Review on Xapo Wallet by Temitope Babatunde
Xapo Wallet and Security of Your Bitcoin
Xapo wallet is one of the well known online wallet. Developed by Wences Casares in the month of March 2014,and base in Hong Kong. There are two ways of storing your bitcoin in xapo wallet, while you may decide to keep the one you will not need quickly in vault which is a cold wallet and not accessible by internet, you can keep the one you are spending regularly on the online wallet.
Before you can use xapo wallet you will need to undergo what they call know your customer (KYC) where you will need to submit your official means of identification and also submit document to proof your address and this to comply with anti laundry law, this also raise the trust in the system.
As per transferring bitcoin between the xapo wallet users it is feeless, what you just need is your receiver's number or email address, but if you are transferring to an external address there is a fee, with this also you are the one to decide how faster do you want your transaction to be and you pay accordingly.
One have to know also that if you want to use xapo credit card you will have to pay one time fee of $20 and there is a fee each time you are using it, it is also important to know that your card will be linked to your xapo wallet, therefore if you are to use card you must be keeping enough bitcoin in the wallet and not vault.
Pros
- It is free to you and is worldwide
- It has vault, which means those bitcoin in vault can not be access easily.
- It has debit card.
Cons
- If you are using the card in a country which is not using the currency of the card the fees use to be too much.
- The KYC negate the principle of privacy.
