Buying Bitcoin can be one of the best decisions for both novice and professional investors. Choosing a suitable crypto exchange is crucial, but you also have to think about where to store your Bitcoins.
These days, there are various types of crypto wallets to choose from, but which is the right one for you? If independence and a decentralised system are essential, consider the Bitamp open-source Bitcoin wallet.
This type of wallet comes with many advantages, one of which is that it promotes collaboration in the Bitcoin community. In this article, we’ll further explore the concept to get the complete picture of why you should use an open-source crypto wallet.
What Does Open Source Mean in Blockchain Technology?
In blockchain technology, open-source projects are generally quite popular. They run on code that anyone who is part of the system can verify, modify, and even extend. But the idea of open source is not new.
Perhaps the best way to understand the importance and the power of open-source technology is to examine its most successful project – Linux. This well-known operating system wasn’t created by a single company or person.
Instead, thousands of people contributed to create the powerful software. The success of Linux shows the advantages of open-source systems in crypto technology as well. But why you should use the Bitamp open-source Bitcoin wallet?
Collective Effort and Innovation
The fact that an open-source crypto wallet is open for public review means a collective desire to make it work. Not only that but to make it as efficient as possible.
Experts in the crypto community pay attention to innovations, and an open-source platform allows them to implement the changes.
Everyone involved in managing an open-source Bitcoin wallet has the same goal, vision, and the incentive to constantly search for new solutions that will make the wallet better for the users. Especially as the developers of open-source wallets are typically the end-users.
Higher Level of Security
Without the open-source approach, the blockchain will be tested by cybersecurity vendors and not the developers. This doesn’t mean that this tactic isn’t safe in general.
However, the open-source ecosystem is better suited to enhance the security of a Bitcoin wallet. Indeed, it makes sense that having more eyes on the problem is more likely to lead to a solution.
If many code experts look at the open-source software, spotting a bug or a breach is a virtual certainty. Once located, a bug in an open-source system requires an upgrade to ensure that the same problem never occurs again.
Open Source Means Free
When you have an open-source Bitcoin wallet where everyone is working to achieve the same thing, profit motivation doesn’t exist.
You don’t have to buy a wallet or pay a fee to participate in the Bitcoin network. You don’t even have to leave your details; everyone stays anonymous.
Non-open-source wallets and exchanges that store Bitcoin may ask for your email and password, but that’s not the case with wallets such as Bitamp.
Using an open-source Bitcoin wallet is not only free in terms of cost, but it’s also liberating. You don’t have to put your trust in the entities involved and subject yourself to any risk.
Is There a Downside to Open-Source Technology in Cryptocurrency?
The biggest concern with any open-source system is potential plagiarism. In the past, this vulnerability has been the cause of some sabotaged projects.
But that doesn’t mean it’s the wrong approach as a matter of principle. In many industries – and tech especially –plagiarism is a significant offence that could lead to lawsuits.
However, in an open-source system, that is not an option. Also, an open-source wallet can suffer from frequent data flaws, but the good news is that these are typically resolved quickly.
Open-Source Bitcoin Wallet – A Positive Force
Some Bitcoin enthusiasts aren’t too preoccupied with worrying if their wallets are open source or not. As long as their coins are safe, that is all that matters.
But there are many long-standing members of the crypto community that see it differently. If you’re genuinely invested in seeing blockchain technology change the world, the open-source approach can lead the way.
Using a Bitcoin wallet that knowledgeable users are continuously improving is reassuring. Plus, it’s free, secure, and registration is effortless.