Bread, previously known as bread wallet, was created in 2013. The wallet emphasizes more on user experience making it one of the easiest digital wallet first-time users to get started with. It uses SPV mode which ensures a direct connection to the bitcoin network making its performance on a mobile device. The wallet is headquartered both in San Francisco in the United States and in Zurich, Switzerland
Features of Bread Wallet
- Cash for Bitcoin Option
- Smooth User Interface
- Token Storage
- Memo Attachment to Transactions
- Display of balances in both bitcoins and bits
- 1 Genesis Mining review: are Bitcoin & Ethereum Cloud Mining profitable?
- 2 Bitcoin Gold: what is BTG, which wallets can you use, how can you get it for free and is it profitable?
- 3 Hashflare.io review: Bitcoin und Ethereum Cloud Mining
- 4 Investing in Bitcoin & crypto-currency cloud mining: is cloud mining worth it?
How to Send and Receive Payments
If you have bitcoins in Bread, sending payments is rather easy. This can be attributed to a feature of Bread which allows direct connection to the bitcoin instead of having to go through the hustle of processing transactions.
To make payments
- Go to the “send” option.
- In the payment receiving address, you have an option to paste in the address or scan a QR code with your phone
- Then enter the amount to send
- You can choose to convert the currency if you please or add a memo in the “memo” field
- Verify and hit send. Simple
- When already having a wallet, tap “Receive” button
- The option shows you your address, QR and the code to send to the person sending you the bitcoins
- You can also opt to buy bitcoins if you don’t have from “menu”
- You can also buy the bitcoins from ATM’s in your location using Bread’s map
The Security of Bread Wallet
Bread Wallet uses SPV mode which ensures direct connection to bitcoin networks to smoothen transactions. Data or private keys are also not stored in the servers giving the user direct control of the funds.
Although the levels of security offered by bread are high, it lacks to provide an extra layer of protection using a two-factor authentication. Also, the buying of bitcoins through bread is reliant on other third-party apps with different security practices compared to Bread.
Pros and cons of Bread Wallet
- Smooth User Interface making it very user-friendly
- Free of charge
- No signing up hustles
- Uses SPV mode
- Uses Touch-ID login option is available
- Customer support is embedded
- Doesn’t log user data
- Direct buying of bitcoins without bank processes
- Private and secure
- Freezing apps especially betas
- Lacks two-factor authentication security system
- Multi-stage transactions are missing
- Slow syncing to bitcoin network on startup
- Use of third-party apps when buying with different security practices
- Lacks replay Protection for potential blockchain forks
- Only sports bitcoins and not altcoins or any other cryptocurrency