Having full control over bitcoins is essential from an Android device. Thus, Simple Bitcoin is the stand-alone wallet that is necessary to make this possible. It does not depend on a centralized service. It allows users to store their bitcoins safely and transfer them with ease. The application is only a single-page and very easy to use.
The wallet is an HD variety. The balance and transaction history can be restored to another device using a simple mnemonic code. Should anything happen to the tablet or smartphone a person is using, the bitcoins can be transferred to a new device through the HD wallet’s system. This wallet uses an SPV technique that is intended for mobile devices alone. It does not store full Blockchain but only acquires data relevant to the transactions
Some call the Simple Bitcoin an HD Wallet. The mnemonic code is an important part of the process. It is a 12 random word phrase that controls all Bitcoin addresses and private keys. If anyone should get a hold of this code, they will have full control of the bitcoins, which is why it should be kept private at all times. Should a user lose their device or forget their wallet’s password, they will need to have the mnemonic code to get their bitcoins returned.
When creating an account, it is imperative to write the mnemonic code on a piece of paper. Another option is to encrypt the mnemonic code by using the wallet’s password option. It will store it as a key and it is accessible whenever necessary. The AES-256 text encryption can be a great place to store this code. It is a free Android app called Secret Space Encryptor. Each transaction that is sent requires a fee. The goes to the Bitcoin miners. These miners include transactions in blocks and give confirmations of the transactions.
A wallet has not just one but many addresses associated with it, which is due to privacy considerations. The default address will change with each new transaction that comes in. All of the old addresses will stay valid too, they can also be used to receive funds. Simple Bitcoin Wallet is not a central service. A customer cannot gain access to their funds just by giving an operator an email.
To restore a wallet, the mnemonic code must be used. All current wallet data must be erased and reinstall an application all over again. Once the new application is installed, it gives the option to restore the wallet rather than creating a new one. From this point, the mnemonic code and creating a new password will bring back the old account. If and when a wallet is restored, it will appear to be empty at first. This is not a cause for alarm, the wallet will just need some time to catch up with the network.
Using Simple Bitcoin Wallet is an essential way for those who use bitcoins to ensure they can keep track of their funds and make transfers from their Android device with ease.