What is BitAmp – [A Step by Step Beginners Guide]
Coronavirus has shown that although the same pandemic may affect people in similar ways across the globe, different monetary policies of governments will affect the strength of foreign currencies in different ways depending on the extent of government stimulus. As consumers turn to Bitcoin as a hedge against inflation, they may benefit from exposure to up and coming open source wallets such as Bitamp.
Bitamp is a new, free, open source Bitcoin wallet which allows users to create a new wallet within seconds and also allows users to receive Bitcoin from a standard Bitcoin address beginning with 1xx, segwit beginning with bxx and p2sh address starting with 3xx. The company offers users the possibility of denominating the amount of cryptocurrency in fiat terms in USD, EUR, GBP, CAD, AUD, CNY, KRW, and RUB.
Creating A New Wallet
By cycling through “Generate New Seed”, users can create an infinite number of bitcoin wallets without paying. Each seed is a 12 word seed that users can copy and then paste into the “Seed Confirmation” box. 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 have logged their seed phrases, they are able to commence by logging in.
Users can log in through either inputting their 12 word seed phrase they just generated through Bitamp or also inputting their private key to their Bitcoin address from other platforms. These can also be bitcoin addresses they’ve already used for months created on other platforms such as Electrum, Mycelium, etc. that users may now wish to access through the Bitamp web interface.
BitAmp Account Overview
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. There are many sections to the interface: “Overview”, “Send”, “Receive”, “Addresses”, “Lightning”, and
“Exchange”. Users can refer back to the “Account” section if they forget their 12-word phrase. The company’s future sections will be “Lightning” and “Exchange” are currently also in production.
Users can send their bitcoin using their Bitcoin Address, scanning QR codes or pasting a BitPay link. Users can choose to show whether they want to denominate their bitcoin amount in one of eight different currencies – USD, EUR, GBP, CAD, AUD, CNY, KRW, and RUB.
Users can also click on “Receive” in order to receive their bitcoin by copying their Bitcoin address or screenshotting their QR code.
Viewing All Bitcoin Addresses
Users can view all of the Addresses in one place under the “Addresses” tab, finally. Clicking on the “key” icon will reveal the Private key of each bitcoin address. The first address on the list will be the same as the bitcoin address shown in the “Receive” section. However, the other addresses will be “child” addresses linked to this main original parent account.
Account and Support
Finally, those who forget their seed phrase can go under the “Account” tab and retrieve it. Those also looking for customer support can go to the “Support” tab to find both the support and feedback emails.
In summary, Bitamp provides a very straightforward way to self-custody assets from any browser or device.
Users who buy bitcoin for the first time must understand the volatility of Bitcoin whose value often runs counter to existing traditional markets. Bitcoin’s volatility pre and post-Bitcoin halving has tested the infrastructure and scalability of Bitcoin wallets that are part of centralized corporations such as Coinbase. During times of volatility, these companies receive a sudden influx of traffic which may cause servers to go down. These companies might also have bugs in their infrastructure and smart contracts that hackers might exploit to take millions of dollars of users’ funds.
Bitamp takes the opposite approach from these centralized exchanges by open-sourcing its code to provide the utmost transparency to users on Github. Those perusing the Bitamp Github may see that the project does not enforce withdrawal limits or KYC levels on users and does not charge withdrawal fees or even implement minimum amounts of withdrawals that users can execute, allowing users the ultimate flexibility and freedom.
As bitcoin continues to hover around the ,000 market, many may choose to buy more bitcoin, especially if they anticipate that traditional markets have peaked. After all, the NASDAQ and S&P 500 have recently reached All Time Highs, erasing their losses from Coronavirus but have since seen major losses. As increased awareness of bitcoin will increase demand for easy, instant and secure solutions for holding the asset such as Bitamp.
Users who have read horror stories of hacks such as the hack of Quadriga CX may feel that bitcoin is too risky and too vulnerable to hacks. However, once they realize that there are both custodial and non custodial wallet solutions, users may opt for self custody and realize that completely open source wallets such as Bitamp may be the best choice for self custody.