January 12, 2019

“I will transfer it to your account”—this phrase is heard more and more often and can compete with the question about the availability of a store’s bonus card that a buyer gets asked when making certain purchases. Applications for smartphones have enabled many people to make money transfers in a few clicks without being physically present in a bank. Modern financial enterprises organize development teams to create mobile banking solutions and wallets accessible to all users. DeCenter compared two online funds transfer applications: Blockchain.info and BIP Wallet. We want to clarify that it is the functionality of the programs that is under review, their simplicity, accessibility, and speed of work regardless of monetary units.

Comparison Criteria

This review covers the technological features and the user experience (UX) of the applications. User opinion about an app is usually pretty straightforward and, in some points, not an expert criterion, but it is the assessment and user comments that are important for the developers of various programs.

The review examines the functionality, convenience, simplicity, and design of the two applications: Blockchain.info and BIP Wallet. These programs can be downloaded for free on iOS and Android smartphones, or accessed through an Internet browser. Our main comparative characteristics of the programs are the quick transfer of money and completion of a transaction after unhindered registration in the system.

Blockchain.info

It is the crypto market leader among wallets that can store and transfer digital currencies such as Bitcoin, Ether, Bitcoin Cash, and, more recently, Stellar. User interaction with the service is protected by two-factor authentication and a secret phrase to restore access (if you forgot your password, but had not received a secret phrase, you will not be able to regain access to the wallet). The private key is encrypted by the company, but it can be exported.

To start working with Blockchain.info, users need to download the application and sign up by entering a valid email address and password, and accepting Terms of Use and Privacy Policy agreements.

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After filling in the data, a user receives an identification email and confirms their identity. It may take up to five minutes. Then a user needs to come up with a password to log into the application. It is this PIN that the user will enter every time they open the app.

After signing in, the user is redirected to the main page, where four coins are shown that can be stored and transferred. This wallet does not support other currencies from the list of the top 10, which have already been tested by time and are in demand by the crypto community. Therefore, all transactional transactions can be carried out only with BTC, ETH, BCH, and XLM.

The circle marks the current balance of the wallet and below the colored lines is the presence of certain coins. Below users can see the cryptocurrency rates that change in real time. To send money, one must go to the Send section. The address of the recipient wallet can be scanned using a QR code.

The speed of the transaction will depend on the amount and transaction fee set by the sender. As a rule, a block is formed within 10–20 minutes (sometimes more).

BIP Wallet

The Minter team’s wallet also provides the ability to make a quick transfer of funds. The BIP Wallet can be downloaded on the App Store or Google Play or tested in Telegram bot. It is currently at the testnet stage.

With this wallet, users can instantly transfer BIP—the Minter platform’s native digital coin—and spend it with a regular debit card. A wallet, like a bank, allows a user to issue and use branded virtual plastic cards in conjunction with Apple Pay and Android Pay. BIP and other coins issued on the network can be converted to U.S. dollars and euros in seconds. Users should not forget, however, that accessibility depends on the country of residence.

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To register on the Minter network and create a wallet, one needs to fill out a username—which later other users will be able to send coins to—come up with a password and confirm it. After this, a window with user data and financial indicators will open. To make a transfer of coins, users need to click on the Send section; select a coin; enter @username, email address, or scan the QR code of the recipient; specify the amount to transact; complete the transaction. After pressing the button, the translation will take place in a couple of seconds. Thus, there is no need to memorize long strings of blockchain addresses.

To receive funds in a BIP Wallet, users must go to the Receive section and copy the address or show a QR code. In the design and architecture of the application, there are no buttons that will make it harder for a user to conduct a transaction. All technical difficulties are kept out of sight of the user. The transfers themselves are carried out in a few seconds, and the volume of transactions thanks to the blockchain and Tendermint engine is tens of thousands per minute. At the same time, the average transaction fee will be much lower than 1 U.S. cent, and in some cases, may even be zero.

BIP Wallet security is provided by the blockchain, and each user has full control over their funds. If users need to change the data, in particular, @username or password, or add a photo or email address, they need to go to the Settings section.

Conclusion

Each payment solution develops over time, but some features remain unchanged, as they are part of a specific business model. For example, PayPal will always have high commissions because their main goal is to protect customers around the world, while banks will never be able to increase the speed of payments since all of them are radically different from one another—hence, they cannot do without the services of third parties. For this reason, the global community will strive to facilitate its financial activities and improve ways of transferring money using simple and customer-oriented tools like BIP Wallet.

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