The next step in the evolution of breadwallet
Bitcoin is complicated. While it empowers users to be in control of their own wealth in a way never seen before, it also brings greater complexity and greater consequences when things don’t go as planned. What if bitcoin weren’t so complicated? What if it were so easy to use that anyone in the world could access it and take control of their own wealth, no matter who or where they were?
This is the concept behind breadwallet. We are passionate about making bitcoin so easy that anyone can use it, regardless of technical expertise or local banking infrastructure, and by doing so we facilitate bitcoin becoming a truly global currency, available to anyone in the world.
We have already made it extremely simple to get started with bitcoin: download breadwallet, choose a passcode, and you’re ready to receive your first payment. No login names or passwords, and no generating cryptographic keys or configuring settings.
Many new bitcoin users are attracted by this simplicity, but what good is an easy-to-use product if it lacks security as a result? Many competing products store user funds on servers or provide browser-based platforms to make their products easy to use, but the tradeoff is weakened security and privacy for their users. This is where breadwallet really shines; we have successfully kept our wallet extremely simple while not compromising on the technical underpinnings that keep our users secure.
Breadwallet is one of the only fully decentralized wallets, which means your funds are stored in your own phone, locked down by industry-leading hardware encryption. Not even breadwallet employees can access your funds without your consent. Being in charge of protecting your own money may sound intimidating, but once you write down your recovery phrase your funds are safe in the event your phone is ever lost or stolen.
So now that we have a wallet that’s both secure and easy to use, the next step is to make it easy for users to purchase bitcoin--because what good is Fort Knox if you have nothing to store in it?
Starting today, iPhone users in the United States* will start receiving the ability to buy bitcoin through the breadwallet app, either with cash at one of thousands of retail locations and bitcoin ATMs, or by linking a bank account.
We’ve worked hard to bring our users a “best of both worlds” experience. By utilizing partner companies to offer these new services, breadwallet remains a standalone, decentralized wallet. Users who don’t want to use the services can continue to use the breadwallet app like normal, without needing to provide any personal information whatsoever. At the same time, users who do choose to use these services will enjoy a completely native experience. Instead of simply passing you off to an external website like many competitors do, these services are integrated right into breadwallet to make the entire process as smooth as possible. Bitcoin addresses and login credentials are managed seamlessly in the background, and information you enter is encrypted and stored in your own phone. This means you can easily make repeat purchases or sign up for other services in the future while keeping your data secure and private, as even breadwallet employees cannot access the information that is stored on your device. And any bitcoin you buy through one of our partners gets delivered directly to your breadwallet, after which neither our partner companies nor breadwallet can control what you do with your money.
This is the next step in the evolution of breadwallet. While we become a more powerful gateway to the world of bitcoin, we continue to keep breadwallet as simple as possible with no logins or tedious data entry, and we remain just as secure and private as ever.
*This will be a controlled rollout, meaning a small number of users will be enabled today with the rest of our users gaining access gradually over the coming weeks. If you are eager to try it, please make sure your breadwallet app is up-to-date through the App Store! Users who have received access to the new service will receive a one-time notification when they next open their breadwallet. We plan to extend this feature, and other features like it, to Android users and users in other countries over the next several months. Bank account services are provided by Kraken Direct.