carefully. It is used to recover
Key defining features and technical specifications
Apart from its industry-beating privacy and anonymity features, Bitamp also offers a wide range of features. Here are a few;
- Free and open-source: Unlike many of the custodial services that charge a fee to secure the BTC, Bitstamp offers a free open-source service that is easy to use.
- Total user control: As explained above, the wallet service is strictly client-based which leaves the user in control of their assets.
- Transfer seeds from hardware wallets: Bitstamp allows users to transfer seeds from different hardware wallets including Trezor, Ledger, Electrum and Mycelium, etc.
Bonus treats from Bitamp
The platform is not only focused on the wallet but also offers a number of bonus resources for the users including basic educational material on BTC including “What is Bitcoin”, “How to buy”, and “Bitcoin mining” etc.
The platform also has a block explorer and the live status of the Bitcoin blockchain network. The wallet is not centrally backed hence the development community depends on donations from well-wishers.
What does the future look like for Bitamp
The dev team is currently working on adding more language options on the website to supplement the 11 languages on board including English, German, Portuguese, Italian, Japanese, Korean, etc.
The company is also looking at adding exchanges and layer-2 solutions, Lightning network in the coming days allowing users to open channels directly on the platform.
Users with further inquiries or wanting to take a closer look at the development code can find more on their GitHub page.