Storing one’s digital assets should never be complex or annoying. Solutions such as Ownbit make this concept a lot more straightforward. It is designed for crypto geeks who like to play around with the many different settings it provides.
The Ownbit Concept Explained
Given how many cryptocurrency wallets are available on the market today, it becomes more difficult to stand out. In the case of Ownbit, the entire concept is very straightforward. This is a solution designed for those who take the storage and management of digital assets very seriously.
To accommodate the needs of crypto geeks, its developers have built in a ton of functionality. For those looking for more traditional multi-crypto wallet solutions without bells and whistles, Ownbit is not necessarily for them. Those enthusiasts who have a decent knowledge of what a wallet can – or should – offer, may want to give this solution a try.
Ownbit sets itself as a multi-asset wallet that primarily supports core functions most crypto enthusiasts will appreciate.
The first of such features is having offline use compability. Albeit one needs to be connected to the Internet when using cryptocurrencies, a large portion of it can be done offline. By utilizing this offline method, it becomes easier to ensure all the transaction details are correct and can’t be tampered with.
If one’s computer or mobile device is compromised, filling in those details while connected to the internet can result in a loss of funds. An offline wallet doesn’t have that issue in the slightest.
A second feature paying attention to is multisignature support. That feature is crucial for families or teams who want to manage one wallet where all funds are stored. Transactions made from this address will require multiple signatures from different members before the transfer is approved. From a security point of view, a feature like this should be present in every wallet by default.
Third, there is also a built-in option for merchants looking to accept cryptocurrency payments. It is another native feature that makes it easy to onboard more merchants. All payments are processed at a fee of 0.3% per transfer.
Private key Control
When utilizing a cryptocurrency wallet, controlling the private keys is crucial. For Ownbit, the keys are generated, encrypted, and stored on one’s native device. This key will always be under the control of the end user. It is not shared with the Ownbit team under any circumstances.
Extra protection comes in the form of a mnemonic seed. These seed phrases are 12 words long and utilize the BIP44 standard. Such a seed phrase can be imported into other wallet solutions. This mnemonic seed is also protected by a wallet password, adding an extra layer of security.
Supported Currencies and Assets
Ownbit supports a wide variety of digital currencies, tokens, and assets. At the time of writing, not all of these currencies receive multisig support, albeit that situation may remain subject to change.
Supported currencies include Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Monero, XRP, XLM, Dogecoin, Litecoin, Dash, Ethereum Classic, ZCash, DigiByte, Decred, Ravencoin, Horizen, ZCoin, GoChain, and POA Network.
Surprisingly, Ownbit is one of the few solutions to actively support Tether’s USDT on the Omni layer. Additionally, virtually all ERC20 tokens issued on Ethereum can be stored in this wallet as well.