The GreenBits Bitcoin wallet has arrived to offer another means of buying and selling digital currency. GreenBits is an Android wallet designed to work with the GreenAddress wallet service. This particular open-source program is available for Android users and can be acquired from various legitimate sources specializing in the downloading of apps. Google Play and Android Play are two of those sources. Both are sure to establish credibility in the eyes of any would-be users.
The acquisition and storage of Bitcoin has to be secure or else what is the point of using a particular wallet? GreenBits does provide some intriguing security features that should put people’s minds at ease when weighing options to download the app.
One fact that will guide many towards downloading GreeBits is the tremendous speed the wallet delivers. Some have called this the absolute fastest wallet on the market. Such a trait is appealing for a host of reasons.
At the core of the wallet’s security is Hyrarchical Deterministic Multisig (HDM). This is not the only security feature present in the wallet.
There is a component built into the system to keep the app from reusing Bitcoin addresses. Using the same Bitcoin address time and time again is not exactly going to be helpful to the cause of maintaining a decent level of security. Switching up the address, however, does make things more difficult for “nosey entities” that are trying to keep tabs on a wallet account’s activity.
PINs are made with four – or even more – digits, which further aids the security of the system. When a PIN is compromised, intrusive access is extremely difficult to prevent. The specter of brute force attacks also raises concerns. With such an attack, programs are set in motion to try and figure out a password through running a number of different permutations. Lengthy and hard-to-decipher PINS may be able to stymy brute force cracking. The added benefit is the user can still come up with an easy-to-remember password and won’t have to jump through hopes just to sign in.
Double spend protection is also weaved into the mix, which is another positive security feature. The double spend protection is can be further boosted by the availability of instant confirmation. The payment applications do have to support instant confirmation in order to take advantage of the feature. The ability to separate funds into sub-accounts is part of the application. Again, the app does have a significant array of streamlined security features.
The app is compatible with all hardware wallets. For those not familiar with what a hardware wallet is, the term simply refers to an external device in which private keys are securely stored. The two top hardware wallets frequently mentioned with GreenBits are Satoshilabs’ TREZOR and Ledger Nano.
GreenBits works with many different currencies allowing the app to become accessible to clients all over the world. Access to various price sources is going to appeal greatly to those interested the best deals when trading in Bitcoin.