Review on ArcBit by Fanuel PORPORTY
ArcBit Wallet
ArcBit wallet is the brainchild of a former blockchaindotinfo wallet developer, Timothy Lee. He was dissatisfied with certain privacy aspects of the blockchaininfo wallet and decided to leave to create his own privacy-centric crypto wallet. In June 2015, he launched ArcBit, which has its headquarters in New York. ArcBit became the very first iOS wallet to support stealth addresses and ranked fifth highest on the Open Bitcoin Privacy Project in front of Samurai wallet and behind DarkWallet. In spite of being full-feature, it is simple enough even for beginners to use. However, it has lots of functional value for Bitcoin veterans as well.
Besides supporting reusable stealth addresses, it can also import BTC from other sources including private keys, watch-only addresses and encrypted keys.
Pros
- Simple account setup, no registration required
- Easy to use interface
- Users keep their own private key ArcBit wallet
- Wallet has optional cold storage
- Open source design
- Works on multiple platforms
Cons
- Not regulated
- Does not support 2FA
- Primarily uses hot storage which is unsafe
- No multi-signature support
- Default transaction fee may be higher or lower than required miner’s fee
