Bitcoin (BTC) was the first cryptocurrency to emerge in 2009. By introducing a fixed monetary policy combined with “bans” and radical transparency, Bitcoin offered an alternative financial system for subscriptions – one that allowed financial freedom to prevail.
Since then, the crypto area has expanded far beyond Bitcoin. Largely powered by smart contract platforms such as Ethereum (ETH), users now have access to a complete Decentralized Finance (DeFi) system, on-chain programming (in the form of non-perishable tokens, also known as NFTs), and cryptocurrency. games based. and many, many others.
Considering that less than 5% of people own bitcoins globally, we can assume that cryptocurrency is still in the early stages of adoption. In the cryptocurrency hole, adoption rates are much lower. Ultimately, this means that relatively few people have so far taken advantage of the economic freedom that blockchain technology provides.
Complexity in a high-risk environment
Industry experts agree that the main obstacle to adoption is the complexity of custom applications that provide “root access” to the cryptocurrency world. In particular, cryptocurrency wallets, which are mobile or desktop applications that allow direct interaction with public blockchains (ie root access to the world of cryptocurrency), have long been the main culprits. Cryptocurrency wallets usually offer beginners many new and unfamiliar concepts in an environment where the stakes are very high. In fact, since “real” cryptocurrencies are not secured, a small mistake can lead to disaster (that is, a complete loss of funds).
Since cryptocurrency wallets are not easy to use, waves of new entrants have flocked to more popular (deposit) offers. These offers are good for protecting users from complexity and provide protection against crashes. However, they do not offer the full range of benefits offered by cryptocurrency wallets, nor do they offer the same financial freedom. In other words, these are not real cryptocurrency deals.
Next-generation cryptocurrency wallets
Bitcoin.com is committed to supporting financial freedom by offering a reliable and unauthorized multi-currency cryptocurrency wallet – Bitcoin.com Wallet.
Unauthorized means that anyone in the world can install a wallet and receive cryptocurrencies (currently BTC, Bitcoin Cash (BCH), ETH and ERC-20) and use those cryptocurrencies as they see fit, including trading. Non-custodian means that the third party, in this case Bitcoin.com, has absolutely no access to users’ funds. This means that the company cannot seek to restrict access to users’ funds or their ability to complete transactions. The Bitcoin.com wallet also allows people to buy cryptocurrencies using credit cards and other payment methods, from as little as $ 30, although for compliance reasons it requires internal action to interact with the older financial system.
“We see the cryptocurrency wallet as an important tool for accessing the opportunities offered by Bitcoin and the broader digital currency ecosystem,” said Dennis Jarvis, CEO of Bitcoin.com since May 2020. And if we want to succeed with our mission, “to create more economic freedom in the world, the wallet must be simple and intuitive to use, and support the user’s right to own their own, primarily cryptocurrency.”
MORE INFORMATION ABOUT BITCOIN.COM HERE
Basically, the Bitcoin.com wallet solves the problem of user experience complexity by offering a simple user interface with many tutorials and tutorials. The app has a Discover tab where users can get the latest industry news, find places to use their cryptocurrency, watch cryptocurrency games, get discounts on purchases and travel with different cryptocurrencies and more. In addition, the wallet offers a number of innovative features.
The main challenge for cryptocurrency wallets has always been finding a way to provide the benefits of blockchain technology without turning users into a nightmare. Referring to a feature where the private keys of all user wallets in an application can be accessed with a single user-selected password, Jarvis said. This means that people can access all wallets by entering one password, instead of having to enter a 12-24 word memory phrase for each wallet, which has traditionally been a problem for cryptocurrencies.