Oktober 1, 2020

Bitamp: Back to the original roots of Bitcoin

One of the biggest fears of people who make a living on the Internet is that their information will be stolen. This fear is based on the fact that there are platforms that can store names, addresses, faces and phone numbers. However, if it is not well protected, someone could use that information to cause a lot of harm. For this reason, this time we bring you a wallet that promises to protect your information. Ensuring a return to the comfort of Bitcoin’s roots, being Bitamp.

The disadvantage of storing user data

BlockFi, the popular crypto-currency lending and borrowing platform, recently revealed that a SIM exchange by one of the company’s employees allowed a hacker to infiltrate its database. As a result, several Bitcoin Revolution whales had their physical addresses and contact information exposed to hackers. Leaving these customers potentially vulnerable to extortion and threats.

As Internet consumption patterns influence the crypto-currency ecosystem, companies like BlockFi benefit from user data storage. As is email, the size of deposits, user activity, etc. This is how corporations differ from teams of independent open source developers.

Corporations have key capital investments that will push companies to squeeze all the profits out of each user. The goal is to lead your company to high revenues, higher profits and a possible acquisition or IPO.

The capitalist approach of many crypto companies goes against the roots it planted in Bitcoin in the beginning. BTC was intended to be a peer-to-peer electronic cash system, independent of third-party financial institutions. Nowhere in the original system was there any mention of the reintroduction of guardians who would charge additional fees in the process. Putting users‘ funds at risk by holding massive amounts of Bitcoin on behalf of consumers.

Back to the roots of Bitcoin

With Bitamp, a free, open source client-side Bitcoin wallet allows users to send and receive Bitcoin instantly in the block chain, bringing Bitcoin owners back to their philosophical roots. Users can upload their private keys from other wallets. Accessing the same Bitcoin wallet on any browser, and any device that uses VPN and Tor, for added security

Companies like Bitamp prioritize anonymity. They do not require personal information, e-mails or passwords. Avoiding the friction that users may have felt when entering the custody wallets by providing a selfie, or a photo from their driver’s license or passport, and then waiting for hours, if not days, for confirmation of the KYC pass.

Now, anyone with Internet access can generate a new wallet, login, send or receive Bitcoin using Bitamp, where everything happens locally in their browser.

Users can be assured that their seeds and private keys will never be transmitted, received or stored. In addition, users can examine Bitamp’s Github to provide maximum transparency.