Getting started with cryptocurrencies using the MyBit Mobile Wallet
Posting a quick article I wrote up for MyBit about their new MyBit mobile wallet. Great app honestly:
With technological advancements occurring at a breakneck pace, and cryptocurrency adoption rising by the day, it’s become increasingly easy for the average user to have their first experiences with cryptocurrency. What once used to be an industry dominated by developers is slowly opening its doors, and in this case — their wallets, to the rest of the world.
Based on this concept, the MyBit Mobile Wallet is a groundbreaking app that allows anyone, anywhere, and at any time, to begin using cryptocurrencies at the tip of their fingers.
Replacing conventional desktop wallets
For years, since the first inception of cryptocurrencies, users have been forced to use cumbersome desktop wallets to manage their crypto. With varying protocols, individuals have to keep wallets across applications, and are restricted from conveniently making payments.
In addition, as more vendors begin to accept cryptocurrency, making transactions in-person has become ever-so-more important. Could you imagine having to lug your computer across the city just to pay for a beer with crypto?
Thus, the MyBit Mobile Wallet provides the value of enabling users to transact with their crypto, right from the existing mobile devices in their pockets. By using state-of-the-art technology, it ensures Convenience and Security, including features like:
- Multi-currency support. With the MyBit Mobile Wallet, your free to transact using any ERC-20 compatible token on the Ethereum network, allowing to use your tokens wherever you go.
- Address to QR support. There’s no need to type or copy addresses anymore. The MyBit Mobile Wallet allows you to send transactions by simply scanning an Address QR.
- Biometric security. With the MyBit Mobile Wallet app, you can add an additional layer of security to your wallet by using biometric technologies like FaceID and TouchID to protect access to the app.
- Multi-wallet support. The MyBit Mobile Wallet makes it easy to manage multiple wallets, with a convenient way to not only import existing wallets, but to switch between added wallets with the tap of your fingers.
- Test-network support. For development and testing, the MyBit Mobile Wallet also supports transacting on the Ropsten test network.
How does it work?
Using the MyBit Mobile Wallet is as simple as downloading the app from the App Store (iOS) or the Google Play Store (Android).
The first time you open the app you’ll be prompted to create or import a wallet. If you’ve used the app before, you can import an existing wallet. Otherwise, if you’ve never used the app before, you can simply press to create a wallet. You’ll be asked for a secure password and prompted to save a backup of your wallet someplace where you won’t lose it.
This is an important security feature of the MyBit Mobile Wallet which allows you to not only stay in control of your funds, but also to protect them by saving a backup of your wallet private keys (almost like having a duplicate key for your house).
Once this is completed, you’re presented with your Wallet, where you can easily send and receive crypto-currencies.
Receiving cryptocurrencies
Receiving cryptocurrencies with the MyBit Mobile Wallet is quick and easy. Simply press the Receive button at the bottom of the screen, which will present you with your Ethereum Public Address in both QR and text formats. This public address is a unique identifier on the Ethereum network which represents your wallet. It can be used by anyone to send you funds.
For convenience, we’ve also enabled sharing features when receiving (found in the upper right), allowing you to easily forward your public address through a variety of social platforms.
Sending cryptocurrencies
Sending cryptocurrencies with the MyBit Mobile Wallet is even easier. Simply press the Send button at the bottom of the screen, which will allow you to enter a Recipient public address and the amount you’d like to send. By pressing the QR option for Recipient Address, the MyBit Mobile Wallet allows you to conveniently make payments by simply scanning QR codes.
Once you’ve decided on an amount to send and filled out the recipient address, press Next. You’ll be presented with a confirmation dialog that allows you to tweak your transaction settings and confirm that the details you entered are correct. By default, the MyBit Mobile Wallet selects the best settings for your transaction, and it’s as simple as pressing Confirm to complete the transaction!
For example, in the picture below, the team at MyBit is paying for Pizza with Ethereum to celebrate the launch of the MyBit Mobile Wallet. We can easily scan the QR code on the bill generated by the pizza vendor, allowing us to quickly make the payment and enjoy our party!
Advanced features
More advanced features of the MyBit Mobile Wallet can be found in the other tabs of the app. In the Transactions tab, you can track past transactions and their status. In the Settings tab, you can change wallets, networks, currencies, setup biometric security to further secure your funds, and more.
What’s the future of the app?
The MyBit team is continuing development on the app every day. It is our goal to ensure that the funds of our users are safe and secure, and that it’s as easy as possible for anyone to begin transacting with cryptocurrencies at the tip of their fingers.
For more information, stay connected with the MyBit team through our Telegram.
Until next time!
The MyBit team.
