Crypto 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.

BitGo is a leader in handling cryptocurrency financial services like compliance, security, liquidity and custodial solutions to over 50 countries. Bitgo Wallet Multi-Sign hot wallet is the greatest of all products that stores and processes bitcoin transactions for Individual and enterprise use as well. 

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.

BitGo 

The platform was founded in 2013, by Mike Belshe and Ben Davenport. BitGo was founded to solve the secure storage problem for companies using bitcoin. Also, the use of multi-signature within the wallet minimizes the risk of failure providing secure and compliant solutions.

BitGo is a Digital Asset Trust Company and security company headquartered at Palo Alto, California. The wallet can be configured in both hot and cold configurations as well as custodial and non-custodial configurations.

“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

Features BitGo Provides

  • Most Secure: Platform allows 100% cold storage technology in bank-grade Class 3 vaults.
  • Multi-User Accounts: Platform provides customizable user roles and controls to align with your organizational structure.
  • Seamless Trading: Buy and sell orders through the platform’s trading partners directly from the security of cold storage.
  • Quick and Easy Integration: Available through the web and single unified API that supports all coins and tokens.
  • 24*7 Support: Operational in 5 to 7 business days including Account Setup, Activation, and Asset Transfer.

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.

How to create an account in BitGo?

  • First, go to the official website, register yourself and also complete the EMail verification process.
  • Next, set up two-factor authentication and head over to ‘Wallets’ page and click on ‘My BitGo Wallet’ to access the transaction page. 
BitGo bitcoin wallet list
  • Also, in this page, you can send or receive coins by either clicking on ‘Send’ or ‘Receive’.You will be redirected to the resp pages.
  • To send the coins, enter the recipient’s address and the volume and click on ‘Send’.
BitGo wallet transaction
  • To receive coins, you should be able to see the receiver’s address. It will be added to your account.
BitGo bitcoin receiving process

BitGo Buisness Models

BitGo Business models comprise of the following,

  • Custody service

Basically, BitGo offers custody solutions for the institutional investors who look up to assure the regulators that their crypto investments are held securely and within the reach of local legislations.

  • Business wallets

BitGo wallets require more than one signature to authenticate the cryptocurrency transaction. This feature allows for detecting the wrong transactions. One key is held with BitGo and the other two keys, hot and cols are held by Wallet’s owner.

  • Customized Private Blockchain 

Bitcoin and the other cryptos do not meet the legislative requirements of the institutional investors. Hence, BitGo develops a customized private blockchain for the investors to carry out crypto trade.

  • BitGo API

BitGo offers an API for the developers so that they can develop the multi-signature for their own wallets.

The API also offers BitGo Instant, a payment guarantor which allows users to accept bitcoin prior to their official confirmation. It also keeps checking on ‘double spending’.

How much does BitGo charge for its Services?

Generally, the transaction fees are based on the network. Based on the type of wallets you use, the transaction fees are classified. 

  • BitGo Custody

The wallets which are designed to hold assets for financial houses come under BitGo Custody. Also, it allows hot wallet access and cold storage via the web and API and the minimum account value should be $1 million.

  • Business Wallet

As said above, it is a multi-signature wallet. It supports trading over 100 coins and tokens. The minimum transaction volume is $1 million per month. Fees are decided on the volume.

  • BitGo Pay As You Go Wallet

This wallet is for individuals who can trade with BTC, BCH, BTG, Bitcoin SV, LTC, Zcash, XLM and DASH. Also, for any withdrawal, 0.25% is charged as a transaction fee and 1% for BTG and Bitcoin SV.

To know more about the transaction fees for BitGo Custody wallet and Business Wallet, you need to contact the sales team.


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.

PRO’s and CON’s

PRO’s

  • Globally available service
  • Multisignature wallets for all currencies
  • High-security features.

CON’s

  • Offline vaults not available
  • No mobile apps for Android or IOS.
  • Transactions fees are high.

Concluding Note

Overall, this platform is suitable for most businesses and even for a common person using Bitcoin as a payment. Moreover, this platform has the world’s most secure wallet and through the integration with multiple exchanges, BitGo allows extensive functionality while keeping funds safe on their platform.

FAQ’s


How long does the transaction take in BitGo?


A transaction with ordinary wallets are done within 10 min(Depending on confirmations). If your transactions are urgent, the fees will go higher.


Does BitGo have a mobile APP?


Right now, Bitgo does not have any App neither the company has announced in recent times. But the browser can be easily browsed on mobile.


Is BitGo safe?


BitGo is considered as one of the safest options when it comes to Bitcoin storage. BitGo provides an online IP address whitelist along with 2FA authentication. Additionally, users can use their Android and iOS devices to provide additional security for login.


What all the security tools are provided by BitGo?


BitGo has two-factor authentication on sign up. It offers multi-signature for the wallets.

Summary
Reviewer
Qadir AK
Review Date
Reviewed Item
BitGO Wallet
Author Rating
31star1star1stargraygray
Tags
Show More

Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also
Close
Back to top button
Close
Close