There are many bitcoin wallet systems available online but one of the newest to popup is a company called coin.space who already have over 40,000+ users. Their website is well-designed and they have an interesting domain name with the .space domain https://coin.space. But are they different from all the other wallet systems available? Is there anything special about them?
On their website, coin.space boasts “Bitcoins With No Fees”. While that is not entirely true, there is a bitcoin network fee to transact bitcoins, however, having no additional fees levied on top of that is a highly sought out feature. So far so good for coin.space.
Security is always a top priority for anyone dealing with bitcoins because of the anonymous nature of bitcoins, so having a secure wallet system is essential. Thankfully coin.space use state of art encryption to keep your bitcoins private and safe. They cannot look into your account and see your balance or transactions, so only the person with the passphrase is able to gain access.
Another great thing about coin.space is they have their code on GitHub here: https://github.com/CoinSpace/CoinSpace so anyone can see just how secure their code is.
But what happens to your wallet (and funds) if this company goes under? There’s been plenty of fly-by-night wallet systems that have disappeared, never to return and is this going to be one of them? Absolutely not. Coin.space uses BIP39 and BIP32 (general formats for bitcoin wallets) which means if they ever are shut down, or disappear, you will always be able to access your wallet by using another wallet system that support BIP. That’s great to know when dealing with bitcoins due to the volatile nature and the uncertainty of the virtual currency.
Coin.space have gone to great lengths to protect you from spying eye’s. Every time you receive funds into your coin.space wallet, the receiving wallet address is changed for your protection. This is to prevent people from being able to trace your transactions using the blockchain. It’s a much-welcomed feature and one that is being adopted by most secure bitcoin wallet systems.
Not only is coin.space free, secure and private but they are also mobile. They give you the ability to use their service on any device. iPhone, Android, Windows device or on your laptop or desktop computer. As long as you have an Internet connection, you will be able to use coin.space.
Coin.space also have built-in geo-location features that enable you to broadcast your location and listen for others in the local area so you can transact bitcoins for products and services with them. It’s an up and coming feature of bitcoin and nice to see coin.space have already implemented that technology into their wallet system.
So what’s the verdict of coin.space? They seem like a great new wallet system with privacy and security at the forefront of their mind. In this day and age, that is especially important. The fact that you can use their service wherever you are and on the go, is great and knowing that the service is using a backbone that can be recovered in case they disappear is quite comforting. All in all, it looks as though coin.space is worth using if you’re in the market for a free to use wallet system that focuses on its user’s security.