Bitcoin custody is among the most widely discussed topics within the community. A lot of users trust well-known exchanges to handle a fairly large amount of money for them, relying on the fact that they are reputable and secure.
While this has proven to be untrue many times in the past few years, it also goes against one of the basic principles of Bitcoin: self-sovereignty and lack of intermediaries.
This is where solutions such as Bitamp come into the picture – a self-custody bitcoin wallet that gives the user full control over his funds. Your keys, your bitcoin.
Open-Source, Secure, And Anonymous
Bitamp brings forward an open-source and client-oriented Bitcoin wallet that’s free to use. It allows users to send and receive BTC directly on-chain. It’s released under an MIT license.
More importantly, no personal data is required to use the service. Bitamp won’t require personal information or email address, and users can access it through TOR or a VPN. The wallet provider doesn’t store the users’ seed phrase, private key, browser details, or IP address. The user has complete control of their funds.
More importantly, Bitamp also allows its users to load their seeds from different providers. For instance, you can load your seed from wallets such as Trezor, Ledger, Electrum, and so forth, directly on the website.
Shifting The Point of Control Back to Users
The main narrative of the company is oriented towards the fact that custodial wallet and exchange solutions will always carry a non-zero chance of failing. Hence, Bitamp advocates that users take hold of their funds to avoid the risk of insolvencies and hacks.
It’s not only that, however. One of the core principles of Bitcoin is to enable truly peer-to-peer transactions without the necessity of a middle man.
When users store their funds in cryptocurrency exchange, they are intentionally relying on an intermediary, going against this very principle. Solutions like Bitamp aim to shift the control back into the hands of bitcoin users, completely eliminating the need for intermediaries while also providing for instant on-chain transactions.
Of course, there are certain risks associated with that as well. Since there’s no middle man, there’s practically no one that can help recover the funds in case the private keys are lost. Make sure to follow basic rules when storing your crypto.
Future Developments of Bitamp
In terms of future developments, the company’s website is currently available in English. However, the team approaches its expansion with a global mindset and aims to have it translated into 11 more languages, including Spanish, Portuguese, French, German, Russian, Japanese, and so forth.
Those who want to take a closer look at the wallet’s source code can do so freely on GitHub. In fact, the company plans to use the community’s feedback and bug reports to further improve the solution through its future roadmap developments.