With the inflow of capital from Wall Street into Bitcoin and Bitcoin related instruments, many may wonder if the Bitcoin community has “lost its touch” in keeping with anarchy and anti-establishment notions. However, promising open source projects are still emerging onto the Bitcoin scene including up-and-coming open source wallet Bitamp.
Bitamp is a new, free, open source Bitcoin wallet which allows users to create a new wallet within seconds. By cycling through “Generate New Seed”, users can create an infinite number of Bitcoin wallets without paying. Each seed is a 12 word seed that users can copy and then paste into the “Seed Confirmation” box. 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 users copy and confirm the seed phrase, they are directed to the “Account Overview” page where they can receive their first Bitcoin using a Bitcoin address or a QR code. There are many sections to the interface: “Overview”, “Send”, “Receive”, “Addresses”, “Lightning”, and
“Exchange”. Users can refer back to the “Account” section if they forget their 12-word phrase. The company’s future sections will be “Lightning” and “Exchange” are currently also in production.
The company allows users to receive Bitcoin from a standard Bitcoin address, beginning with 1xx, segwit beginning with bxx and p2sh address starting with 3xx. The company offers users the possibility of denominating their cryptocurrency in USD, EUR, GBP, CAD, AUD, CNY, KRW, and RUB.
The New Age of Bitcoin
Bitcoin’s volatility pre and post-Bitcoin halving has tested the infrastructure and scalability of centralized custodial exchanges which have not been prepared for the sudden influx of traffic. Outages during key peaks in volatility serve as a glaringly negative user experience during which users realize that the “control” that they exert over their Bitcoin wallets through centralized services are but an illusion.
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.
Bitamp does not enforce withdrawal limits or KYC levels on users and does not charge withdrawal fees or even implement minimum amounts of withdrawals that users can execute, allowing users the ultimate flexibility and freedom. Bitamp also does not use users’ funds without their consent to generate interest or other trading profit, giving users proof on-chain that their Bitcoin will stay within their custody and control at all times. Therefore, users can rest assured that their funds stay in the same place they left their funds previously unless they dictate otherwise.
Bitamp – Your Friend During The Next Bitcoin Bull Market
As Bitcoin continues to hover around the $10,000 market even post Bitcoin halving, many may choose to buy more Bitcoin, anticipating a bull market. As increased awareness of Bitcoin spreads to a more mainstream audience in conjunction with a “digital gold” narrative in response to economic shocks, more and more users will have to learn how to obtain Bitcoin wallets to store the cryptocurrency that they buy.
Users who have read horror stories of hacks such as the hack of Quadriga CX may feel that Bitcoin is too risky and too vulnerable to hacks. These are all reasons behind why users may want to store some of their Bitcoin with Bitamp which offers users self custody and which has a completely open source repo that the Bitamp team invites users to inspect on Github.