Choosing which wallet to use is a difficult decision with seemingly endless options. There are hardware wallets, mobile wallets, desktop wallets, paper wallets, multi-signature, and more. For most people, the decision ends up being between hardware and mobile wallets. And from what we’ve learned, the community is choosing mobile wallets, specifically BRD, for reasons that are not so obvious at first.
Modern crypto investors understand that a wallet needs to meet four minimum criteria:
1. Non-custodial, so users have direct control of their funds
2. Have a trusted team
3. Be simple to use
4. Be open source
These are the obvious ones, but as the community becomes more educated the user decision becomes more nuanced. Below we’ll dive into what we learned from our observations and why users are choosing BRD over hardware wallets.
1. BRD can be your free hardware wallet.
It’s becoming well known that a free app like BRD can be used on an old mobile device and function just as effectively as a hardware wallet. Instead of spending $100 or more on a hardware wallet, you can download BRD for free and gain the same security standards as a hardware wallet. Also, it’s possible that Ledger or Trezor may one day go out of business, which would require you to download another wallet and recover your funds using the recovery key. There really is no need to spend money on a physical hardware wallet, unless you do not have a second mobile device to use or want your funds at home at all times.
Lots of hardware wallets’ success is a result of perceived value, paying for a physical device to do one thing. But the reality is that as long as a user’s private keys are stored in a device’s hardware and disconnected from the internet, much like BRD on a separate mobile device, then it is indeed a hardware wallet and highly secure.
2. BRD has never been hacked!
BRD has not been hacked. Technically speaking, users’ private keys are stored in the device's hardware, which means that the only way to get compromised is not through computer hacking, but social engineering, commonly known as phishing, or physical robbery. As long as you make sure that your phone is safe and your recovery key is written down and stored in a secure, accessible location, then we are confident in saying you will not be compromised.
Additionally, lots of people have suffered from what are called “supply chain attacks” with hardware wallets like Ledger. A supply chain attack is a fancy term for a malicious reseller purchasing hardware wallets, unboxing them, tracking the recovery keys, then reboxing and reselling online at places like Amazon. When you buy the compromised device and deposit funds, they will be ready to steal your funds because they know the wallet’s recovery key. Of course, a disgruntled employee can do the same. With a mobile wallet like BRD, these types of supply chain attacks cannot be done and the recovery key generated is for your eyes only after install.
3. BRD is simple to use.
Complexity brings more headaches. When it comes to software that handles money, allows you to buy, sell, send and receive, it’s of the utmost importance that it is simple to use to minimize any chance of human error. We even have set fee rate options (economy, regular, priority) to reduce the chances of entering an improper fee. We take pride in offering a solution that is highly effective, yet simple to use and easy to maintain.
4. BRD is more than a wallet.
Wallets are growing into pieces of software beyond only storage. User demand is asking for other features like buying, selling, and trading. We added these features through integrating with trusted parties, so if you opt to use functionality like buying or selling, then you may need to provide personal information, but to use the wallet itself to deposit, withdraw, send and receive there is no account needed, no matter the size of your portfolio!
5. BRD has industry-leading support.
Sounds crazy, but despite not requiring user registration, we still have industry-leading support. With an average response time of 2 hours or less, we have a support team that is quick to resolve user issues. Additionally, we have a utility token, BRD, that powers our BRD Rewards program, which enables you to speak on the phone with our support desk, in addition to other amazing perks such as 25% discounted trading fees, or calling our CEO directly!
Try BRD for yourself. Let us know what you think.
As our user growth continues to grow with thousands of new daily installs and quality rankings in the App Store and Google Play, it’s important that we stay humble and continue to gain feedback from users. That’s why we are encouraging everyone to try out BRD, even if you are using a hardware wallet like Ledger or Trezor. BRD is completely free, and we firmly believe you will not only feel equally as secure as with your hardware wallet but also enjoy the other benefits that the BRD app has to offer.
If you are genuinely unsatisfied with your experience, then send us an email with the subject line: “BRD Feedback” at [email protected] Explain clearly what you would like to see improved and we will send you 50 BRD tokens for constructive feedback. This offer ends on October 1, 2019.
We look forward to hearing from you!
- BRD Team
Join in the conversations today:
Telegram : https://t.me/breadchat
Twitter : https://twitter.com/brdhq
Facebook : https://www.facebook.com/brdhq
YouTube : https://www.youtube.com/c/Breadbitcoinwallet
Instagram : https://www.instagram.com/brd_wallet/
General updates mailing list : https://breadapp.com/keep-me-updated/