Those who do not have a smartphone, this type of bank account is not going to work and those folks may just decide to get one. As has become the norm for those with smartphones, an app will be available to create an Airbitz bitcoin-wallet. The ease of setting up an account is great. It only requires a username, password and a PIN on a smartphone with iOS or Android operating systems. The user can then take advantage of the features such as instant and constant wallet encryption. The transactions are automatically backed up with system recovery as well. This way all transactions are documented with redundancy for a secure, private and reliable user experience with bitcoin accounting.
Because sending and receiving this form of monetary exchange, which is entirely digital, is driven by wireless communication systems such as digital communications involving QR Code, Email, SMS texting, Bluetooth Low Energy (BLE) and Near Field Communication (NFC), transactions are some of the most rapid of all monetary transactions possible. This convenience is growing in popularity, however, it does not replace legacy banking accounts yet. In fact, a legacy bank account must be linked to a bitcoin account to refill it for bitcoin transactions.
Since using the Airbitz bitcoin platform is totally wireless due to the use of smartphones and handheld devices, it is certainly worrisome for security reasons. However, Airbitz has some great features to mitigate some of the risk. Although the wireless network is still an avenue for snooping and eavesdropping, losing the smartphone is not so risky. The same can be said for damage to the device. Once a replacement iPhone or Android is obtained it is still possible to log in with the same username, password and PIN.
Aside from this feature, all use data is safely guarded with the Airbitz system for security. The unencrypted data is always safely stored off of the device in the cloud and is kept off the network until encrypted where it is backed up in the cloud routinely and highly frequently. For use on multiple devices, synchronizing the device is part of the app as well and no extra set up is necessary. If the device is lost, stolen or damaged the process to access and recover the bitcoin wallet can be done on any smartphone.
The features that make this new technology of monetary exchange safe for keeping bitcoin accounts are the enhanced methods of communication over what legacy Bitcoin users are accustomed to. Because of the BLE and NFC air transfer of funds in place of scanning or using QR Codes, this is a more secure system. The use of more than one wallet per user account is possible also with names for each that the user can create also enhances the security of the bit funds. The autocomplete function engages with business data during transactions. This feature is integrated with the Airbitz Business directory.
There are numerous features to enhance security of exchange such as the user editable transaction search, a super fast interface for users to transfer funds between wallets from legacy bank accounts. Users will delight in the ability to send payment requests by way of email message or text messaging. Wallets that are not being used can be archived until the need for them arises. There are so many advanced features with this type of monetary exchange, all digitally driven with open source technology, that it will be difficult to hold back the tide of users jumping on to this digital bitcoin bandwagon.