Dropbit Wallet Review 2021 – Fastest and Simplest Way To Send Bitcoins

2021-1-3 03:11

DropBit is an open-source, HD, non-custodial mobile Bitcoin wallet and is one of the simplest ways to send Bitcoin to people who don’t yet have any bitcoin experience. You can download the wallet in the iOS and Google Play stores, or by clicking here.

What does HD wallet mean?

An HD Wallet, or Hierarchical Deterministic wallet, is a digital wallet that automatically generates a hierarchical tree-like structure of private/public addresses (or keys), thereby addressing the problem of the user having to generate them on their own.

What does non-custodial mean?

It means that your private keys never leave the DropBit app. The keys for your Bitcoin wallet are owned, kept and controlled entirely by YOU.

Dropbit review – How does Dropbit work? Dropbit is ideal for newcomers to crypto, people who don’t have any wallet installed nor do they know how to receive their coins. If you want to send BTC to someone whose phone number you have in contact list, you can do it via Dropbit. Just select the person from the DropBit App and send a DropBit BTC to the person. The Bitcoin address request is saved on Dropbit server.A text message is sent to that person that informs her that she has Bitcoin waiting for her from your phone number. The receiver has 24 hours to install the DropBit app and verify his phone number.Person that received BTC fulfills the request by sending a Bitcoin address from its wallet up to complete your request.You get a message that receiving person is setup to receive Bitcoin and has an address waiting for your BTC request. You then open up your DropBit app and the transaction is sent directly from your wallet to receiving’s person wallet. How to send/receive Bitcoin in DropBit? Via Address or QR Code Via SMS – DropBit also allows users to receive Bitcoin via SMS, which is unique to this app. Sending Via Twitter – Another great feature available for people using Dropbit is the ability to send transactions and app invites via Twitter. Can you see your private keys?

Right now, private keys are not shown in the application. But you can always recover your wallet through your recovery words.

Does DropBit wallet support SegWit?

Yes. Dropbit supports SegWit as a default wallet and it produces bech32 m/84′ addresses.

What are DropBit’s transaction fees?

Transaction fees are inherent to the Bitcoin blockchain network. DropBit does not charge any fees to send or receive Bitcoin. 

Dropbit Lightning Wallet

Dropbit is a a Lightning-enabled wallet which means it allows you to interact with the Lightning Network. Wallets keep track of your BTC balance – which is usually held in one or more bitcoin addresses – and your transaction history.

Bear in mind that this wallet is separate from your bitcoin wallet and it is custodial, runs through Dropbit server for easier use and convenience.

The post Dropbit Wallet Review 2021 – Fastest and Simplest Way To Send Bitcoins appeared first on CaptainAltcoin.

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