Bitamp Bitcoin Wallet Review
Bitamp is an online Bitcoin wallet that you can access easily wherever you are.
If you’re an avid admirer of open-source web-based wallets, chances are that you’d want to give Bitamp a try.
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Interestingly, this Bitamp review captures all the essential things you may want to find out about Bitamp before giving it a shot.
How to Set Up a Bitamp Wallet
Since Bitamp is a web-based wallet, one shouldn’t expect the setup of a Bitamp wallet to be any difficult. Simply put, you won’t need any special connectivity tools (such as Bluetooth) before you’re able to connect to your Bitamp wallet. Needless to say, Bitamp is a nice catch for Bitcoin traders who cherish convenient and quick means for storing and managing their Bitcoin.
To set up a Bitamp wallet, all you need is using the Bitamp official website for creating a user account. Below are the simple instructions to help you do that:
- Enter the official website of Bitamp on your smartphone
- While on the site’s homepage, locate the “Create Wallet” form and click
- Doing the above will cause Bitamp to automatically fetch you a 12-word recovery seed. You should note down this 12-word phrase as you’ll need it for the recovery of your account in the instance of loss. Advisably, save the phrase somewhere you can always vouch for easily
- Copy the 12-word seed. You’ll find an empty box into which you should paste this copied seed
- Down the “Create New Wallet” form, you’ll find an orange-coloured button indicating “I’ve written down my seed, log me in”
- Click the said button to complete the wallet creation process. Once the wallet (account) creation is complete, Bitamp will direct you to your account overview so that you can see user info such as past transactions, account balance, etc.
How to Receive/Send Bitcoin via Bitamp
In any attempt to use your Bitamp wallet in receiving Bitcoin, you’ll have to follow the easy steps below:
- Enter your Bitamp (wallet) account
- On the overview page, scroll to the Receive button and tap it
- After doing that, you’ll be presented with your receiving address. Note that the address will appear as a QR form and code which would be one of Bitamp’s three address types: (i) Pay to Script Hash (P2SH) address (3xx) (ii) Segregated witness (Segwit) address (bxx), and (iii) Standard address (1xx)
- Once Bitamp has reeled out your appropriate address, you should share the address with your benefactor (Bitcoin sender). Make sure this benefactor isn’t sending any cryptocurrency other than Bitcoin. Notably, it is only Bitcoin that your Bitamp address can receive since Bitamp doesn’t support other cryptocurrencies
In order to send Bitcoin from your Bitamp wallet to others, below are the instructions you should follow:
- Go to the main page of your Bitamp wallet
- Tap the Send button there
- Paste the wallet address of your intended receiver in the required field
- Input the BTC amount you intend to transfer to the receiver
- Specify the desired settings for your transaction fee –Note that you can select any of Priority, Slow and Regular. While Priority delivers the fastest experience, it also happens to be the costliest of all. Although the cheapest of the three options, Slow offers a relatively slow transfer experience
What Are the Cryptocurrencies Supported on Bitamp?
Unfortunately, Bitcoin is the only cryptocurrency supported on Bitamp at the moment.
Is Bitamp a Secure Bitcoin Wallet?
Well, there is no gainsaying in the fact that online wallets aren’t as secure as hardware wallets. Obviously, Bitamp is a web-based open-source wallet, making it very vulnerable to cyber-attacks. Bitamp, just like other web-based wallets, may not look secure enough. However, you can minimize the chances of losing your Bitcoin to hackers by always verifying your SSL connection prior to any login attempt.
Hopefully, this review has provided you with adequate information about Bitamp and how to use it for your Bitcoin transactions.