What is a Mobile Wallet?
Essentially, a mobile wallet is a cryptographically secure account which operates through the interface of a smartphone, such as the IOS and Android series. With this app you can access your funds, send and receive, and (depending on the wallet) use other financial tools. To give some perspective, today in 2018 there are almost 5 Billion people using smartphones. For a cryptocurrency to function seamlessly within the mainstream economy, a mobile wallet is paramount.
Security and Functionality Tools
While our mobile security features are first and foremost, we also added another useful tool. This is the ability to create a Time Lock Address. A time locked address allows a user to store their funds until a specified date and time in the future. For example, upon selling an item on our marketplace, you could send those proceeds to a mobile wallet’s timelocked address. This acts as an impenetrable savings account, so you won’t be tempted to spend the money right away. It’s also impossible for others to transfer funds out of that address until a specific date and time. All of these options are fully customizable by you. Once again, security is native to this feature.
These advanced attributes of both security and functionality make BitBay’s mobile wallet an extremely powerful tool. With modern finance changing at a rapid pace, we will continually provide you with the most innovative solutions available. Our mobile wallet utilizes all of the features of our web-based wallet, which both lay the groundwork for Bitbay’s web-based marketplace, arriving later this year.
For detailed detailed steps on using the enhanced features of BitBay’s Mobile Wallet, please check out these tutorials:
Have questions? Need support? Want to chat with a BitBay team member?
Feel free to join our rapidly growing community of users on our forum, here.