Finding a secure wallet to store your cryptocurrency can be quite a chore. How do you determine the wallet that will be safe and secure for your funds? These questions and more race through the minds of cryptocurrency wallet users. However, this Breadwallet review will ease your task and help you make a choice as to what wallet to use in holding your cryptocurrency.
What is Breadwallet?
The foundation of Breadwallet stands on the theme of financial freedom. The wallet even has its own native coin, Bread (BRD) to buttress its point of liberty. The headquarters of Breadwallet is located in Zurich, Switzerland. The wallet is also built to secure its users’ privacy. Basically, the Breadwallet is a Bitcoin wallet that allows you to convert your bitcoins to ETH, BCH and certain ERC20 tokens.
Founded by Aaron Voisine and Adam Traidman in 2015, the bitcoin wallet app currently operates in more than 160 countries and has most of its customers in North America. Since iOS has extra security status, Breadwallet was initially created for iOS users. Now, the wallet has an android version. Your funds are secured from third-parties as you have complete control over their bitcoin transactions.
One of the reasons the founders chose the iOS platform is to protect its users against theft as there is no server to hack. This Bread wallet review will reveal the unique security features of the wallet that give its users control over their funds. The wallet also uses Simplified Payment Verification (SPV) that allows you to connect directly to the bitcoin network. Also, SPV allows you to connect to the bitcoin network with a mobile phone using fast performance.
Coins Supported on Breadwallet
Breadwallet is essentially a Bitcoin wallet. However, Bread supports Ethereum, Bitcoin Cash, True USD (ERC-20 stable coin), and all ERC-20 coins.
Wallet transaction fees are not fixed and sometimes, it is calculated based on the transactional activities that occur on the wallet. When sending coins on Breadwallet, you are required to pay a network fee. Usually, users whose accounts send out and receive vast quantities of BTC will be get charged lower fees. On the other hand, buying coins through Breadwallet incurs a 5% fee when using a credit card.
You also incur bank charges for purchasing coins on Bread using one of the following fiat currencies USD, EUR, Danish Krone, CAD, and GBP. Bread is a hot wallet and you do not need to pay any fee to utilize the wallet. It is free to download and you can purchase bitcoin, Ethereum, and DAI on the wallet.
Is Breadwallet Easy to Use?
An attractive and easy to understand user interface in a wallet enables users to navigate the wallet easily. However, not all wallets are able to create a wallet that is easy to navigate. Breadwallet, on the other hand, is simple to use. The wallet is easy to Set up especially for beginners as most of its unique features are on the homepage. The user interface is devoid of complex charts that would be complicated for a beginner to understand. Bitcoin price is accessible on exchanges and users can check balances and other features on the homepage. The wallet is made so simple that funds can be transferred using a QR code.
The following steps describe how you can begin to use Breadwallet
- Download the app from the Apple Store to your iPhone.
- Set up your backup key and PIN code, write these down.
- Your wallet is set. You can now generate QR and address codes.
- You can now send and receive Bitcoin, your Breadwallet is set
Breadwallet Review: Privacy
Breadwallet has a way of keeping its users’ data safe and secure. Bread tries to maximize user satisfaction and this is why the wallet secures its customers’ personal information. From this Bread wallet review, you may have realized by now that the wallet does not share users’ information to its servers or even third-party servers. Users are connected directly to the bitcoin network from the app. Users are in full control of their funds. Also, unlike other wallets, you do not need to provide any documents like identification. This makes it easy to open a wallet with Bread quickly especially when you have emergency funds to hold.
Is Breadwallet Safe?
Our Breadwallet review would not be complete unless we evaluated the safety of the wallet. After all, that’s the entire point of a good wallet, right?
Since Bread is a non-custodial wallet, you are the only one with access to your private key. Although the wallet does not utilize 2-factor authentication, it secures your account with a pin. The wallet can be restored with the seed phrase if the user forgets his/her pin.
There is no desktop or mobile version of the Breadwallet. it is strictly a mobile wallet and therefore users have added protection from malware and theft. The wallet is protected by the following standards
- The wallet is secured with AES hardware encryption and code signatures.
- An additional layer of security is the touch ID and six-digit integration of the wallet integrated as security.
- The use of simplified payment verification (SPV) to ensure that transactions occur without the interference of third parties.
- All these security features make Breadwallet safe and easy to use.
Pros of Breadwallet
- Users have control of their funds due to the decentralized nature of the wallet.
- Data recovery is easy and simple through its seed phrase recovery functionality.
- Transactions are executed transparently between the user and the Bitcoin wallet without the need for a third party.
- Its Simple Payment Verification feature makes it unique.
- Since its operations are decentralized, there is limited transaction delay as Breadwallet allows users to transact at faster speeds.
- The wallet serves as secure storage with its digital security, pin codes, authentication, and private locks.
- A simplified user interface that gives users access to all its functions on its homepage
Cons of Breadwallet
- The wallet lacks the multi-sig feature. This feature ensures that a user is in control of all transactions that take place in the wallet.
- Its wallet fees can be high especially when the transaction fees
Users can find the Breadwallet for download on Google Play and Apple Store. Their website also holds more information on how to get started. However, if you are seeking an alternative to Breadwallet, you may have to turn to its rivals.
Some Breadwallet alternatives include;
These wallets are not just alternatives but staunch competitors of Breadwallet as their annually generated income can testify to their competitiveness.
Breadwallet Review: Conclusion
This Breadwallet review reveals some intricate details of the wallet. Users of iOS would find this wallet suitable. since it is now available for Android users, it is also a great option for the platform. Bread continues to strengthen its wallet through partnerships. For instance, it has the support of the Japanese Financial Services Group SBI Holdings.
If you are searching for a cryptocurrency wallet that open-sourced, user-friendly, secure, then this wallet might just be it. However, for seasoned traders, Breadwallet might not be sophisticated enough. Equally, you might want to consider cold storage for holding large amounts of cryptos.
Breadwallet is an easy-to-use cryptocurrency wallet with a simple user interface but may lack the complexity, security, and flexibility for more advanced crypto investors.
- Ease of Use
- Coin Selection
- Wallet Fees
- Simple data recovery
- Transparent transactions
- Simple Payment Verification
- Many security features
- Simple user interface
- No multi-sig feature
- High transaction fees
Rebecca is a blockchain and cryptocurrency journalist fascinated with sharing the knowledge of this technology in the simplest language possible. Rebecca is also a featured contributor for Coinfomania & Coingeek.