In the world of Bitcoin and cryptocurrency, choosing the right wallet that suits your needs will make a significant difference. There are some aspects of different wallets one always needs to keep in mind. Bitgo is quite an appealing solution, as it can be accessed via the browser and through mobile applications. The bigger question is whether or not it is worth your time.
Everyone has heard of Bitgo at least once before. The company specializes in providing secure wallet solutions to corporations and businesses including several cryptocurrency exchanges. Bitgo also focuses on multisignature wallet solutions, which is one of the best security innovations Bitcoin users have seen to date. Knowing the company also provides a consumer-grade solution makes them stand out from their competitors.
Bitgo initially started out as an online wallet service for Bitcoin. That is not necessarily a good thing, as a centralized wallet means users are not the only ones with access to private keys. The company expanded their wallet to support Android and iOS as well. The secure app ensures users can store their wallet’s private key on the device itself. The online version lets users export their private key to a different wallet solution as well.
Unfortunately Bitgo is not an open source solution and it is doubtful that will ever change. To some people, this is a major drawback, whereas others are not too bothered about it. On the upside, Bitgo provides multisignature solutions to all users. Additionally, there is an option to add even more security to the web wallet in the form of two-factor authentication. Bitgo clearly values its users’ privacy.
In short, Bitgo offers a very secure wallet solution which remains approachable by the average consumer on the street. Convenience and security often do not mix that well, but Bitgo shows it can be done. However it does not provide users with much anonymity, but that is not something most people are looking for these days. There are also no extra features to take advantage of, but that is not a deal breaker either.
For any Ethereum users here, there is an Ethereum-based wallet which uses the same Bitgo technology. In fact, it is built by most of the engineers who are working on the Bitcoin wallet. This project is known as Ether.li, and features all of the same aspects one can find in the Bitgo Bitcoin wallet. It provides multisignature solutions for Ethereum users, which will be appreciated by some users. Bringing this functionality to different cryptocurrencies is a smart strategy by Bitgo.
In the end, it is hard to find any flaws in the Bitgo wallet. Using the web version means private keys are not generated in a secure manner, even though users can protect them with a password. The mobile apps work as one would expect, without any unnecessary bells and whistles. Advanced users not looking for multisignature support may find Bitgo a bit boring, but for novice users, it is a very powerful solution. There is no reason not to give Bitgo wallet a try.