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Friday, November 27, 2020

Bread Bitcoin Wallet Review- One of the Best Mobile Wallets

Overview

Name Bread Wallet (BRD Wallet)
Released 2015
Wallet type Multi-currency, Mobile-Based, Hot wallet
Price Free
Platforms supported Android and iOS
Cryptocurrencies supported Bitcoin, Bitcoin Cash, Bread Token, Dai, TrueUSD, Ethereum, and ERC-20 tokens
Mobile support Yes

BRD is one of the most prominent Bitcoin and Ethereum wallets. The BRD wallet is a mobile app-based type of crypto storage. BRD has a number of features and it is very simple to use particularly for new users of Bitcoin. 

If you are searching for a basic multi-currency hot wallet, BRD is probably one of the best wallets out there.

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In this article, we will give you a detailed guide on the BRD Wallet and its overall aspects such as its features, fees, pros and cons and much more. Let us look into this BRD Wallet review in detail now.

What Is the BRD Wallet?

In 2015, the BRD wallet app was released by Aaron Voisine and Adam Traidman as a venture of the Bread Company. With its largest user base in North America, the wallet has since expanded to operate in more than 150 countries. Initially, the wallet was planned for iOS users. It has, however, since launched an Android version as well.

The BRD Wallet is a non-custodial mobile wallet built on the iOS platform. In the recent past, the wallet has gained popularity, mainly because of its support for anonymous exchange, as well as the inclusion of multilayered security features. The company has around 40 employees and raised over $50m in venture capital and ICO funding.

BRD Wallet Features

  1.  Easy to Use Interface: The user interface is easy to understand. Setting up the wallet is easy for beginners as most essential features are on the homepage. Bread has a simple interface, and there are no complex charts.
  2. Multiplatform: BRD Wallet is a mobile-based crypto wallet. It is built on the iOS platform and was originally designed for Apple product users.
  3. Fast: The BRD wallet uses the Special Payment Verification (SPV) protocol to connect to the Bitcoin blockchain, effectively guaranteeing the fastest crypto transaction confirmation speeds.
  4. Native tokens: BRD is one of the few networks that maintain its own native token, the BRD Token.
  5. Anonymous trading: When creating a user account with BRD wallet, the company does not ask for information personally identifiable to you, like your name, physical address, or email address
  6. Security: The Bread wallet is a non-custodial wallet. This means that you are the only one who has access to your private key.
  7. Reward program: The BRD wallet is also one of the few networks that have an active loyalty reward scheme. The more BRD tokens you buy and hold in your wallet, the higher the rewards.

BRD Wallet Fees and Limits

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The BRD wallet is completely free to download, install and use. Storing your digital assets in the BRD wallet is free. Transacting through the app, however, attracts variable fees, depending on factors such as the blockchain network involved, the number of coins being exchanged, and the medium of exchange.

If you, for instance, wish to buy crypto assets using a credit card, you incur as much as 5% in transaction fees. Your bank or debit card provider may also charge a processing fee when you wish to make cash deposits like USD, EUR, CAD, DKK, and GBP for purchases of different cryptocurrencies within the app.

BRD Wallet Supported Currencies

BRD supports storing of the following coins:

  • Bitcoin
  • Bitcoin Cash
  • Bread Token
  • Ethereum
  • Dai
  • TrueUSD
  • All ERC-20 Tokens

Payment for cryptocurrencies can be done with the following fiat currencies:

Is BRD Wallet safe?

BRD is considered a very safe wallet as it is a non custodial wallet, meaning you are the only one who has access to your private key, also known as a seed phrase. Additionally, the wallet’s code is completely open source, making its code much more trustworthy as other community members frequently review it.

The wallet has a PIN protection whenever you launch it, which can be replaced with a finger or face scan on compatible devices. In case you forget your PIN, you can always restore the wallet from the seed phrase supplied to you on setup. 

How to register on the BRD Wallet?

  1. Step 1:

    Download the BRD crypto wallet app from the Google Play Store on your Android or the Apple App Store for your iOS mobile device and install it.

  2. Step 2:

    Launch up the app, and press “Get Started”.

  3. Step 3:

    Create and memorize a six-digit passcode that you will be using to access the wallet app.

  4. Step 4:

    Make sure you read the important information on each page about the recovery phrase on the next pages and tap Continue.

  5. Step 5:

    Tap Generate Recovery Phrase.

  6. Step 6:

    The app shows you 12 different words in separate pages. This is your Recovery Phrase.

  7. Step 7:

    Swipe left after writing down each word. If you need to review these, swipe back. Tap Done. 

How to recover the BRD wallet password?

The BRD Wallet can be restored through the following steps:

  1. Step 1:

    Choose the Recover wallet option on a new install of a wallet or on a hardware wallet

  2. Step 2:

    Input your 12 word phrase one word at a time

  3. Step 3:

    Input a new PIN. You can use your old one if you want.

  4. Step 4:

    You coins should now be restored.

How to send crypto assets using BRD Wallet?

  1. Step 1:

    Log in to your BRD crypto wallet app.

  2. Step 2:

    On your user dashboard, click on the coin you wish to send.

  3. Step 3:

    Tap the send option to display the payment details.

  4. Step 4:

    Enter the recipient’s wallet address and the number of coins you wish to send.

  5. Step 5:

    Confirm the payment details and hit send.

How to receive crypto assets using BRD Wallet?

  1. Step 1:

    Log in to your BRD crypto wallet app.

  2. Step 2:

    From the home screen, select the coin you want to receive.

  3. Step 3:

    At the bottom of the screen, select “Receive”.

  4. Step 4:

    Tap the QR code to copy your address to your device’s memory. You can now paste your address into a website or other app.

  5. Step 5:

    You can also press the Share button under the QR code to send them your address via email or text message.

BRD Wallet Pros and Cons

Pros

  • Very intuitive and beginner friendly
  • It is open-sourced in nature
  • The wallet app is relatively easy to use
  • It combines a wide range of security features
  • The app has very low latency and some of the fastest bitcoin transaction processing speeds.

Cons

  • Customer support responses reported to be sometimes slow
  • Supports only few coins
  • No customized fees
  • Being a hot wallet it is susceptible to internet threats like hacking

Conclusion

Several features of the BRD crypto wallet app gives us a lot of confidence about the security of their wallets, and the safety of private keys stored therein. These include its open-sourced technology, the use of a passcode, the integration of Biometric security features, and the backup seed.

There are not many cryptocurrency wallets out there that are suitable for complete beginners, but BRD seems to be one of them. The simple and intuitive design, complete with additional features like buying and trading, make this app a great gateway to the cryptocurrency world. 

Recent Updates

  • On Sep 19, 2020, CEO ATraidman was on live television & shared news of our accelerated growth and how simple & secure BRD is.
  • On Sep 16, 2020, Great article from Keerthi Vedantam with businessinsider on BRD’s consumer growth & BlocksetHQ’s enterprise adoption.
  • On Sep 10, 2020, Shop at shop.brd.com. Rocking your favorite crypto swag just got easier. Get a new backpack, tee-shirt, jacket, or hat today.
  • On Aug 13, 2020, Tether (USDT) was live on the BRD Wallet

BRD Wallet FAQs

  1. What are the BRD Wallet fees?

    This wallet is free to download and use. However, you will have to pay network fees for transactions carried out on the wallet.  

  2. Where to buy BRD Wallet?

    You can find the wallet for download on Google Play and Apple Store.

  3. How Does BRD Calculate Transaction Fees?

    This fee will vary based on when you send your transaction and how many transactions have been made with your wallet.

  4. What coins does the BRD wallet support?

    The BRD crypto wallet supports Bitcoin, Bitcoin Cash, Bread Token, Dai, TrueUSD, Ethereum, and ERC-20 tokens

  5. Is the BRD wallet Safe?

    BRD is considered a very safe wallet due to its open source, non custodial nature. 

BRD Wallet Ratings

Reviewed By Delma Wilson

Summary

The BRD Wallet is a non-custodial mobile wallet built on the iOS platform.

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