Breadwallet is one of the most popular bitcoin wallets for IOS users. The app focuses on security, ease of use, and privacy. Even if you know nothing about bitcoin, the simple user interface of Breadwallet makes the app ideal for beginners as well as more experienced bitcoin users.
What Is Breadwallet?
Breadwallet is a bitcoin wallet: an app made for sending and receiving Bitcoin payments. The team at Breadwallet specifically designed it to have a simple layout that anyone can easily use. Most of the user experience happens between two screens, send and receive, that you swipe between. All you need to do is download Breadwallet and create a password, and you're ready to receive your first payment.
Breadwallet is easy to download and use. Simply go to the Apple App Store and download the app. Once the app is installed, you will be asked for a twelve word recovery code. This code is the only way to access your account, and anyone with this combination can access your phone, so be careful with it. If the app disappears from the App Store, you can install the app from your iTunes library.
Although Breadwallet is a good way to exhange bitcoin, you cannot store large amounts of bitcoin on it. This is because IOS wallets are hot wallets. A hot wallet is any device that's connected to the internet. Hot wallets are more likely to be hacked and infected by devices. You will need a cold storage wallet to store large amounts of bitcoin. These are wallets that are not connected to the internet, and therefore not susceptible to hackers.
Breadwallet is the first completely decentralized bitcoin wallet for IOS. This means the funds are stored in your phone through advanced hardware encryption and cannot be accessed without your concent. Even if you lose your phone or it gets stolen, you are still in control of your funds.
Private keys are stored in an encrypted on-device key, which means they are connected to the bitcoin network via SImplified payment verification (SPV). SPV in a client that does not verify everything; instead, it relies on a trusted node or highly complex algorithm as a proxy for validity. No Proprietary servers will go down and cause you to lose your bitcoin.
Breadwallet also uses BIP0032 software. BIP (Bitcoin Improvement Proposal) makes the wallet hierarchically deterministic (HD). This means that a wallet address cannot be used twice and users can use the same seed to create unlimited addresses and private keys. HD software allows wallets to be backed up with a 12- word phrase. This feature should be implemented immediately to back up your info and access to funds.
Although Breadwallet has a lot of positive qualities, it is not without its drawbacks. The App lacks Multisignature (Multisig) technology which is used for added security. Multisig technology uses multiple signatures from users before a transaction can be broadcast. Coinbase, Electrum, Greenaddress, and Armory are a few wallets that are outspoken about using this technology.
Breadwallet can be downloaded for free in the App Store. There may be a fee attached when sending money using the app.
How It Compares
We picked a few similar products available on the market to see how they compare.
Ease of Use
The app was designed with ease of use in mind. The simple, two-screen interface makes it easy for anyone to use.
Breadwallet uses a seed phrase to access private keys. Even breadwallet employees can't access user information.
The Decentralization feature makes the app secure, but it lacks security features other apps might have. For example, breadwallet doesn't have Multisignature, which requires signatures from multiple users before the transaction is broadcast.
Airbitz is a powerful, easy-to-use Bitcoin wallet. The app has the user's ease in mind, since it features a Bitcoin merchant directory and allows users to buy gift cards in the app. Also, a unique feature is that Airbitz automatically backs up users' wallets, so users don't have to deal with a recovery process if they lose their phone. Arbitz is also expandable, meaning you can connect to other Blockchain applications via Edge Login, the Airbitz SDK, and plugin's.
The sign-up process is simple, and Arbitz requires you choose a very strong password since it encrypts all your information. Arbits also estimates how long it would take to "crack" your password. There is also a feature where you can use your thumbprint for easy access.
Airbitz has several options for how to buy and sell. You can use your bank accound, Glidera, or buy/sell with cash.
Airbitz can be downloaded in the App Store.
Ease of Use
The username and password interface take away having to deal with cryptography and synchronization.
Airbitz contains features such as HD address rotation, zero-knowledge encryption, and decentralized access that make it the most private app on the market.
Client-side encryption protects bitcoin keys from malware.
Coinbase can be a very effective way to exchange Bitcoin, but it is not recommended that you store bitcoin there for long periods of time. Coinbase controls your account keys, whereas with breadwallet you can have control over your own keys.
Other exchange companies, such as Mount Geox, have been hacked in the past, leading to millions of client dollars being lost. While Coinbase has learned from this mistake, it is still best to avoid storing too much bitcoin in the app.
Despite the lack of security, Coinbase is one of the most effective ways to buy and sell Bitcoin and other forms of cryptocurrency. You can also transfer your Bitcoin from Breadwallet to Coinbase. Because Coinbase is more of an exchange than a wallet, it's hard to compare it directly to Breadwallet.
Coinbase can be downloaded in the app store.
Ease of Use
You can easily connect to a US bank account and transfer money to and from your wallet. The app is not just for Bitcoin, but can also be used for Etherium and Litecoin.
Because Coinbase controls your account keys, it is not recommended that you store Bitcoin there for long periods.
Coinbase is an enormous target for hackers because it stores over 1 billion dollars in digital currency.
Trezor is not a platform for buying and selling bitcoin. Rather, it is a physical device used to store bitcoin that you plug into your tablet or computer. It works with multiple currencies and has several features such as managing your password and two-factor identification.
Although Trezor offers some protection against lost passwords or devices, it's best to make sure you don't lose either of those. As an app whose main goal is to protect you from people stealing your bitcoin, the recovery process will definitely be difficult.
While the price varies based on what model of Trezor you're using, the devices start at around 83 euros on the Trezor website.
Ease of Use
The device simply plugs into your computer or laptop and has a simple, intuitive interface.
Trezor acts as a password manager, keeping your information secure.
The Trezor is likely the most secure way to store your bitcoin. It uses two-factor identification and other features to keep your bitcoin safe.
Breadwallet is an easy, secure, private way to buy and sell Bitcoin. The app's smooth interfaces allows users who are not familiar with Bitcoin to use it with ease. Additionally, the security features make Breadwallet safe to use. The decentralized system gives it added security, ensuring that the funds are stored in the phone.
There are a few drawbacks; Breadwallet doesn't have some of the security features that other apps do. But this will only matter to someone who is very serious about Bitcoin. Breadwallet is a good starting place for most people interested in buying and selling Bitcoin. Those who want to try a more secure device might try another platform, such as Trezor.