Regardless of whether you consider yourself to be a professional trader, or you think that you still have something to learn, the chances are that you have heard of BitGo services. This is a platform providing safe wallets for all people interested in trading and exchanges.
In this review, we will tell you about the features of the BitGo wallet, namely: what it is, what features this application has, its advantages and disadvantages.
Basic information about the BitGo wallet
We will start reviewing the BitGo wallet with the fact that it is a cryptocurrency client that uses an increased level of security. Now your money will be safe, and no attacker can steal them. Also, the option is excluded that your digital assets will be frozen or will disappear without a trace without your knowledge.
The BitGo cryptocurrency wallet uses several signatures and various keys to carry out transactions, almost all of which are located by the user. In this case, even a beginner can easily understand the principle of the application – a clear interface and simple options in this will help.
The BitGo digital wallet is used for storing and carrying out operations with Bitcoins. So what distinguishes it from other similar programs, and why is it worth making your choice in favor of this particular client? The answer to these questions you will read below in the review.
BitGo Bitcoin-Wallet Key Features And Advantages
The user who has installed the BitGo wallet provided with the following:
- The possibility of joint control of funds – the platform requires the user to confirm each transaction – a backup copy of the BitGo wallet or the operation you signed will allow you to establish full control over your digital asset;
- Two-factor authorization – you can use the application even in an unprotected online environment and not worry about the safety of your Bitcoin coins. For hacking, an attacker will need to access several devices at once, which is almost impossible. Thus the private keys are in secure hands as well;
- High level of confidentiality – for the storage of Bitcoin coins in the wallet, Bitgo excludes the possibility of surveillance for your money transactions. The developers of the platform made the process of tracking your balance and addresses very difficult and time-consuming. Important: when registering a request for payment, use the new address;
- The ability to work with the service using virtual tunnels – BitGo-wallet works fine in Tor and when using similar extension actions. A secure and anonymous channel will allow you to execute the necessary transactions, providing an additional level of protection from intruders;
- Package of dynamic offers on commissions – the platform will offer you the optimal commission amount individually for each transaction, which will allow you to avoid overpayments.
The BitGo Bitcoin wallet is one of the most popular programs for operating Bitcoin coins on the network. If you are still worried about the safety of your assets, then it’s not worth it – this digital asset trust company operates with a system that requires three keys to confirm the operation, two of which are stored by you, and the third one is on the server. Private keys are always well-protected. Moreover, you must use multi-signature and protection against phishing – this at times increases security.
Do you have a business? Then the BitGo wallet is exactly for you: the developers have a special business version with the same levels of increased security.
With the installation of the client, you get:
- Extended technical support;
- The ability to create a “whitelist” of used addresses.
You also need to know that the application offers its users the ability to conduct instant transactions. What you are getting:
- Free installation;
- Free wallet service;
- The minimum amount of commission;
- A personal assistant to switch to a BitGo client;
- Insurance in case of loss or theft of funds through the fault of the provider.
To run the application in this mode, you do not need to make any changes to the protocol – all actions are performed within your account.
Creating a BitGo wallet provides not only a standard set of options but also constant updates for greater convenience:
- API for professional developers;
- Use of hybrid placement;
- Combined API work and offline application mode.
More Benefits of BitGo
- Do you not want to trust keys to your provider because you are afraid for the safety of available funds? The BitGo offers you a unique wallet-type system based on ECDH technology – only you have access to the keys, which guarantees the full safety of your Bitcoins. Do not trust the developer – control your money yourself.
- If you want to manage your assets together, then use the multi-signature. In case of key recovery, you are offered the author’s technology of the company called Key Recovery Service.
- The company’s cooperation with such trusted exchanges as Bitfinex provides wide opportunities for the user activity. When making payments, the system will offer you a minimum commission. While creating the payment, the transaction is counted with the number of confirmations equal to zero – this increases the security of your funds.
- Do you want to work on top of the Blockchain? For the BitGo – this is not a problem. Authoring developed under the name BitGo Instant offers you a stand-alone mode installed on top of an existing Blockchain.
- Another argument in favor of working in the BitGo application will be that the company’s monthly turnover of digital assets is about 1 billion units.
- Are you an Ethereum user, or are you looking for a convenient wallet for managing assets? Pay attention to the company’s product: the EtherLi client is equipped with a reliable security system using a multi-signature and password with the code that comes to your mobile.
- Want more functionality and advanced options? The BitGo will surprise you again: the company started working with HYPR Corp. on the issue of biometric authorization for users.
Disadvantages of BitGo
Against the background of the many advantages of the BitGo client, its disadvantages are insignificant, but you also need to know about them:
- The need for centralized support means that you must contact the third party to verify payments. It’s good if the third party does not pretend or hide operations;
- Remote work – the BitGo wallet is downloaded from a remote server. Every time you use the application, you must entrust your assets to developers, even for a while. To reduce the risk and improve security, it is recommended to use special extensions;
- Lack of a Russian-language version;
- The absence of a mobile version of the client in the classical version.
How to download and install the BitGo wallet
How to install the BitGo wallet on a computer? The procedure for downloading and installing the application is straightforward and takes no more than a few minutes.
Follow the short and understandable algorithm of step-by-step instructions:
- Go to the site https://bitcoin.org/ru/wallets/desktop/windows/bitgo/ and click the “Download” button, selecting the appropriate version for your device;
- When the download is complete, run the Installation Wizard and follow the system prompts;
- Accept the License Agreement and click “Finish” to complete the installation;
- Run the application on your device and start working – create wallets, operate Bitcoins and enjoy the use of full functionality with increased security for the safety of your assets.
The Final Word
BitGo is a smart solution for those who want to make their trade experience safe and reliable. This service has managed to earn trust among users, allowing them to keep their private keys “in private” so that nobody has access to them (however, at first, private keys were not that protected, but these times passed). With BitGo, you will not have to be worried about your assets, as they are well-secured from hacker attacks, and an attractive design will only add to the pleasantness of its use.
What is BitGo wallet?
Bitgo is a secure wallet providing high-grade security features for financial institutions and individual users to keep their own funds safe and manage risk. This secure platform allows customers to trade here, perform transactions, and use all available services for trading, basing on customized private blockchains. When creating a wallet to manage your digital currencies, the platform provides two security solutions: as a name, you can use your BitGo account password or a unique secondary password — this will guarantee basic privacy for your transactions.
Is BitGo a good wallet?
Created by Mike Belshe and Ben Davenport in 2013, BitGo became a popular platform for exchange and trading, providing secure wallets for individual users and organizations. If you enter your personal information here, BitGo will synchronize all your accounts together, including the banking account. These wallets have an intuitive design so that each user could enjoy exchange practices regardless of whether one uses Android or IOS.
Is BitGo safe?
BitGo “officially” provides users with safe services since 2018, when it was approved by the South Dakota Division of Banking to perform as a trusted key custodian for assets and created BitGo Trust Company. Independently of whether users function on Android or IOS, a basic safety setup is always present. Its’ services will not only help users make the right choice to decrease the fee to pay but will also allow one to feel calm if he or she chooses to store assets here. Besides, you might not worry about private keys.
What is the best Bitcoin wallet?
One of the best Bitcoin wallets is definitely a BitGo wallet. In a sense, this wallet provides services for safe trading, exchange, storage of the assets of a trader. This wallet also has a nice convenient design making the trade a pleasant experience.