Crypto wallets enable users to store their digital assets securely, but there are many cases of theft and hacks, resulting in the loss of digital assets permanently, making investors concerned. Proton Wallets stands among the rest, claiming the user is the only one who has access to the encryption keys. The robust security features and user-friendly interface make this new wallet popular among crypto enthusiasts.
What Is Proton Wallet?
Proton Wallet is an end-to-end encrypted self-custodial wallet that allows users to store their Bitcoins securely, no one other than the user gets access to the encryption keys. Proton wallet acts as the self-custodial Bitcoin wallet, giving users complete control over their Bitcoin assets. With Proton Wallet, the team aims to eradicate the security issues and breaches involved with crypto assets due to the sharing of private keys and also offer financial freedom for all. By rotating your Bitcoin address every time you purchase BTC, Proton Wallet prevents the chance of others monitoring the transaction, ensuring security.
Being a new platform, the Proton Wallet only supports Bitcoin and with time it plans to add more capabilities to the platform. The requirement of a Swiss banking license restricts the platform from adding fiat currencies. You may wonder why Bitcoin, the answer is simple Bitcoin is the largest cryptocurrency and is widely used by millions of people around the world, so with this Bitcoin self-custody wallet Proton aims to introduce Bitcoin easily to newcomers.
Proton Wallet Unique Features
Proton wallet is an open-source non-custodial wallet, that ensures security and privacy to users and their Bitcoin assets. To make this possible, the development team has integrated numerous technologies and features into the wallet.
1. Guaranteed Ownership
Proton Wallet utilizes end-to-end encryption technology, ensuring the platform doesn’t have access to your Bitcoin. It prevents the pooling of Bitcoin with other coins in a centralized platform, which can possibly create an environment for hacking. The Proton Wallet user’s encryption key and Bitcoin completely belong to them, eliminating the need to have dependency or trust in the platform.
2. Bitcoin Through Email
The main goal of the Proton Wallet is to transfer Bitcoin’s dominance from tech-savvy to common people, creating financial freedom for all. Bitcoin transaction involves the complexity of sending and receiving, as it requires verifying the recipient’s Bitcoin address through a compromisable communication channel. But with the Proton Wallet, users can send and receive Bitcoin through email addresses, as long as you have a Proton Mail email address, you can receive Bitcoins through email.
3. Secure Bitcoin Purchases In 150+ Countries
Proton Wallet allows newcomers to buy Bitcoins in more than 150 countries without any hassle. Users can buy Bitcoin using credit cards or bank transfers from any part of the world through Proton’s financial partners. This increases Bitcoin purchases and contributes to the growth of the first and largest crypto.
4. Open Source And Proton Sentinel
Being an open-source platform, every action including the security claims can be checked by the public, increasing the platform’s security. Proton Sentinel, a high-security program in which users at risk of cyber-attacks are protected. By utilizing advanced machine learning and artificial intelligence, Proton Sentinel detects and blocks malicious logins, preventing hackers from stealing your Bitcoins.
5. Finacial Freedom
With Proton Wallet, everyone can have a secure, free, and easy-to-navigate Bitcoin wallet, whose control is completely in the hands of the user who owns it.
How To Create A Proton Wallet Account?
Users can create a Proton Wallet by visiting their official website. There are three plans available: Free ($0), Proton Unlimited ($9.99), and Visionary ($29.99). The different plans provide different benefits which are listed below.
| Free | Proton Unlimited | Visionary |
|---|---|---|
| 3 wallets | 10 wallets | 50 wallets |
| 3 accounts per wallet | 10 accounts per wallet | 50 accounts per wallet |
| 1 Proton email address | 15 Proton email address | 100 Proton email address |
| Bitcoin through email | Bitcoin through email | Bitcoin through email |
| 500 GB storage | 6 TB storage | |
| 3 custom email domains | 10 custom email domains | |
| Fast and private VPN | Fast and private VPN | |
| Encrypted password manager | Encrypted password manager | |
| Encrypted cloud storage | Encrypted cloud storage | |
| Advanced account protection | Advanced account protection | |
Once you choose the plan according to your interest, you will be directed to account creation. You can enter a username and password. Then link your credit/debit card with the account, and choose your country, the account creation process will be completed and you can start using Proton Wallet.
Proton Wallets lets you create multiple Bitcoin wallets, each wallet has a different seed phrase and users have to store them securely. You can utilize different Bitcoin wallets to separate your Bitcoin and transactions, which enhances privacy.
How To Deposit Bitcoin In Proton Wallet?
To begin using the wallet you need to deposit Bitcoin. Bitcoin can be deposited from another wallet, that you own. Click on the ‘receive’ button and then tap on the ‘copy Bitcoin address’ button in the window displayed. Paste the copied address in the designated column. After some time, the Bitcoin will be transferred to your Proton Wallet.
How To Buy And Send Bitcoin On Proton Wallet?
You can buy Bitcoin by clicking on the ‘buy’ button displayed on the homepage, which will navigate you to an interface for service providers Ramp and Banxa. Fill in the necessary fields and choose the provider and payment method.
To send Bitcoin, you can click on the ‘send’ button on the home screen, and enter the Bitcoin address or email address. Enter the amount of Bitcoin you wish to send, and confirm the transaction after reviewing the details entered. You can select the priority and speed of your transaction in Proton Wallet.
Security In Proton Wallet
Proton Wallet utilizes Two Factor Authentication, preventing unauthorized access. The Proton Sentinel security program utilizes AI to identify malicious login attempts. The end-to-end encryption protects your wallet keys, metadata, and wallet seed phrase.
Customer Service In Proton Wallet
Proton Wallet offers 24×7 real human customer service. Users can get personal support for every inquiry, including simple and complex doubts.
Pros And Cons Of Proton Wallet
| Pros | Cons |
|---|---|
| Free-to-use option available | Dont support lightning transactions |
| Easy to setup | Lacks UTXO management |
| Dont access user data and private keys | High transaction fee |
| Bitcoin can be sent through email | |
| Decide priority speed for transaction | |
| Purchase Bitcoin through Ramp or Banxa |
Bottom Line
Proton Wallet is an ideal wallet for beginners, enabling seamless transfer of Bitcoin without compromising security. The open-source nature and free-to-use interface enhance the usability of the platform. However, it only allows transactions in the Bitcoin base chain, which requires high transaction fees and high processing time. It is the user’s interest and decision whether to use the platform or choose a viable alternative.
Frequently Asked Questions (FAQ)
How To Create The First Bitcoin Wallet In Proton Wallet?
Users can open the Proton Wallet app or open it through the browser, and log in to the account. A popup window will display where you need to enter your preferred currency. Then click on ‘create new wallet’. The Proton Wallet links your primary email address with this wallet, enabling you to receive Bitcoin through email. You can create an additional wallet by clicking on the + button near the wallet section.
How To Delete A Bitcoin Wallet In Proton Wallet?
Once, you log into the wallet, navigate to the left of the screen, and choose the wallet you want to delete. Select the settings button next to the wallet name and tap ‘delete wallet’. A pop-up window will appear, where you can confirm the wallet deletion.
