Vee Finance, a decentralized finance platform, has officially confirmed its hack on Avalanche. On September 20, the hacker managed to transfer funds worth $35 million. In terms of assets, it was 8804.7 ETH (around $26 million) and 213.93 BTC (around $9 million). According to the report, the stablecoin was left untouched. As for the hacker, the report confirms that they have not yet transferred or processed the funds. The team is working to provide more details of the incident. Further,…
The Crypto space is fast moving towards increased adoption, and developers are looking to create simple, user-friendly products that can be integrated into our normal daily lives. One such product that has recently gained increased usability is Spot – an iOS & Android-based cryptocurrency wallet.
This review will dive deeper into Spot, looking at some of its incredible features, development team, and differences with other exchanges and wallets.
Spot in a Nutshell
Spot is a mobile app that allows users to easily & securely buy Bitcoin. Spot is indeed a revolutionary wallet focused on security, ease of use, and user-friendliness. This user-friendly wallet lets you buy Bitcoin instantly by debit & credit card worldwide, follow the market & news. Since launching in April 2018 as a beta version, Spot continues to offer cryptocurrency holders an exciting app interface with powerful features yet easy to use!
Spot Top Features
- Buy Bitcoins instantly: Spot allows users to buy Bitcoin incredibly fast, in a snap. The interface is also super easy to use and fast. No account or signup is needed. Users can easily purchase Bitcoin using debit or credit card, Apple Pay, or Google Pay.
- Earn Bitcoins by inviting friends to Spot: For each invited friend, get $1 of Bitcoin after their first purchase & earn 50% commission every time your friend makes a purchase.
- Easily Transfer your Bitcoins, anywhere, anytime: With Spot, you can seamlessly & instantly send your Bitcoins to any part of the world directly via SMS, WhatsApp, Messenger, Snap…
- Bitcoin Gift cards: Spot allows users to buy and send Bitcoin gift cards for their loved ones. You can send or print beautiful Bitcoin gift cards using the app.
- Enjoy 24/7 Support: Whether you are stuck, have a question, or need help, Spot has a dedicated support team reachable directly by chat in the app 24 hours a day.
- Alerts & Watchlist: This feature enables users to follow the prices of more than 3000 cryptocurrencies and receive smart alerts when there are significant price moves.
- Users are provided full control over their funds: Unlike other online wallets, notably Coinbase and Binance, which exercise some control over your funds, Spot has absolutely no control over your digital assets. The wallet is fully decentralized and leverages top-notch technology to ensure the safety of the coins.
Sending and Receiving Bitcoins in Your Spot Wallet
You can easily receive Bitcoins from anywhere globally using your Bitcoin receive address on the Spot wallet. To receive Bitcoins on your Spot wallet, proceed as below:
- Send a payment request:
- In the Send tab, enter an amount in Bitcoin (BTC) or fiat (USD, EUR…)
- Tap on the Request button and share your payment request as you like (SMS, WhatsApp…)
- Display your Bitcoin receive address:
In the Send tab, tap on the top-left corner (an arrow going down).
Using your Receive Address
Spot allows you to share your receive address with others by copying your Bitcoin receive address and then sharing it. Note that no one will be able to access your Bitcoins with your receive address. Also, your Bitcoin address will change every time you receive funds to enhance your privacy and security of your coins.
Sending Bitcoins Using Spot
Spot allows you to send Bitcoin to any person or service that is compatible and accepts Bitcoin, i.e., An exchange, a Bitcoin wallet, or a merchant. You can proceed as follows:
- First, ensure you have Bitcoin in your wallet. If not, buy Bitcoins instantly using either a credit or debit card, Apple pay (Google Pay is coming soon!).
- Go to the Send tab and enter the amount you want to send in dollars, for example, or Bitcoin (BTC) (tap on the two arrows icon in the top-right corner if you want to change the currency).
- Tap on the Send button. You will then have two options:
1) Send anywhere: you can send Bitcoins to anyone! You don’t have to worry about the fact that the recipient already has a bitcoin wallet or not. You can send your Bitcoin payment directly via SMS, WhatsApp, Messenger…
2) Send to a Bitcoin address: if you already know the bitcoin receiving address of the recipient, you can directly choose this option.
- Finally, confirm the transaction by double-checking the amount and destination address before sending it. This step is crucial as Spot cannot recover any lost funds. Also, note that the fees from the Bitcoin networks are compulsory fees imposed by the Bitcoin network to process the transactions and are not taken by Spot.
What is the Difference Between Spot and other Exchanges such as Coinbase, Kraken, or Binance?
Unlike Coinbase, Binance, or Kraken, Spot is fully decentralized, meaning that:
- You have full control over your funds.
- Your funds’ safety is enhanced since they cannot be blocked or seized like in most exchanges.
- Your funds are still safe even if Spot gets hacked.
- You can still access your funds even in the event of a server outage. This is not possible with other exchanges.
The Bottom Line
The development stages of the bitcoin network have been ongoing for quite a long time now. Some crypto experts are even growing wary of whether the network would be user-friendly as they intend it to be. Luckily, Spot developers couldn’t wait any longer! As evinced above, the wallet leverages top technology to offer ease of use and security to users. Currently, it’s one of the best BTC wallet offering powerful yet easy to use features.
Spot envision to be the product that would bring crypto adoption closer to the global scale. Ideally, it is designed for beginners thanks to its stunning user interface coupled with innovative features that allow users to buy and send Bitcoin instantly. It’s better than other exchanges, notably Coinbase and Square Cash, attributed to its powerful features. Needless to say, the platform is looking at a bright future. They have already started working on including Ethereum & ERC-20 stablecoins!