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.
This wallet works well for beginners who are looking to quickly send Bitcoin on-chain. However, it is not ideal for advanced users and those that want to pay smaller amounts more efficiently.
Pros And Cons
Proton Wallet has a unique feature that allows users to send Bitcoin using only an email address. It doesn’t even have to use a ProtonMail account. The wallet, which is a non-custodial Bitcoin-only wallet, has an intuitive 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. The wallet can be accessed via web browser or Android application and it takes between 5 and 10 minutes to get started.
Click on the link in the email to access the wallet. “Start using Proton Wallet” To get it started, click the link included in the email invitation. To protect privacy, we have blacked out email addresses below and all through this review.
Taken to the A “wallet setup” You’ll be directed to a page, where you can click a button and get Proton Wallet started. Proton made a thoughtful move by not asking you to record the 12-word “seed phrase” when creating the wallet. The seed phrase can be written down later, if desired.
Proton will make it very clear to you when setting up your wallet. Your Proton Wallet, as a Bitcoin non-custodial wallet, is entirely your responsibility.
The wallet’s home screen is simple and easy to navigate. The wallet is stripped down to just the essentials you’ll need to buy, send and receive bitcoin.
Bitcoins in Proton Wallet
Before you can start using your wallet, however, you will need to make a deposit of bitcoin. Deposit bitcoin using another wallet that you control. Click on the address to copy it. “Receive” Then click the “Home” button. “Copy Bitcoin address” Click the button that appears in the pop-up window on the right side of the screen.
Copy the address from your wallet and paste it into the appropriate field. Double-checking that you pasted the correct address is a good idea.
Bitcoins won’t show up in your Proton Wallet immediately. Transactions usually take a minimum of a few moments to be processed, since this is dependent on how quickly block confirmations occur. Some transactions can take much longer — upwards of hours.
It is clear that funds are being transferred. “Transactions” You’ll continue to see an “Additional” section on the screen. Continue to see the home screen. “In progress” Notification until the required number of confirmations in block has been achieved.
Buy Bitcoin with Proton wallet
You can buy bitcoins using your Proton Wallet if you don’t already have any. It’s a fairly straightforward process.
Click the button to see more information. “Buy” Click the button in your home screen to be directed to an interactive page for service providers of crypto assets 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 next steps will depend on your chosen payment method.
Proton Wallet: Send Bitcoins
Send bitcoins by clicking on the link “Send” Clicking the button and entering either an email or bitcoin address on your home screen. Your recipient does not need to have a ProtonMail account.
The bitcoins I sent were to an email address.
You’ll then be directed to the next page. “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.
You can find out more about the On-line “Review” On the page you can send a personal message to your recipient. It’s optional to do so.
You’ll see the transaction amount, plus the non-configurable network fee (you won’t be able to pay higher fees for quicker transfers like you could with some other wallets).
Bitcoin desktop wallets offer the ability to select UTXOs that you want to spend. Sparrow You can find out more about.
Click the button if you are comfortable with your amount and fee. “Confirm and send” button.
By looking at your statement, you can see if the transaction is complete. “Transactions” section.
The recipient of my bitcoins was informed that it was in transit before the transaction had received the number of blockchain confirmations required.
It took an hour and a half to complete this particular transaction.
Proton Wallet Security
Proton Wallet allows you to secure your wallet and backup it in various ways.
You can create the password to login to the wallet when you initially set it up.
Proton Wallet allows you to increase security with two-factor verification (2FA).
You can set it up by clicking on the “Secure your wallet” Tab in the upper right corner of your home 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. The page will open where you have the option to toggle 2FA on your account. You can toggle this switch if you wish to. “Authenticator app” Follow the instructions to switch.
How to Back up Your Proton Wallet
You can back up the seed phrase of your wallet whenever you want. 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. You can click on the “View wallet seed phrase” Click the button below to see your seed phrase.
You should store your phrase in an offline format (e.g. on paper). imprinted on steelThis will ensure that the data is not compromised.
Discover Customer Service
Proton Wallet is a wallet with a significant amount of space. “Discover” Learn more about Proton Wallet, including what Bitcoin is and its security features.
Proton’s customer service is also easy to reach, although the response time at this point in time is unknown.
You can also read our conclusion.
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 install, free and secure. This wallet only supports bitcoin and is open.source.
Proton Wallet is not a good choice if you want to make cheap, fast micropayments. 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.
The wallet also has a drawback in that you can’t manage UTXOs, or choose transaction speeds and fees. This wallet is a software one, so it has some security issues.
If you are a newbie to Bitcoin, but you already know the Proton interfaces, this wallet could be an excellent choice for you.
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Source: bitcoinmagazine.com