There are now more than 2,000 cryptocurrencies and hundreds of digital wallet service providers.
While most online wallets work in similar ways, we recently asked the developer of Coin Wallet about the different features that their wallet offers and how it is able to support a large number of digital tokens.
Bitcoin Exchange Guide: You’ve mentioned on your official coin.space website that more than 20 million Coin Bitcoin Wallets have been created and $120 billion in cryptocurrency transactions have been processed through your company’s wallet. Please tell us which particular features in your wallet app are the most popular and other possible reasons why your wallet is being used so frequently
Coin Wallet Team: “We see the largest growth in underdeveloped countries like India, Vietnam and Thailand. We believe the popularity of Coin Bitcoin Wallet in these parts of the world are due to the large number of unbanked people and the availability of fast mobile networks.
We expect the uses to be a mix of peer-to-peer (P2P) payments and money transmittance between family members working in countries like Dubai. We also see many new users in countries where bitcoin usage is already more established like the US and Germany.”
BitcoinExchangeGuide: You’ve noted on your website that Coin Wallet works with ERC20 and ERC223 compliant tokens. It also supports major cryptocurrencies including Bitcoin, Litecoin, Dogecoin, Bitcoin Cash, EOS, Ripple, Stellar and Ethereum. Over 20,000 digital tokens are accessible through the Coin Wallet app.
Is it safe and secure for users to hold and transact in such a large number of cryptocurrencies through your wallet? Please explain what makes your wallet reliable.
Coin Wallet Team: “This comes down to a question of trust, we have been in the Crypto wallet space since 2015. We have never had a breach or any type of loss of user funds. We take the security of our systems very seriously and use state of the art security tools. We also designed Coin Wallet to be used on a day to day basis just like you use a traditional fiat wallet.
Transacting quickly and simply with vendors or stores who take Bitcoin or crypto as payments. That being said, our users do not have large amounts stored in wallets like you would in a cold wallet. These are smaller amounts used to transact day to day.”
BitcoinExchangeGuide: What measures has your company taken to ensure the security of your company wallet and user funds?
Coin Wallet Team: “For obvious reasons we do not discuss the particular software products we have deployed but we use the industry’s leading web application protection software on all of our web apps and APIs. We also do quarterly security reviews and audits across all systems. Our DevOps teams work closely with our Security team to ensure what gets put into production is always focused on securing users’ funds.”
BitcoinExchangeGuide: Hardware wallets are quite technical for many users that may not be very tech-savvy. Is it safe to store crypto assets in hot wallets? What are some basic things we can do to ensure that our funds stay safe?
Coin Wallet Team: “There are basically two very different use cases for these two types of wallets. Hardware wallets are harder to use but not accessed on a frequent basis. Hot wallets and CoinSpace specifically are very safe to use every day from your mobile device or web browser.
Also, we do not hold any user funds and our users are interacting directly with the blockchain. In this architecture, the only possible compromise is losing your private keys. Users only get this private key pair or passphrase at signup and it’s never shown or stored by CoinSpace. This makes for a system that’s non-custodial. Even CoinSpace employees do not have access to customers’ private keys.”
BitcoinExchangeGuide: Please share some tips on how to avoid phishing attacks and tell us how we can prevent malware programs from affecting our computer systems.
Coin Wallet Team: “Phishing is the simplest of the two issues to address as we do not require any registration, you will never get any emails from CoinSpace. We do not even collect customer emails. Privacy is one of the most important things to us after security.
It’s still very important to always check that you are using the Coin.Space URL at all times. Since we are a Web Wallet on PCs and native Android or iOS App on Apple devices, these ecosystems provide adequate protection for malware. But it can’t hurt to also run additional endpoint protection your computer systems.”
Author: Omar Faridi