Wallet Type
  • Web Wallet
  • Supported Cryptocurrencies
    Number of Currencies
  • 1 (Show More)
  • Recovery Option
  • No (Show More)
  • Private Key Access
  • Yes
  • Storage Type
  • Hot Storage
  • Security Level
  • Medium (Show More)
  • User Friendliness
  • Easy To Use (Show More)
  • Price
  • Free

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Bitamp Wallet Review

Bitamp is a new web-based wallet which lets you store and transact Bitcoin with ease. Designed for newbies, it offers a basic cryptocurrency wallet service without any advanced tools or functions. Users can quickly and easily open an account, and well as send and receive BTC. Bitamp is an open-source hot wallet and is free to own and use.

Bitamp Wallet Review
Source: Bitamp Twitter Feed

Since it is web-based, you do not require any hardware or download to start using Bitamp. An Internet connection is all you need. This means that you can access your wallet from any computer or mobile device, making Bitamp a portable and accessible Bitcoin wallet.

This Bitamp wallet review will cover all the important aspects of this wallet and will guide you to open an account and use its service. Over time, features might change or be introduced and we will do our utmost to update this review as soon as possible. We recommend you visit Bitamp’s website to check for any updated features or terms.

  • Bitamp
  • Ledger Nano X
  • Wallet Type
  • Web Wallet
  • Rating
  • 3.5/5
  • Security
  • Medium
  • Supported Currencies
  • Bitcoin (BTC),
  • User Friendliness
  • Easy To Use
  • Price
  • Free
Bitamp Review
  • Wallet Type
  • Hardware Wallet, Mobile Wallet
  • Rating
  • 5/5
  • Security
  • High
  • Supported Currencies
  • Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Tether (USDT), TRON (TRX), Monero (XMR), EOS, Stellar (XLM)...
  • User Friendliness
  • Easy To Use
  • Price
  • €119 / $119 + Free Shipping Worldwide
  • Wallet Type
  • Hardware Wallet
  • Rating
  • 4.5/5
  • Security
  • High
  • Supported Currencies
  • Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Tether (USDT), Monero (XMR), EOS, Stellar (XLM), Cardano (ADA)...
  • User Friendliness
  • Requires Experience
  • Price
  • Model T €180 / $205 / £162 + Shipping
  • Wallet Type
  • Mobile Wallet
  • Rating
  • 4.5/5
  • Security
  • Medium
  • Supported Currencies
  • Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Tether (USDT), Stellar (XLM), 0x (ZRX), Litecoin (LTC),
  • User Friendliness
  • Easy To Use
  • Price
  • Free
  • Wallet Type
  • Desktop Wallet, Mobile Wallet, Web Wallet
  • Rating
  • 4.5/5
  • Security
  • Medium
  • Supported Currencies
  • Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Tether (USDT), TRON (TRX), Monero (XMR), EOS, Stellar (XLM)...
  • User Friendliness
  • Easy To Use
  • Price
  • Free
  • Wallet Type
  • Hardware Wallet
  • Rating
  • 4.5/5
  • Security
  • High
  • Supported Currencies
  • Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Tether (USDT), TRON (TRX), Monero (XMR), EOS, Stellar (XLM)...
  • User Friendliness
  • Requires Experience
  • Price
  • €59 / $59 / £54.50 + Free Shipping Worldwide
  • Wallet Type
  • Desktop Wallet, Mobile Wallet
  • Rating
  • 4.5/5
  • Security
  • Medium
  • Supported Currencies
  • Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Tether (USDT), TRON (TRX), Stellar (XLM), DASH, NEO...
  • User Friendliness
  • Easy To Use
  • Price
  • Free
  • Wallet Type
  • Hardware Wallet
  • Rating
  • 4/5
  • Security
  • High
  • Supported Currencies
  • Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Tether (USDT), DASH, 0x (ZRX), QTUM, Litecoin (LTC),
  • User Friendliness
  • Requires Experience
  • Price
  • $49 + Shipping
  • Wallet Type
  • Hardware Wallet, Mobile Wallet
  • Rating
  • 4.5/5
  • Security
  • High
  • Supported Currencies
  • Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), 0x (ZRX), Litecoin (LTC),
  • User Friendliness
  • Easy To Use
  • Price
  • $99 + Possibly Free Shipping
  • Wallet Type
  • Mobile Wallet
  • Rating
  • 4.5/5
  • Security
  • High
  • Supported Currencies
  • Bitcoin (BTC), Ethereum (ETH), 0x (ZRX),
  • User Friendliness
  • Easy To Use
  • Price
  • Free, Monthly Pricing
  • Wallet Type
  • Desktop Wallet, Mobile Wallet
  • Rating
  • 4/5
  • Security
  • Medium
  • Supported Currencies
  • Bitcoin (BTC), Ethereum (ETH), 0x (ZRX), QTUM,
  • User Friendliness
  • Easy To Use
  • Price
  • Free

Supported Cryptocurrencies

Bitamp currently only supports Bitcoin. You can only, therefore, send and receive Bitcoin using this online wallet. It is possible that as the wallet gains traction and attracts a higher number of active users that additional coins, such as Litecoin and Bitcoin Cash will be added.

Bitcoin has many uses around the world wide web. Apart from using it as currency, to buy and sell online, the world’s first cryptocurrency is commonly used as a speculative asset. There are many ways in which you can buy and sell Bitcoin and its derivatives online. In addition, the coin is increasingly being accepted by stores and online casinos. The latter often reward players with special bonuses if they opt to fund their account using Bitcoin instead of traditional currencies.

You can deposit and play with the cryptocurrencies supported on the Bitamp wallet on our recommended crypto casinos:

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Connectivity

As an open-source web wallet, Bitamp exists online and is available through any digital device with an Internet connection. You do not need any wires or Bluetooth to connect to it, and it doesn’t matter if your device uses a Windows, Linux, Apple or any other operating system. The simplicity of such a web wallet is why Bitamp is so popular amongst users who want a simple and fast way to store and use Bitcoin.

Setup & Configuration

Bitamp Setup
Screenshots are shown for illustration purposes only. Actual product may vary.

If you would like to start to use the Bitamp wallet you need to begin by registering a new account. To do this, following these steps:

  1. Visit Bitamp’s website and scroll down to the ‘Create Wallet’ form.
  2. The website will generate an automatic and random 12-word recovery seed. Copy this phrase and store it safely, ideally offline, should you ever need to recover your wallet.
  3. Write down the seed in the empty box below or simply copy and paste it.
  4. Click on the ‘I’ve written down my seed, log me in’ button at the bottom of the form.
  5. Just like that, your new Bitamp wallet has been created.

With your Bitamp account created you should be automatically taken to your account overview. Here you can view your balance, past transactions, and additional options. Naturally, as soon as you create your account your balance will be nil and you won’t have any transactions to view. Initially, the most important element of your wallet is your wallet address.

Sending and Receiving Bitcoin

Bitamp Send and Receive Bitcoin
Screenshots are shown for illustration purposes only. Actual product may vary.

In order to receive Bitcoin into your Bitamp wallet, all you need to do is click on the ‘Receive’ button on the overview page. On your screen, you should now see your receiving address in code and QR forms. The wallet provides three types of addresses, namely:

  • Standard addresses (1xx)
  • Segregated witness (Segwit) addresses (bxx)
  • Pay to Script Hash (P2SH) addresses (3xx)

Share the appropriate address with the sender, ensuring that only Bitcoin is being transferred. Any other cryptocurrency sent to your Bitamp address will not be accepted and may be lost.

With Bitcoin in your account, you can now send it to other wallets. To do this, follow these steps:

  1. Click on the ‘Send’ button on the wallet’s main page.
  2. Enter or paste the receiving wallet’s address. Ensure that the address supports Bitcoin payments.
  3. Enter the amount of BTC you wish to transfer, ensuring that you have a sufficient balance in your account.
  4. Choose the appropriate transaction fee settings. The options are Priority, Regular, and Slow. Depending on which option you choose you will be charged a different fee which varies depending on the network volume at the time. Priority transfers are the fastest and most expensive, whereas Slow transfers are the slowest and cheapest.

Security

Bitamp is an open-source, client-side online wallet. This means that it is not as secure as hardware wallets, also known as cold storage devices. Online wallets are easier to hack into by cybercriminals as they are always connected to the Internet. By contrast, cold storage devices spend most of their time offline and cannot be accessed remotely.

This wallet provides you with complete control over your seed and private keys at all times. This is good news should the wallet ever get hacked, since there is no way anyone would be able to access your funds. Whenever you use the wallet, all processes take place on your local browser. No sensitive data, including private keys and the seed, is transmitted.

This also means that you are solely responsible for the safety of your seed and keys. Anyone with this data is able to access your account and process transactions, so you need to ensure that you never divulge these details to anyone, not even Bitamp staff.

Web wallets such as Bitamp are not the safest, but there are a few steps you can take to decrease the likelihood of falling victim of an attack. Make sure that verify your SSL connection before logging into your Bitamp wallet. You should also limit the amount of Bitcoin stored on this wallet, keeping larger values in a cold storage device. Only keep BTC which you intend to send in the near future on Bitamp.

Storing Bitcoin and other cryptocurrencies can be a challenge and can get expensive. If you are buying and selling cryptocurrencies frequently in order to profit from their volatility you should consider investing in Bitcoin Contract for Difference (CFD) instead. This financial instrument lets you profit from price differences without owning the coin or token. As a result, trades are faster, cheaper, and safer than actually buying and storing or selling assets. To get started trading Bitcoin CFDs we recommend you check out the following platforms:

eToro is one of the leading, fastest-growing, multi-asset trading platforms that offer trading in stocks, cryptocurrencies, commodities, and more.
AvaTrade is one of the reputed EU-based FX/CFD platforms which offers CFD trading in stocks, commodities, cryptocurrencies, forex, ETFs, and indices.
IQ Option is a leading multi-asset trading platform which offers CFD trading in Stocks, Commodities, Cryptocurrencies, Forex, ETFs, and Indices.

Recovery Options

When you create a new account, Bitamp provides you with a randomly generated recovery seed which you must keep in a secure location. If you need to gain access to your account, this seed is essential. If you lost this seed you have essentially lost access to your account and your coins. Bitamp does not provide any recovery options beyond this seed and it is virtually impossible to gain access to your funds in any other way.

Comments from Crypto Investors

Bitamp Comments
Source: Bitamp Twitter Feed

Bitamp is a recently-established online wallet which has only been around since May 2020. As a result, it is still too early to get a reaction from the crypto community about its features. The wallet is quickly developing new additions to its range of products and services. These include:

  • A blog
  • Access to the Lightning Network
  • Access to a cryptocurrency exchange

The wallet has also teamed up with Bitpay to facilitate payments to merchants which have signed up to this cryptocurrency payment provider. It is evident that the young wallet has big ambitions which it hopes to realise in the months and years to come.

Conclusion

Bitamp is a simple and free way to start sending and receiving Bitcoin from your computer or mobile phone. Still in its infancy, the open-source wallet is transparent and trustworthy, providing public access to its source code to anyone who wishes to verify it. Although it currently only accepts Bitcoin and offers limited functionalities, it is clearly developing to offer new products and services, including a way to buy or sell Bitcoin on a cryptocurrency exchange. Since Bitamp is a web wallet it is not considered to be the safest way to store your coins, so you should only use this wallet to transfer funds. Consider investing in a cold storage device to store cryptocurrencies.

Competitors

Bitamp vs Ledger Nano X

Whilst Bitamp is a web wallet, Ledger Nano X is a hardware wallet which must be purchased. Both wallets provide an easy way to send and receive Bitcoin, although the Nano X requires a connection to a PC or mobile to work. In addition, whilst Bitamp only supports Bitcoin, Ledger wallets can support over 1,100 different coins and tokens. Whilst Bitamp provides users with private key access and the Nano X does not, the latter offers a recovery option which the form doesn’t. Both wallets are easy to use, and whilst Bitamp is best used to store and send small amounts of Bitcoin, the Ledger Nano X is best suited for storing larger value coins.

Bitamp vs Exodus

Bitamp is accessible over the Internet whereas the Exodus wallet is a desktop and mobile wallet which requires download before use. Both wallets are considered to have medium-level security since they both can be hacked remotely, unlike a cold storage device. Exodus can support over 100 different cryptocurrencies, but Bitamp is currently limited to just Bitcoin. Furthermore, whilst both wallets provide you with access to your private keys, Exodus also provides you with a recovery option. Both wallets are free to set up and are seen as being user friendly, especially for beginners.

Bitamp vs Trustology

Whilst Bitamp is a web wallet accessible via computers and mobile phones, Trustology is a mobile wallet application which only works on supported smartphones. This limited accessibility is made up for in security and reliability, where Trustology scores higher than Bitamp. The company behind Trustology stores user funds in both hot and cold storage wallets, and this limits any potential exposure to cybercriminals. In addition, it offers insurance to its premium customers. Trustology users can transact 11 different coins and tokens, including ETH, whilst Bitamp users can only use BTC.

Rating

3.5 out of 5

Portability – 5 out of 5

Security – 2.5 out of 5

Ease of Use – 5 out of 5

Cryptocurrency Support  – 1 out of 5

Pros and Cons

InfoGrfx_Bitamp@2x

Do I need to verify my Bitamp account?

No, Bitamp lets you open a new account anonymously. You will not be required to provide any personal details or documents.

What are Bitamp's fees?

Currently, the only fees you are liable to pay for using Bitamp are the Bitcoin network transfer fees. There are three tiers of charges based upon the required speed of your transaction and network volume.

What happens if I lose my recovery seed?

Bitamp does not offer any recovery options so if you lose your recovery seed you will lose access to your account and your funds. It is very important that you store your recovery seed securely and do not share it with anyone.

What cryptocurrencies does Bitamp support?

Currently, Bitamp only supports Bitcoin. You can only transfer this coin to your Bitamp wallet. Transferring any other coin might result in the loss of the funds in the transaction.

Where can I review Bitamp's source code?

Bitamp is an open-source project and its source code can be independently verified in a dedicated page on GitHub.

 

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