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Bitcoin Wallet Spotlight: DropBit

Dec 28, 2019 | Crypto Wallets

The number of mobile bitcoin wallets continues to rise. As mobile devices play an increasing role of importance, solutions such as DropBit will become more commonplace. It is a convenient example of how a bitcoin wallet is supposed to work.

 DropBit the Bitcoin Wallet

Utilizing bitcoin can be extremely complicated for novice users. Handling lengthy wallet addresses and sharing them with friends is problematic. A more streamlined solution is direly needed to address this situation. DropBit provides that functionality, making it a very convenient solution. 

Under the hood, this mobile wallet lets users send bitcoin to a phone number. For those willing to use social media, it can also be sent via a tweet. This is far more convenient for users all around the world. Virtually everyone on the planet either has access to the internet or a mobile phone number.

No Bitcoin Address Required

One of the crucial aspects of DropBit is how users do not need a bitcoin address. If a recipient receives funds, they are redirected to install the DropBit app. In doing so, a bitcoin address is set up automatically linked tot hat Twitter account or phone number.

Once this setup is complete, the sender of the funds is notified automatically. Following this message, the sender can move funds from their account to the recipient. These direct wallet-to-wallet transactions make for a valuable ecosystem. It is also very friendly toward people who have never come into contact with cryptocurrencies before.

Focus on Privacy and Ownership

In the cryptocurrency world, ownership of coins is crucial. DropBit acknowledges this aspect. The developers want to provide a safe and secure bitcoin wallet experience. This mobile application is completely non-custodial. There is also no signup process or request for personal information.

Private keys associated with one’s BTC wallet are stored on the mobile device. Users will control access to this information at all times. DropBit is only there to provide the infrastructure to send and receive transactions. The wallet and its developers will never access user funds. 

When dealing with sending money to phone numbers, the privacy of phone contacts is in question. DropBit does not store contacts on their server. Even the phone number verification process is hashed. None of the actual information is shared with the company. For those who worry about having their contacts exposed, there is no reason for concern. 

Lightning Network Support

For wallet service providers, supporting layer-two solutions is crucial. DropBit has built-in Lightning Network support for bitcoin transactions. This allows for cheaper and faster transfers between different users. At the same time, there is also a minor trade-off to take into account.

The Lightning wallet for bitcoin is custodial. It is beneficial to users in terms of transaction speed and accessibility. Moreover, users don’t need to manage their own node or payment channel. For more advanced bitcoiners, running one’s own node or channel is preferable. The wallet does not support that functionality at this time.

Images courtesy of their respective sources.

Fintoism is not providing financial or investment advice. All content published on this platform is for entertainment and educational purposes only.

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<a href="https://fintoism.com/author/oglock/" target="_self">JP Buntinx</a>

JP Buntinx

JP Buntinx is passionate about cryptocurrencies, fintech, blockchain, and finance. He currently resides in Belgium.

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