Bitcoin.com wallet is the official wallet by Bitcoin.com where you can store your Bitcoins and Bitcoin Cash coins easily. This quick guide about Bitcoin.Com Wallet shall cover the coins supported, fees charged, how to set it up, and other features.
Easy to install and use
No automatic password protection
No 2FA authentication
Limited currency support
No customer support
What Coins Are Supported by Bitcoin.Com Wallet?
Bitcoin.com wallet only works with two coins – BTC and BCH. It confuses many users by calling regular Bitcoin as Bitcoin Core. This has led to some uncertainty regarding the wallet.
However, what Bitcoin.com wallet lacks in coin versatility is made up by allowing users to purchase BCH and BTC directly from the wallet through credit cards. The wallet has built-in integration with the credit card processor – Simplex. You can use fiat to purchase crypto easily.
Fees Charged By Bitcoin.Com Wallet
There is no fee for downloading and installing the wallet. However, the charges for purchase coins are high. It charges 2.5% every transaction and Simplex charges 5% (min $10).
Step-by-step Guide for Setting up Bitcoin.Com Wallet
Step 1: Download the Wallet
Bitcoin.com wallet is available for Android and Apple phones.
Step 2: Navigating the Wallet
You will get a list of wallet at the top of the screen. The initial BTC and BCH balance shall be shown as 0.
Step 3: Add Some Crypto to Your Wallet
You can now add BCH or BTC to the wallet balance. You can share the public address to have someone make a payment, or you can purchase the crypto directly from the wallet.
You can find the wallet address at the bottom of the screen when you tap on the Receive button. Copy the address to share it with someone else.
If you are using the app, you can also show the QR code to the sender and have them scan the image on their device. This is a highly convenient way of receiving payment.
Step 4: Backup the Wallet
It is very important that you backup any crypto wallet. If you are using the mobile app, all you need to do is tap on the orange band and follow the instructions. You would be asked to write down a 12-word mnemonic passphrase. This is your backup or recovery phrase.
Make sure you write it down and keep it somewhere safe. Bitcoin.com will not be able to help you if you lose this phrase. Confirm that you have written down the 12-word phrase. You would be asked to verify the passphrase on the next screen. This is just to make sure that you got the phrase down correctly.
Complete this step by entering the words in the exact order. You should see the backup confirmation screen once you are done with this. The backup phrase will come in handy if you ever lose your phone and need restoring your account.
The phrase helps in establishing user authenticity before you are granted access. This is the reason why it is important to make sure that the phrase is kept safely.
How Is Customer Support?
Bitcoin.com does not have a user support team. This is one of the major drawbacks of this wallet since most other wallets have dedicated customer support teams.
Where the Bitcoin.com wallet is concerned, all you can do is register on their forum and hope that some community members of the user can help you. This is seriously disappointing from an organization that is charging such as large fee.
How Is Bitcoin.Com Wallet Design?
The Bitcoin interface is self-explanatory and clean. You can easily find your way without any problem. There is an extensive navigation bar at the bottom, which allows you to perform 5 critical operations:
Home – This allows you to find basic information such as wallet balance at a glance
Receive – You can generate a new address through which, others can send you BCH or BTC.
Scan - You can use your camera’s phone to scan another user’s BTC or BCH address in QR code form. This makes it easy to send BTC and BCH.
Send – You can send you wallet coins to others by entering their public BCH or BTC address.
Settings – This allows you to change application settings, setup new wallets, change currency display, edit wallet names, and set spending passwords.
Who Should Use Bitcoin.com Wallet?
While the Bitcoin.com wallet is simplistic in design and pretty straightforward, beginners should steer clear of it. This is because of the lack of customer support.