Cryptocurreny Wallet

Bread Bitcoin Wallet Review

With boundless choices accessible in the market, Deciding a Good Crypto wallet is hard, where the first concern falls in place is security and accessibility, fees, and features. Coinpedia’s Cryptocurrency Wallet review digs everything you must know before beginning with a wallet and this review is about the King of Crypto Wallets, Bread Wallet 

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Before we begin, take a glance at what is a Crypto wallet?

Crypto Wallet is an offline (Cold wallet) and Online (Hot wallet) storage system to store different cryptocurrencies. Secured with unique Public and Private keys, these wallets also support fund transfer, native coins, and trading features too. Learn more

What is Breadwallet?

Breadwallet officially rebranded to Bread is a popular Bitcoin wallet that also supports 9 other cryptocurrencies and ERC-20 token, available on iOS and android. It offers crypto storage and transfer services in a reliable and secure way, the user-friendly interface of this app is loved by users and holds majorly positive reviews from users.

Headquartered in  Zurich, Switzerland, The wallet is a segment of Breadwinner AG and was launched by Aaron Voisine and Adam Trainman in 2015. 

Initially, the company launched BRD under the name of Breadwallet. The company rebranded it into Bread in 2017 and conducted an ICO for its token, BRD. 

Since then the wallet has come a long way and proclaims its services in around 170 nations across the globe, with 2 Mn user base globally. 

Bread Bitcoin Wallet was formally introduced as an iOS wallet, due to its exceptional security status and protection against potential thefts but later an android version was also devised. 

Simplified Payment Verification (SPV) mode is utilized which connects Bread directly to the Bitcoin network. It also prevents third party access to the user funds, as every user has complete control over their Bitcoin Transactions. 

The beauty of the Bread  Bitcoin wallet lies in its simplicity.  The wallet design is extremely intuitive and appealing, and it even furnishes a built-in tutorial for all those new and amateur traders. 

Along with Segwit support for Bitcoin, the wallet also facilitates credit card purchases through Simplex, the leading credit card clearing solution for most cryptocurrencies today. 

Bread Secures a fully decentralized wallet through a 12- word paper key directly connects to the blockchain. This means you don’t have to set up an account or log in. Your funds and money will always be secure and accessible. 

PRO’s 

  • Trustworthy. Users hold all the control over transactions. 
  • Data recovery functionality. 
  •  Implements SPV mode.
  • No Sign- up and registration. 
  • Secure crypto tools, digital security, authentication, and private locks 
  •  no transaction delays and quicker transaction process. 
  • Simplified usage 

Con’s    

  • Vulnerable to cyber attacks as it is a hot wallet.
  • Multi-signature or 2FA feature missing, which ensures that users stay in control of all the transactions that are held in the wallet. 
  • The wallet fee structure is on a bit higher side. 
  • No live chat support
  • Limited currency support 
  • During setup a bit slow to sync up to blockchains

BRD TOKEN

BRD token is a native token of breadwallet system, launched in December 2017 in Binance launchpad ICO . BRD has been designed on the Ethereum network and is a standard ERC- 20 token. 

The conversion rate for BRD to USD currently is $0.117416 USD. The present circulating supply of BRD tokens is 63.5 million coins and a maximum supply of 88.9 million coins. And total volume exchange of $1,273,210.

BRD token can be easily accessed through the Bread wallet as well as a few exchanges, including Binance, Bilaxy, HitBTC, FatBTC, and Tokenize, and can be traded against popular coins such as BTC, ETH and BNB. 

The BRD token offers various privileges to its holders within the Bread wallet. The token provides you access to next-level features.

Breadwallet ICO for BRD Token 

Breadwallet’s BRD Token  Presale was Big! they were able to raise over $12 Million in just 4 days. The ICO was held in Dec 2017 ( ended on 19th) with a goal of raising $20 million. 

Out of 160 Million BRD tokens, 106 ( 72.5%) were for sale, 32 million were allotted for administrative work and 22 million were reserved for future developments. 

At the time of ICO, I ETH was equal to = 900 BRD and these tokens had multiple benefits like discounts on purchase fees or others. The higher volume of holders had a chance to get the best of this system.

Supported Currencies & Payment Methods

Breadwallet is popularly known as a bitcoin wallet but it also supports more assets like Bitcoincash ( BC) Ethereum( ETH), TrueUSD(an ERC-20 stablecoin), OmiseGo Binance Coin Augur OmiseGo SALT Time Wings and all ERC-20 tokens. 

Bread supports following fiat currencies for Crypto purchase . 

  • EUR
  • USD
  • GBP 
  • DKK
  • CAD

The cryptocurrencies which could be purchased within the wallet are- 

  • BTC
  • ETH 
  • DAI (ERC- 20)

Trading of the following cryptocurrencies can be done from within the app- 

  • BTC
  • ETH 
  • BCH 
  • TUSD (ERC-20)
  • DAI (ERC-20)
  • BRD (ERC-20)

How to open your Bread Wallet account?

Opening an account in the Bread wallet is a simplified process. As we discussed earlier, the BRD app directly connects to the decentralized networks where your wallets are stored. 

The “keys” to access your wallets are securely stored on your phone and nowhere else. A unique “12 Word Recovery Key” will be provided to you by the BRD app. These are Phrases of words which can be used to recreate the keys to your wallet. 

This key will help you to gain access to your wallets in case of phone theft or phone up-gradation. 

 BRD also requires its users to set a PIN to secure the wallet. While sending money or checking your balance, you will be asked for this PIN authentication.  

How to Register breadwallet ? 

STEP 1 – Download the Bread wallet application through Google Play Store or Apple AppStore. 

STEP 2 – Click on “Create New Wallet”

Bitcoin Wallet Guide 101: Breadwallet - Josh Echeverri - Medium

STEP 3 – Now you will be required to set a 4- digit PIN code for your wallet. 

STEP 4 – As soon as you log in the first time using the PIN, a recovery key consisting of a 12- word seed phrase will be generated. Carefully note the seed phrase and keep it confidential. This is an important key as it will help you to restore access to your wallets in case of phone stealing or loss of access. 

STEP 5 – Your wallet is now ready to use!

Breadwallet Recovery Pin 

In the misfortunate event of forgetting your PIN or losing access to your wallet, you could use Recovery Key to reset your wallet PIN. 

Even if you have entered your PIN incorrectly several times, you will be able to reset it using the recovery key. Just enter the 12 seed- phrase of your recovery key carefully in the correct order and you will be able to choose a new PIN. 

TIP – Carefully note down your Recovery Key somewhere, as in case you forget the key and PIN, you will permanently lose your BRD wallet account. 

 How do I add Bitcoin to the BRD app?

BRD app provides a simplified, easy, convenient, and secure way to add Bitcoins in breadwallet app. You can successfully do the same by using the following steps- 

STEP 1 – Open the Bread Wallet application. 

STEP 2 – On the home screen you will notice the “Buy/Sell” tab. Select the tab and a list of currencies will be displayed in front of you. Select ‘Bitcoin’.

STEP 3 – You will be required to input the amount you would like to purchase. The amount may be in BTC or in your local currency. 

STEP 4 – Select the payment method you would like to use and then tap ‘Next’.

Add Fee To Existing Bitcoin Transaction Breadwallet Send Money To Coinbase

STEP 5 – Now carefully review the order details and then to proceed with your purchase tap ‘Confirm & Buy’. 

STEP 6 – Follow the on-screen instructions on the next page to complete the process. You might receive an email regarding the status of your purchase order. 

You can even transfer Bitcoin from any other wallet or exchange. For that, you will be required to copy the deposit address. 

How to send funds  from your wallet?

In your BRD app, you will see a wallet is created for all the supported cryptocurrencies you own. We will be taking BTC as an example and guide you through the process of to transfer BTC from breadwallet- 

STEP 1 – Tap on BTC wallet , on the main screen

STEP 2 – Click on the “Send” button located at the bottom.

STEP 3 – Now you will be required to enter the address you are sending funds to. There are multiple ways to do that- 

  • Click on the “Scan” button and scan the QR code from the receiving wallet. 
  • Another method is copying the receiving wallet’s address and paste it in the ‘To’ field. (Under the QR code)
  • You can also manually type the recipient’s BTC address. Double-check if the address is accurate, as failure to do that may lead to loss of assets permanently. 

STEP 4 – Enter the destination tag if required. 

STEP 5 – Now input the amount you would like to send. You can toggle the amount in XRP or your local currency as per your convenience.

STEP 6 – Add a memo if you want. This is an optional step. Memos are only visible to you and not sent to the receiving party. 

STEP 7 – After verifying all the transaction details, Tap “Send” and confirm the payment with your PIN or fingerprint.  

How do I receive funds in my BRD wallet?

The Bread wallet provides various functionalities. You can buy/ sell and send tokens easily on the interface.

 If you would like to receive ether or any ERC20 supported token from someone you will be required to provide them with your receiving address. This could be done by following these steps- 

STEP 1 – On the main screen, tap on ‘Ethereum’ or any ERC-20 token you wish to receive. 

STEP 2 – Click on the “Receive” tab, located at the bottom of the screen.

STEP 3 – Now provide your receiving address to the sending party. Few ways through which this could be achieved are- 

  • Show them  ‘Receive Money’ screen in your wallet and ask them to scan the QR code. 
  • Click on the ‘Share’ button located under the QR code and send them your address through text message or email.
  • Tap the QR code to copy your address to your device’s memory. You can now paste your address into a website or other app.

Bread wallet even lets you request for a specific amount from a third party by using the “Request an Amount” option. 

Breadwallet Features

  • Easy to navigate- Bread mobile wallet is popular for its simplicity of use. The process of setting up a wallet is like a child’s play. The interface it furnishes is simplified and consists of no complex charts. The transfers and analyzing the prices of cryptos is a simple task that can be conducted by anyone who utilizes the wallet. 
  • Simplified Payment Verification- This is one of the features which makes bread wallets stand out. Through this system, the platform is easily able to make connections and commence payment to the Bitcoin network without any third-party intrusion. Basically, BRD endows simplicity and security under one roof.
  • Wallet Support- The issues or the queries of the Breadwallet users are easily and quickly resolved by using the “Help” button located in the interface. You wouldn’t even be required to exit your transactions if you require help. 
  • Privacy– User data privacy is a matter of utmost importance. There has been a rising need for data privacy and legislation across the globe to restrict the use of data that is in your possession. 

Breadwallet has taken a few measures to limit any unrestricted access of user information including its own members. 

Apart from this, the platform also employs other security measures like data encryption – a technique to protect user passwords, transaction history, and more. 

  • Open source– If you don’t want to go for those costly wallets in the market, a Bread wallet is an ultimate solution for you. The mobile wallet is free and can easily be accessed through their website or can be downloaded by Google store as well as App Store. 

BRD Reward system 

BRD offers a reward system in which you can earn points and rewards based on the volume of BRD tokens in your wallet. The system has devised 8 tiers. Each tier renders exclusive rewards. The minimum number of BRD tokens required to fall in each tier has been set by the system. 

  • For instance, if you hold 250 or more BRD tokens you will fall in 8th Tier and can enjoy 30% off on Accounting’s crypto tax tool,
  •  Belonging to the 7th tier will have a perk of 25% off on the trading fees, but to fall in the category you will be required to hold 1000+ BRD. 
  • 5th and 6th tier will earn you personal phone support and a security box respectively. You will be required to hold at least 5000+ BRD to fall in the 5th level and 2500+ BRD for 6th
  • While the foremost 1st tire category users will get a call back personally from the CEO of bread wallet!

Breadwallet fees 

Wallet transaction fees fluctuate and are calculated based on transactional activities being held within the wallet. Users who are involved in sending out and receiving BTC in large quantities might enjoy a lower fee structure. Although if you purchase coins using a credit card in the Breadwallet, a fee of 5% will be incurred. 

You are also subjected to bank charges if you purchase coins on Bread using the following fiat currencies- USD, EUR, CAD, GBP, and Danish Krone. 

You will be glad to know, no fee is charged or levied for using the Bread wallet. It’s a hot wallet which can be easily accessed and downloaded through iOs, Play store, and from official website. 

Is Breadwallet Safe?

Breadwallet is transparent about its security, its decentralized nature and encrypted security setup make sure the funds are safe and are not accessible by anyone else other than the owner. 

Safety evaluation of the wallet is a vital part of our review. We will be answering the fundamental question of legitimacy and security. 

Here are a few measures which this mobile wallet has implemented to ensure the security of its users- 

Open Source Code- Bread wallet utilizes an open-source code, and which is publicly verifiable and auditable by third parties. This not only reflects transparency but also makes it simpler for users to identify bugs in the system. 

Non- custodial- As Bread furnishes a non- custodial wallet you can only access it through your private key. In case you forget your pin, you can restore your wallet through the seed phrase. 

Touch ID and Face recognition – The authentication process has been incorporated with touch ID and facial recognition by Bread wallet to provide an extra level of security. =

Hierarchical Deterministic- As HD algorithms are used by the wallet, a new wallet address is created for every transaction. Thus, it becomes difficult to track transactions to a specific wallet or a user. 

Blockchain Communication- Communication is withheld between wallet and numerous blockchains, instead of using any central network. This tends to make it further challenging for hackers to gain access or compromise user wallets. 

Thus, we could say the wallet poses no threat to the user’s assets as a few measures have been taken to enhance security. 

TIP- You shouldn’t consider storing a large number of Bitcoins in the Bread wallet as it’s a hot wallet and there is always a threat of third party access. We recommend you use a hardware wallet for that purpose. 

RECENT UPDATES 

  • BRD is offering ETH network fee reimbursements to all the users holding 1000+ BRD tokens in the BRD application! To know how to claim it visit the link – https://rewards.brd.com/
  • BRD is educating masses on bitcoin, Ethereum, and other digital currencies, over the video series- The Simplifiers. Check out the video and polish your basic knowledge on crypto
  • BRD celebrated the 10th Anniversary of Bitcoin Pizza day(Mark of 1st transaction using bitcoin, which was a pizza) by distributing pizzas to its followers through a contest. 
  • Breadwallet’s popularity increases across Venezuela due to failing monetary policy. 

Conclusion

While I started my research for this review, I found the wallet to be trustworthy and can experience using it as a few intricate details of the wallet. BRD platform reflects a simple and intuitive design and is brimming with features like buying and trading. The ease of navigation makes the wallet suitable for even beginners and thus makes this app a great gateway to the cryptocurrency world. 

Although, we would like BRD to support additional coins like Litecoin, Ripple and a few others. 

FAQ’s

Can I use Bread without connecting to a Bank account?

Yes, you could easily send and receive Bitcoins even if you are not connected with your Bank account. You are only required to link your bank account while purchasing Bitcoin with fiat currency within the wallet.

What is a Recovery Key?

The “keys” to access your wallets are securely stored on your phone and nowhere else. A unique “Recovery Key” will be provided to you by the BRD app. It is a list of 12 words which can be used to recreate the keys to your wallet. This key will help you to gain access to your wallets in case of phone theft or phone up-gradation.

My Bread wallet froze; What should I do?

Your wallet could be freezing due to a software problem. Try updating the app to the latest version to see if the error is rectified. If it is not solved even after that, contact support.

How can I use the request an amount option?

This feature enables you to specify the number of funds you wish to receive from another party. The QR code will automatically dictate the amount if you use this. This also eliminates the possibility of transferring the wrong figures.

Where can I download Breadwallet?

 You can download the iOS app from Apple AppStore and the Android app from Google PlayStore.

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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