Cryptocurreny Wallet

BitGo Review 2020 – A Secure, Insured Custody For Digital Assets

BitGo-The First Multi-Signature, Multi-User Solution For Corporations And Financial Institutions To Manage Their Bitcoin Holdings With Enterprise-Grade Security.

Overview

NameBitGo Wallet
Released2013
Wallet typeMulti-currency, Multi-signature wallet
Platforms supportedLinux, Chrome, Firefox, and Windows
Cryptocurrencies supportedSupports 200+ currencies including BitCoin(BTC), Dashcoin(DSH),Dogecoin (DOGE), Emercoin(EMC), and more
Mobile supportNo

Bitgo is one of the top most trusted wallet provider in the bitcoin space. The Bitgo wallet uses multisignature technology to underpin its product offering by sharing keys between themselves and the user.

This platform also enables exchanges, marketplaces, and e-commerce players to facilitate secure, multi-party transactions that are secured with BitGo. It is a multi-currency wallet that has been operating since 2013.

In this article, we will give you a detailed guide to the BitGo Wallet and its overall aspects. Let us look into this BitGo Wallet review in detail now.

Also Read: Pro Tips for Stock Investors in the time of this Global Crisis 


Did you know? BitGo is the largest processor of Bitcoin transactions, processing about 20% of the global transactions and $15 million dollars per month across all cryptocurrencies.

What Is BitGo? 

 BitGo is a bitcoin wallet that has provides users with excellent security features, interactive design, and a modern interface. It is a multi-signature, multi-user, and secure wallet which provides the top-notch services when compared to the other wallets.

BitGo is a cryptocurrency wallet and vault service provider that offers its portfolio for both individuals and organizations. The company was established in 2013 by Mike Belshe and Ben Davenport. Its headquarters is located in Palo Alto, California.

The wallet was launched primarily to help those businesses who regularly use bitcoins for the transactions. Top investors of the company include Goldman Sachs, DRW Ventures, Digital Currency Group, and Redpoint Ventures back BitGo.

“The Valor Team’s commitment to materially helping their portfolio companies above and beyond their investment is real and tangible. They exceeded my expectations in every way and brought in real resources to help us grow and scale. I’m blown away by the willingness to help and the incredible talent and experience Valor brought to us.”— MIKE BELSHE, CO-FOUNDER & CEO, BITGO

BitGo Features

  1. Private blockchains: The blockchains in bitcoins are private and hence BitGo can also create customized private blockchains for specific organizations.
  2. Multisignature wallet solution: This is one of the secure and safest ways of making transactions through a wallet. A multisignature not only allows the multiple users to use a single account but also provides safety features for making transactions
  3. Design: When it comes to design, the other features of BitGo are quite reliable than the design. The design and user interface of BitGo are excellent or extremely attractive for users.
  4. Security: Security is one of the strongest points of BitGo as it is considered as the safest bitcoin wallet in the market. The most important feature which is required by the users is safety and BitGo ensures safety in many ways.          
  5. Instant and quick transactions: BitGo eliminates the possibility of this low processing time for transactions. It works  by letting companies allow the non confirmed transactions which will increase the speed and quickness of transactions.

Did you know? BitGo has acquired 2 organizations, the most recent one is the acquisition of HARBOR on Feb 18, 2020, and another one is HEGDE on Oct 03, 2019.

BitGo Fees and Limits

Based on the type of wallet service used, BitGo offers variable fees, These  can be listed briefly as below:

  1. BitGo Custody: This service is designed to hold assets for financial houses. It allows cold storage and hot wallet access via the web and an API. The minimum account value is USD 1 million.
  2. Business Wallet: This is a secure wallet for transactions. It supports trading in over 100 coins & tokens. The minimum transaction volume is USD 1 million per month. Fees vary with volume.
  3.  BitGo Pay As You Go wallet: This is a hot wallet for individuals. It supports trading only BTC, BCH, BTG, Bitcoin SV, LTC, Zcash, XLM, and Dash. About 0.25% is charged per withdrawal and 1% for BTG and Bitcoin SV.

Is BitGo safe?

BitGo deploys some of the high-grade security features. The wallet has one of the best security systems. BitGo even serves as a key custodian to several wallets including Luno. It also supports 2-way authentication along with the other security options which makes it more reliable and secure

The wallet is protected with multi-sig and key management features. The wallet splits the keys between itself and the customer.  An attacker would have to breach both the user and the BitGo systems to steal the keys. The customer generates and stores the customer key.


Did you know? With a total of 5 funding rounds, BitGo has raised over $69.5 million funds with 19 investors including Goldman Sachs, Venture Capitals etc.

BitGo Supported Currencies

BitGo wallet supports over 200+ digital assets. Some of the major supported currencies include:

  • Bitcoin (BTC)
  • Etherum (ETH)
  • Ripple (XRP)
  • Bitcoin cash (BCH)
  • Stellar (XLM)
  • Litecoin (LTC)
  • Dash
  • Zcash
  • Bitcoin Gold (BTG)
  • ERC20 tokens

How to register on BitGo?

  1. Step 1:

    Navigate to the official website and click on the Signup option

  2. Step 2:

    Select your account type: There are two types of accounts. The individual account pays fees per transaction. The other is an enterprise account.

  3. Step 3:

    Provide your personal information and finish the signup

  4. Step 4:

    Click on the link received in your registered email address.

  5. Step 5:

    Login after email verification. Set up the two-factor authenticator (2FA), which could be used through Google Authenticator or Yubikey.

  6. Step 6:

    As you register an account, you get a recovery key for your wallet. The key should be stashed in your computer and printed out to effectively safeguard it from attacks.
    bitgo-register

How to recover the BitGo password?

In cases wherein you forget the password, Go to the sign-in page and then click the “Forgot Password” option. That will prompt you to enter the email address you used to create the account. Once you do that, you will get an automated email with password reset instructions.

How to send crypto assets using BitGo?

  1. Step 1:

    Log in to your BitGo account.

  2. Step 2:

    Head over to the “Wallet” page and click “My BitGo Wallet” to access the transaction page.

  3. Step 3:

    Once there, click on the “Send” button to provide coins from your balance.

  4. Step 4:

    Now, you will be redirected towards the transfer page. Here you can generate QR or address codes.

  5. Step 5:

    Enter the volume you wish and you are all set. bitgo-send-crypto

How to receive crypto assets using BitGo?

  1. Step 1:

    Log in to your BitGo account.

  2. Step 2:

    Head over to the “Wallet” page and click “My BitGo Wallet” to access the transaction page.

  3. Step 3:

    Once there, click on the “Receive” button to receive coins to your balance.

  4. Step 4:

     Now, you will be redirected towards the transfer page. Here you can generate QR or address codes.

  5. Step 5:

    Enter the volume you wish and you are all set.
    receive-crypto-bitgo

BitGo Pros and Cons

Pros

  • BitGo wallet allows instant and safe transactions
  • Multi-signature wallet, with enhanced security features
  • The encryption protocol P2SH is used which provides the safest encryption
  • Support for 200+ cryptocurrencies

Cons

  • No wallet solution for retail customers
  • No mobile app available
  • Access to the wallet via a web browser interface.
  • High transaction fees

Conclusion

BitGo is one of the safest and secure wallets for trading and making transactions of bitcoins. BitGo’s powerful API give institutional investors the option of directly integrating multi-signature security, policies, and controls into their own platform.

BitGo is also the first wallet provider to provide clients with the ability to purchase their own theft insurance and Lost Key Cover directly through Digital Asset Services.

Recent Updates

  • On March 17, 2020, BitGo Launches First Dedicated Customer Excess Specie Insurance
  • On April 14, 2020, BitGo Continues Expansion of Services, Launches Dashboard for Managing Portfolio
  • On June 21, 2020, BitGo Expands Global Presence with Regulated Custody in Switzerland and Germany
  • On July 23, 2020, BitGo Launches First Enterprise-Grade, Multi-Signature Wallet and Custody Solution for Tezos  

BitGo FAQ’s

  1. How to register on BitGo?

    Navigate to the official website and click on the Signup option. Select your account type and then provide your details and verify  your email address to get started.

  2. How to recover the BitGo password?

    In cases wherein you forget the password, Go to the sign-in page and then click the “Forgot Password” option. Follow the instructions and you can restore the password.

  3. How Long Does the Transaction take?

    Transactions made through ordinary wallets take up to 10 minutes to conduct, depending on confirmations made. You can use instant wallet service if you wish to instantly send or receive coins.

  4. Does BitGo Have a Mobile App?

    BitGo, at this time, does not offer any other platform to use for mobile, including iOS or Android app.

  5. Is BitGo safe?

    BitGo deploys some of the high-grade security features. The wallet has one of the best security systems. BitGo even serves as a key custodian to several wallets including Luno.

BitGo Ratings

Reviewed By Qadir AK

Easy to use
Features
Fees and Limits
Registration

Summary

 BitGo is a bitcoin wallet that has provides users with excellent security features, interactive design, and a modern interface.

4.1
Bitgo - 8.2

8.2

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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