With the number of Coinbase outages users have experienced in the past month, users have experienced periods of not being able to access their wallets and funds. For example, after Bitcoin hit $10,000 and with the volatility due to the Bitcoin halving, for example, users screenshotted their 503 error messages with trending hashtag #Coinbase. New news that Coinbase may collaborate with the IRS to sell user data have users debating deleting their Coinbase accounts and searching for other options.
When Coinbase announced that the outages were temporary and the company would find longer-term solutions, many users felt impatient. However, three outages in the span of a month have left users frustrated and at a potential financial loss. Many could not capitalize on the return of Bitcoin to $10,000 for example, because they could not access their Bitcoin wallet on Coinbase and did not have their private keys to access their Bitcoin on other platforms.
Bitamp, The Safe Alternative to Coinbase
Enter Bitamp, the non-custodial solution that will not sell your data to the IRS! Bitamp does not surveil transactions in the same way Neutrino, a data analytics company acquired by Coinbase, does. Neutrino’s founders, in fact, previously sold surveillance products to governments with a history of human rights violations in regions such as Egypt, Russia, and Turkey.
Non-custodial Bitcoin wallets such as Bitamp can provide users the assurance and security that they need without worrying whether Bitamp will sell their information to the IRS or contract with an AML firm to track the activity of their users’ wallets.
Bitamp also sets itself apart from other non-custodial Bitcoin wallets because there is no need to download a mobile app, especially with the news that the IRS may try to subpoena Google and Apple around users downloading crypto-related mobile applications.
Bitamp – Easy Onboarding For Bitcoin Users
Users must know that Bitamp allows users to create a new Bitcoin wallet in 5 seconds from anywhere by clicking on the “Generate New Seed” button and copying the seed. In fact, users can create an infinite number of Bitcoin wallets without paying for each additional wallet that they create.
It is easy to start using Bitamp. Each seed is a 12-word seed that they need to copy and then paste into the “Seed Confirmation” box in order to generate a wallet. 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. The company has a completely open-source repo that Bitamp invites users to inspect on Github.
From there, users have access to a variety of sections including “Overview”, “Send”, “Receive”, “Addresses”, “Lightning” and “Exchange”. Users can refer back to the “Account” section if they forget their 12-word phrase. The company allows users to receive cryptocurrency from a standard Bitcoin address, beginning with 1xx, segwit beginning with bxx, and p2sh address starting with 3xx.
Users also have the possibility of denominating the value of their Bitcoin in USD, EUR, GBP, CAD, AUD, CNY, KRW, and RUB.
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. That being said, those that continue to invest larger and larger amounts into Bitcoin should not have to risk losing access to their funds, especially when a 30 minute outage on a custodial wallet or exchange can mean losing up to 10% of your portfolio value. After all, in May, Bitcoin crashed 10% in the span of 30 minutes.
These are all reasons behind why users may want to store some of their Bitcoin with Bitamp which will face fewer outages than centralized custodial wallets such as Coinbase. Users will be able to access their wallets during opportune times and will not have to tolerate advertisements.