Proton, the Swiss company behind ProtonMail and ProtonVPN, has released a beta version of the newest offering in its suite of products that help to preserve online privacy — Proton Wallet.
It is a great wallet for users who wish to easily send bitcoins on-chain, but leaves something to be desired by more experienced users.
Pros And Cons
Proton Wallet has a unique feature that allows users to send Bitcoin using a recipient’s email address. This does not have to be a ProtonMail. This non-custodial wallet only accepts bitcoins and is free. It also has a simple user interface.
However, it lacks in that it only allows users to make transactions on the Bitcoin base chain — not over Lightning — which can take upwards of hours to settle, and it doesn’t allow users to manage their UTXOs or adjust fees. It’s also a software wallet that cannot be unplugged from the Internet like a hardware one, increasing the chance of its private keys getting compromised.
Get Started with Proton wallet
You will need to receive an invite from either the company or a user in order to use the beta product. It takes between 5 and 10 minutes to install the wallet on an Android device or web browser.
You can use your wallet after receiving an invitation via email. “Start using Proton Wallet” To get it started, click the link included in your email invitation. Email addresses are blacked-out below and in this review for privacy reasons.
Taken to a “wallet setup” Proton Wallet will be available on a new page that you simply need to click a link. Proton has made it so that you won’t have to enter the 12-word phrase when setting up your wallet. This is a great way to make the process easier for users. However, you can record the phrase at a later date if that is what you prefer.
Proton tells you that the wallet that is created is a non custodial Bitcoin wallet. This means that the management of the wallet falls solely on your shoulders.
The wallet’s home screen is simple and easy to navigate. This wallet has been stripped-down to only include the basic features you will need to receive, buy and send bitcoin.
Bitcoins in Proton Wallet
You’ll need to first deposit bitcoin into the wallet before you can use it. Deposit bitcoins using another wallet that you control. Click on the address to copy it. “Receive” Clicking the button at the bottom of the screen will take you to the homepage. “Copy Bitcoin address” Click the button that appears in the pop-up window on the screen’s right.
The wallet from which you are sending the message will copy the correct address. Double-checking that you pasted the correct address is a good idea.
Bitcoins won’t show up in your Proton Wallet immediately. The transaction usually takes a couple of minutes to complete, depending on the time it takes to confirm a block. Some transactions can take much longer — upwards of hours.
It is clear that funds are being transferred. “Transactions” The section at the top of your home screen. The homescreen will continue to show you the same. “In progress” Notification until the required number of confirmations in block has been achieved.
Proton Wallet: Buy Bitcoins
You can use your Proton Wallet to purchase bitcoins if you do not have any to send. It’s a fairly straightforward process.
To click on the link, please use this: “Buy” You can click the “Service Providers” button to access a web page which is an interface between crypto asset providers. Ramp You can also find out more about the following: Banxa.
Choose your payment method, Banxa/Ramp and how much you would like to spend.
The instructions you receive from here will vary depending on which payment option you select.
Proton Wallet – Send Bitcoin With Proton Wallet
Send bitcoins by clicking on the link “Send” Clicking the button and entering either an email or bitcoin address on your home screen. You don’t have to give your recipient a ProtonMail email address.
The bitcoins I sent were to an email address.
The next step will be to visit an “Amount” You’ll be directed to a page where you can input how much bitcoins you want to send. This amount will either be denominated in sats or fiat currencies.
Then, “Review” You can also leave a note for the recipient on this page. It’s optional to do so.
This page will also show you the amount you paid for your transaction. The network fee is not configurable (you cannot pay more to receive faster transfers, as with other wallets).
The desktop Bitcoin wallet will not allow you to choose UTXOs for spending. Sparrow This article will provide you with.
You can use the “Click here” button to confirm the payment amount. “Confirm and send” button.
The transaction status will be displayed on the “Transactions” section.
I was able to notify the recipient that bitcoins were on their way, even before they received the necessary number of confirmations.
The transaction itself took more than an hour.
Proton Wallet Security
Proton Wallet offers you multiple ways to back up and secure your wallet.
When you first set up your wallet, you will create a password that you can use to access the wallet.
Proton Wallet allows you to increase security with two-factor verification (2FA).
Click on the button to set up this feature. “Secure your wallet” The tab will appear in the top-right corner of the screen. The option of setting up 2FA will then appear.
You can add 2-factor authentication to your account by clicking the “Set up 2FA to secure your account” button. You’ll then be directed to a page where you can toggle the switch for 2FA. To do so, you’ll need to toggle the switch. “Authenticator app” Switch and follow instructions.
Backup Your Proton wallet
Proton Wallet lets you back up your seed phrase at any time. To do so, you can click on “Backup this wallet’s seed phrase” On the Home Screen
The screen will explain what a “seed phrase” is and how important it is to back up the seed phrase. Then click the “View wallet seed phrase” The seed phrase will be displayed on the screen.
The best way to save your seed phrase is offline. imprinted on steelThis will ensure that the data is not compromised.
Find and Customer Service
Proton Wallet is a wallet with a significant amount of space. “Discover” This section contains information on everything, from Bitcoin to Proton Wallet security.
Proton makes it easy to contact customer service, but the current response times have not been determined.
The conclusion of the article is:
Proton Wallet can be a great Bitcoin wallet, particularly for those who want to send Bitcoins with ease using only an email address.
It’s easy to setup, free and secure. The wallet is also open-source and only accepts bitcoin.
The wallet has a few cons. It only lets you transact using the Bitcoin base chain. This means that your transactions could incur large fees or take an hour to process. For this reason, you wouldn’t want to use Proton Wallet if you’re looking to make cheap, fast micropayments — the types of transactions you can make over Lightning.
A wallet’s other drawback is the fact that it does not allow you to select your transaction fees or speed. This wallet is a software one, so it has some security issues.
This wallet is a great option if you are new to Bitcoin but already have experience with Proton’s interfaces.
“This article is not financial advice.”
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Source: bitcoinmagazine.com
