If there’s one thing that the crypto industry offers in spades right now is crypto wallets for all tastes and needs. Be that as it may, there are some wallets or wallets providers out there that have the edge over their competition thanks to either the philosophy behind the product or the technology embedded within it.
One wallet that tends to stand out from the crowd, even though it’s not the most popular option, is Bread, or Bread Wallet.
What is Bread?
Bread Wallet (or BRD for short) is a multiplatform, multi-currency mobile wallet designed by Bread Company to cater to the needs of both novices and more experienced users. A lot of attention has gone into making this wallet very user-focused and also one of the most secure on the market. It’s capable of holding Bitcoin, Ethereum, and Bitcoin Cash (as well as the BRD token).
What makes Bread Wallet unique?
For starters, Bread Wallet is a gorgeous-looking piece of kit designed to be highly intuitive and streamlined. Besides being very user-friendly, the wallet has other functionalities that make it unique. Bread is an HD (hierarchical deterministic) wallet, with open source code, APP sandboxing, and which makes use of high-end hardware encryption technologies and payment identification protocol.
The payment identification protocol is called SPV (short for Simplified Payment Verification), and it makes transactions faster. Once a transaction is initiated, the system ensures that it is taken over by the respective blockchain network’s miners immediately.
How does Bread Wallet work?
As mentioned before, Bread was designed to top-notch security, and this can be seen in the way it works. For starters, it’s worth mentioning that the wallet generates private keys that help users control transactions and funds.
What’s different about Bread is the fact that it doesn’t use a central server. Instead, the wallet connects to the Bitcoin network directly allowing users to have a much more decentralized and secure experience.
Learning to use Bread Wallet is a very straightforward process. On the wallet’s main interface, click “Create New Wallet,” select a 6-digit PIN code, log into the wallet, copy and securely store the “seed phrase.” To add tokens, tap “Receive,” and the wallet will automatically generate an address referred to as a QR code. To send coins, tap “Send,” and enter the receiving address.
How much does it cost?
Bread Wallet is free to use product. However, please note that you will be required to pay fees in accordance to which coin you transfer. For example, when you make a Bitcoin transaction, you will need to pay fees to the Bitcoin network. One neat feature the wallet provides is the possibility of adjusting the transaction fees based on priority. This means that you can opt to pay more for quicker transactions and vice versa.
Where can I get Bread?
As mentioned before, Bread is available for Android and iOS which means it can be downloaded directly from the respective platform’s stores. In the case of Android, you can get the Bread Wallet from the Google Play Store, and for iOS, from the Apple Store.
Is Bread secure?
Since Bread differs from most other third-party Bitcoin wallets in the way it handles transactions, it already has an edge when it comes to security. As mentioned before, it doesn’t store data on its servers, hence, users are always in control of their funds, and the risk of hacks is greatly reduced.
The wallet can also be secured using a PIN code (different from the phone’s passkey) and, for an extra bit of security, you can also activate the touch-ID or facial recognition features (available for high-end smartphones).
Lastly, because the wallet is hierarchical deterministic, it means that it can generate many public addresses making it very difficult for anyone to forcefully pull out personal details. The only, big drawback (in terms of security) is the lack of two-factor authentication.
Pros and Cons
Bread Wallet is a highly user-friendly and very secure multi-currency wallet with a lot of advantages. The wallet is free, it has built-in customer support, and it connects directly to the Bitcoin blockchain. Furthermore, it does not require registration or any sort of signup process, it does not collect any customer information, and it also allows you to buy Bitcoin directly through the app.
By far the biggest drawback of the wallet is represented by the lack of 2-factor authentication. Furthermore, it doesn’t offer multi-signature transactions, and the number of supported coins is very small, by all accounts (even though the team will add support for other cryptocurrencies in future updates).
Bread Wallet is without a doubt one of the best mobile wallets out there, and it’s definitely worth your attention if you are looking for a wallet that’s nice to look at, very easy to use, and profoundly secure.
Featured image: CoinDesk