BitGo Review – Full Wallet Analysis and Rating
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There is nothing Bitcoin users love more than a secure bitcoin wallet. Bitcoins are too valuable to risk losing at the hands of an insecure wallet. Fortunately, Bitcoin developers constantly work around the clock to come up with solutions geared at enhancing security for cryptocurrencies, bitcoin exchanges, and digital wallets. Securing bitcoins in a multi-signature wallet is one of the most lauded bitcoin innovations so far.
A multi-signature wallet like BitGo provides 2 or 3 private keys. Each private key is stored by a different entity. BitGo stores one of the keys. A bitcoin owner stores a second key while another entity holds the third key. For any transaction to be completed on the wallet, all key holders must be involved. This innovative storage system is very hard to hack, as the hackers would need to find all the three private keys to withdraw the crypto coins, which is not easy to do. BitGo is famous for multi-signature technology and a lot more. The following is a complete BitGo wallet review.
What Is BitGo?
BitGo is a cryptocurrency security company based in California. It was founded by Mike Belshe and Ben DavePort in 2013. BitGo is led by a team of reliable, tech-veterans and Bitcoin industry insiders with a track record of backing successful companies like PayPal, Netscape, and Tesla. Established in 2013, BitGo operates as a multi-signature bitcoin wallet. In simple terms, a multi-signature bitcoin wallet allows users to generate several private keys which must be used jointly when making any transaction on the wallet. BitGo is an advanced wallet with lots of features geared at providing utmost security to BitGo wallet users.
BitGo also provides an API that helps developers integrate BitGo’s advanced security features into their own wallets. The wallet, for example, works together with popular bitcoin exchanges like Bitstamp, Upbit, and Genesis. In addition to the API, BitGo provides additional services like Bit-Instant that help businesses accept bitcoins instantly and securely, private blockchains and institutional custody. Institutional custody is a service that helps merchants and bitcoin exchanges operate while in compliance with security regulations. This service is a partnership between BitGo and another company, Kingdom Trust. BitGo also helps businesses build private blockchains for purposes of improving efficiency.
There are a handful of limitations to BitGo that may not be immediately visible to the average trader. First, while the wallet company provides advanced security, it only supports major cryptocurrencies. Popular cryptocurrencies like Monero, Dash and Neo are missing. BitGo supports 13 ERC-20 tokens, but a lot more altcoins are not listed. On the other hand, if you want to use BitGo’s payment API for free, it can only handle 600 transactions per minute. This is quite a lot of transactions completed for most companies, but it is a limitation to giant merchants that deal with hundreds of transaction requests per minute. Fortunately, the company also offers a payment model that accommodates an unlimited number of transactions per minute.
BitGo offers some other perks for the curious investor, such as the above mentioned exchange-related token system available to enterprise clients, but also digital gold from the Royal Mint.Each RMG represents ownership of a single gram of actual gold, which can be requested at any time.
BitGo charges dynamic fees when sending transactions through the BitGo wallet. Each transaction fee is determined when sending a transaction. For ethereum transactions, the company claims to set transaction prices in such a way that each payment is completed within 2 minutes. However, traders can also set their Gwei amounts. You can, for example, set the Gwei price to 4 gwei and incur $0.3 or less for your transaction. BitGo also sets a specific bitcoin transaction fee to ensure your payment is completed within 30 minutes. While BitGo claims to make profits through their Bit-Instant service, most BitGo wallets claim the wallet hikes the transaction fee to make profits’ off customers trading services.
Accounts and Verification
BitGo offers both personal and business bitcoin wallets. Also, you must create an account and enable 2-factor authentication with Google to access the wallet. BitGo stores your coins online, and so you don’t need to download any files. However, the wallet also offers a service (offline vault) that ensures your multi-signature keys are always stored offline.
BitGo requires password authentication, with a confirmation e-mail and any subsequent e-mails informing you of any changes, or any attempts by you or other people to crack the said password in the future. It is a pretty standard procedure for most online services. What isn’t standard, at least not in most of the exchanges and cryptocurrency services I’ve dealt with, is the mandatory two-factor identification using Google Authenticator. Ultimately, the protection of your account seems to be ironclad here.
Is BitGo Safe?
Community Trust – Is BitGo Reputable?
BitGo claims that a user’s account on their wallet would take a century to get hacked. And for that, the wallet is ranked among the best bitcoin web wallets. Their advanced security and add-on features that make the wallet attractive even to bitcoin exchanges have helped the wallet gain trust among users.
BitGo also has a great reputation thanks to their Bit-instant services. However, the wallet doesn’t have a very good reputation when it comes to fees. A section of the wallet’s customer base claim BitGo sets high transaction fees which make completing payments with the wallet expensive.
Security- How do they keep our coins Safe?
BitGo is arguably one of the safest web-based cryptocurrency wallets in the world. Its security model is simply great even where wallets are stored online. Since the wallet is built around blockchain technology, it’s nearly impossible to hack. BitGo also allows you to secure your account with a password and 2-factor authentication for better security. Since mid-2017, BitGo has been allowing BitGo wallet customers to have total control over their private keys. Each wallet owner stores 2 out of 3 private keys. When making a trade, the user co-signs a transaction with BitGo. But they could also use the 2 private keys to sign a transaction. The whole process makes BitGo a secure wallet.
Basically, if you store your cryptocurrency asset on your computer using a client-side wallet and your computer crashes, then you are at risk of losing your assets. Likewise, with web-wallets. If the website sponsoring your wallet collapses, then you will lose your asset. What BitGo offers is the best of both worlds, ensuring that the only way that the savvy investor can lose his asset is if both his computer and the site crash, as both will hold replicas of the keys required to unlock the asset. Unfortunately, this doesn’t protect BitGo from getting hacked in the future.
Customer Support- How easy are they to communicate with?
BitGo support has a visible and accessible page for answering the most commonly asked questions that include a search-terms bar, and if the answer isn’t present, then they are available for consultation via a support ticket. Reviews are positive with customer service maintaining a professional, polite and respectful tone, even when having to inform the potential customer of bad news. BitGo has a fairly quick customer support team. According to reviews online, the BitGo customer support team takes an average of 2 days to reply to tickets. Compared to other companies in the industry, BitGo has the will to solve their customers’ needs.
The FAQ section is well-thought out and informative, including twelve different categories of questions, with an average of ten questions per page. It is relatively extensive, which could be a pain to navigate if it didn’t also come with a search-bar to assist you in narrowing down your search.
How to use BitGo?
Step 1: Create an Account
Visit BitGo.com and click ‘sign up’ to create a personal wallet account. You will be prompted to provide your name, an email address and a password. BitGo will send a confirmation email which you must click to activate your account.
Step 2: Enable 2-Factor Authentication
Secure your account by enabling 2-factor authentication with Google Authenticator or Yubikey authenticator. Yubikey is a hardware device used to authenticate accounts. Google authenticate is easier because it’s just an app easily found on Google or Apple Play store. Download the authenticator and scan the QR code shown in your newly created wallet account. BitGo will provide a code that you need to print and a 6-digit code to confirm your Google authentication set up. Confirm the process.
Step 3: Make a Deposit
BitGo has a simple user-interface with the send and receives icons clearly labeled. To make a deposit, click on the receive icon. BitGo will generate a deposit address that you can now issue to the person or company you are trading bitcoins with.
Sending a transaction out of your BitGo wallet is also easy. The send icon is located next to the receive icon. BitGo sets the miners’ fee for each transaction dynamically to ensure your transaction goes through in the shortest time possible. The wallet also has SegWit enabled by default. Segwit is the technology that helps complete bitcoin transactions faster by doubling the size of a bitcoin block.
In a Nutshell
The best and generally safer way to maintain and store cryptocurrency assets is to store them offline in a hardware wallet such as Trezor or in a paper wallet. Exchanges can (and will) be hacked and online wallet services, even BitGo, can collapse. After all, the wallet is insured and possesses solid security features.
BitGo is a famous bitcoin wallet and security service provider. It has hit headlines severally both for its advanced security features and association with the Bitfinex hacking heist. As a wallet with multi-signature services, it’s one of the best web-wallets in the world. BitGo has been ranked as the best web-wallets by numerous bitcoin wallet review sites. BitGo supports multiple cryptocurrencies and has generally low transaction fees. Its account verification which involves 2-factor authentication adds a layer of security to your cryptocurrencies. On the downside, the wallet holds one of your private keys. BitGo also uses a closed code, meaning no one can verify how their code operates. The wallet also support enough coins to make it worth your while, the customer support is strong, supportive and reasonable to deal with. Overall, BitGo is a wallet worth trying. It’s freely available and secures your funds in a nearly hack-proof manner.
Hopefully, you found the above review both useful and informative. If you did, then you’re welcome to come over to our website for more cryptocurrency content.