This Bitcoin wallet designed in 2015 is one of the simplest among other wallets. ArcBit offers users full control over transactions, although it can not be said that the developer company did everything to protect the funds.
We present you with an overview of the ArcBit wallet. We will talk about the features of the program and supported coins, and we will go through the key functions that can be used to manage your cryptocurrency funds. This client will appeal to both beginners and experienced investors. For more information, see FAQs at the very end of the review. If you have a question, leave a comment.
The ArcBit Digital Wallet Introductory Information
The ArcBit Crypto-Wallet is a convenient and functional web wallet where you can store accumulated bitcoins and manage them, making transfers, paying for services, or purchasing goods. Use it on your smartphone or tablet, and manage Bitcoins at any time. To ensure greater basic privacy, the wallet supports hidden addresses and “watch-only” addresses.
Users can manage multiple accounts and integrate hardware wallets for cold storage. Cold wallet storage is a technology of cryptocurrency wallets for conducting offline transactions. The user’s computer stores private keys to connect with the Blockchain. Just like some other companies, ArcBit offers an optional cold wallet storage feature, meaning you can use this feature when needed.
Usually, cold wallet storage is used to store large amounts and does not involve frequent cryptocurrency transfers. The reason for this is that the cold wallet storage feature does not have permanent access to the network. Therefore, Bitcoin wallets of this type are considered less vulnerable to scammers.
The ArcBit electronic wallet provides its users with a simple interface, the necessary functionality, and an understandable scheme of work – even an inexperienced novice can follow the instructions and prompts of the system to figure out how to operate the funds using the application.
The web wallet works on popular platforms such as Windows, iOS, Android, and Mac OS. Thus, users can make transactions and payments from almost any device. It is believed that ArcBit is designed for beginners, but it has features useful for Bitcoin veterans. The wallet supports different types of addresses and works with Bitcoin private keys, encrypted keys, view-only addresses, and stealth addresses. However, this app is suitable for users to send and receive Bitcoins only, as other coins are not supported.
ArcBit is generally a good Bitcoin storage app for beginners; additionally, it is also suitable for advanced Blockchain users. However, the wallet has both positive and negative features. Do you want to get more information about this? See the next section!
Advantages and Disadvantages of the Mobile Wallet
To make the storage of coins secure, the cold wallet technology offers users to keep private keys directly on the device. It doesn’t matter if you use Windows, Android, or Mac OS, the private keys of ArcBit are stored on your computer or smartphone. However, block validation in this application is centralized. Centralized validation means that a third party is present during the transaction. Accordingly, users should trust it so as not to be afraid to transfer Bitcoin through this wallet.
There are other “however” that you can read below. Let’s briefly review the main advanced features and drawbacks of the ArcBit wallet.
Pros of the ArcBit wallet
The ArcBit online wallet has many advantages, among which it is worth noting:
- Possibility to make necessary transactions in online mode
- You can make offline transactions
- Support of qualified specialists to solve emerging problems
- The ability to use the application on various devices
- Handy and intuitive user interface
- Work program using virtual access tunnels.
Cons of the ArcBit wallet
- Provides support for Bitcoin only
- Open-source wallet
- Not the most secure wallet (remote server increases the risk level for users)
- When downloaded to a virus-infected computer, the wallet is at risk
- For performing currency transactions, you need access to the Internet network
- Does not support multi-signature option
- Multiple users are not available.
Where and How to Download the ArcBit wallet
How does the ArcBit wallet installing? It’s effortless since we provide you with a link to the Bitcoin official company site – https://bitcoin.org/en/wallets/desktop/windows/arcbit/ – here you can download the installation file for your smartphone and complete the client installation.
Step-by-step Instructions for Installing Bitcoin-Wallet ArcBit
The installation procedure including the following steps:
- Go to https://bitcoin.org/en/wallets/desktop/windows/arcbit/, selecting the type “for Android” or “for iOS”;
- Wait for download of the file;
- Execute pop-up commands on the window;
- Register your web wallet.
You can immediately go to AppStore or GooglePlay, where you download the already finished application and register your address.
The ArcBit Wallet Registering and Other Application Settings
To register the ArcBit wallet successfully, you must have several accounts, or at least one, from which the user can manage their funds.
To create an additional account, click the “Create” button in the “Accounts” section. The user specifies the name of the account and saves the changes.
Use the “Settings” section when the creation of the ArcBit wallet is completed, and you can optimize the application completely for yourself to comfortably use it:
- Establish a PIN code;
- Choose a currency;
- Select the display type of currency;
- Monitor the commission for transactions;
- Manage the key phrase to restore your account.
How to Protect Your Wallet From Hacking
The main rule of managing the ArcBit mobile wallet is storing important confidential information, namely a password phrase for restoring or blocking an account outside of digital media – it is recommended to write a phrase on a piece of paper and store it in a safe place.
Sending Funds via the ArcBit
At first, the user enters the “Send” tab. Transactions are made to send funds to other recipients at this tab.
The user needs to fill all the necessary fields for conducting the transaction:
- “From” – here the user enters the data of the sender’s account;
- “To” – this field requires entering data about the transfer recipient. It works through QR-scanning, manual input, or loading of data from contacts in the application;
- “Amount” – the amount of the planned transfer is entered here. In this case, the amount is entered in Bitcoins and then automatically converted into US dollars;
- “Payment” overview – this button performs a transaction with the specified details.
Receiving Funds Via the ArcBit
To receive coins using the application, you must use the “Receive” tab. For this operation, the use of both one-time and multiple addresses is considered.
Section “History” provides the user with information about all the committed operations with funds.
The History of ArcBit
The Bitcoin wallet designed in 2015 was created by Timothy Lee, who has been the author of one of the Bitcoin wallets. Tim Lee was dissatisfied with the certain privacy aspects of the previous development, so he took up his new project within Blockchain technology. The invention was presented at the Finovate conference (San Francisco, California) in 2015. Then it came to the market on the IOS platform and later on the Android platform.
When developing the wallet, Timothy Lee paid attention to the fact that the protection of funds became secure. Users can create backup money stores in two ways. Validation can be done through a complex password or make a backup in iCloud. This way, users get full control of overpayments and other transactions.
Here is the basic information about this wallet. Please read FAQs before leaving a comment.
How Can I Get Help on ArcBit?
This overview contains basic information about the ArcBit wallet, as well as rules for setting up and conducting transactions. If you need support on a specific issue, you can contact the app company directly or leave a comment below.
Is ArcBit Wallet Safe?
The security of the wallet is still in doubt among experts. Features such as users own private keys, changing transaction addresses, and watch-only addresses significantly reduce the risk of money theft. These features only support the acceptability of the wallet for Bitcoin users.
What is a significant disadvantage of ArcBit security is that it runs on open source and does not have two-factor authentication. As we have already noted, the application assumes centralized validation. A serious drawback is the unregularity of the wallet.
Additionally, multi-signature support is not provided for users. These features reduce the quality of control over coins in ArcBit. If you are in doubt, also look at the reviews of other companies that develop wallet applications.
Is ArcBit Wallet Legit?
Like other Bitcoin wallets, ArcBit is legitimate in all countries where cryptocurrency is legalized. Users can easily download the wallet on the network and install it on the web platform of a gadget, whether it is Windows, Linux, or another suitable one.
The ArcBit wallet conclusions
The ArcBit electronic wallet is a convenient and simple way to manage virtual means over the Internet. The basic functionality provides everything necessary to operate the assets. A simple and intuitive interface will be quite comfortable and understandable even for the beginner. However, professionals advise storing the basic savings in wallets, which are installed directly on the computer.
Among the main disadvantages of the application, perhaps, the lack of choice of supported coins and doubts about the security of funds.
Do you still have questions about installing ArcBit on the platform, support, or other features of the app? Welcome to leave a comment or ask a question below.