For users that are wanting to quickly custody their Bitcoin in a safe way, Bitamp allows creating new Bitcoin wallets in 5 seconds. By cycling through “Generate New Seed”, it’s possible to create an infinite number of Bitcoin wallets without paying in a matter of seconds. There is a one-step “Print” button that prints the BIP39 seed that users can laminate and then store in a safe.
The seeds are not stored on Bitamp’s servers so they cannot be recovered if lost. Once a user copies and confirms the seed phrase, they are directed to the “Account Overview” page where they can receive their first BTC using a Bitcoin address or a QR code.the
Bitamp is different from other non-custodial mobile wallets in that it is not out to make a quick buck by advertising Dapp’s, DEX’s and DeFi products to users. Instead, the Bitamp team relies mostly on donations to survive and is an open-source project with a Github repo that users can see online.
The New Age of Bitcoin
After the Bitcoin halvening in May, Bitcoin has seen huge outflows from miners. Smaller mining operations with outdated mining rigs have gotten squeezed out as mining rewards have shrunk. The current outflow from miners is at an all-time low, and analysts from the likes of Bloomberg predict that we are now entering a bullish market for Bitcoin in the latter half of 2020.
With the greater volatility of Bitcoin and the increasing price, especially in light of Coronavirus, and the depreciation of many foreign currencies in relation to USD as well as the strengthening price of gold, users have become more and more fascinated with Bitcoin. It is drawing mainstream adoption and attention from the likes of Paul Tudor Jones and Medallion Funds with $10B AUM. Grayscale Bitcoin Investment Trust, on the other hand, an exchange traded instrument representing Bitcoin, has seen unprecedented inflows.
The bullish trend will also test the infrastructure and scalability of centralized solutions such as Coinbase, which faced a total of three outages over the span of 30 days. Users frustrated with these outages can store their cryptocurrency on Bitamp in conjunction with a cold storage hardware wallets and choose to take advantage of market volatility in a strategic way by trading on less-frequented exchanges.
Companies such as Bitamp prioritize anonymity. They do not require personal information, emails or passwords. Users can avoid the time and friction felt onboarding onto custodial wallets by providing a selfie or picture of their drivers license or passport and then waiting for hours if not days for a KYC pass confirmation. Now, anyone with access to the Internet can generate a new wallet, login, send or receive Bitcoin using Bitamp, where everything happens locally in one’s browser.
With tax season coming up, users can also use Bitamp knowing that it will never sell their information to the IRS or contract with an AML firm to track the activity of their users’ wallets. Lastly, Bitamp sets itself apart from other non-custodial Bitcoin wallets because there is no need to download a mobile app, especially with news that the IRS may try to subpoena Google and Apple around users downloading crypto-related mobile applications.
The only way to maintain the utmost control and anonymity is to self custody by keeping one’s own seed phrase in a safe place. Custodying one’s assets through Bitamp will leave users with more peace of mind.
Having deep expertise in intercultural communications, Natallia is fond of foreign languages and cultures. She strongly believes that people should continually develop to stay on track, that’s why she permanently widens her knowledge in various spheres. Currently, Natallia is fully immersed in crypto, blockchain and financial techs.