As the popularity of Bitcoin is rising, so is the sheer number of crypto wallets and crypto wallet solutions. Today, a regular Bitcoin user can quickly become flustered by the mass of wallets to choose between. However, one wallet that has been catching the attention of Bitcoin users, albeit for all the wrong reasons, is the controversial Bitcoin.com wallet, a service which is misleading to some, and useful to others.
Users who research wallet options the most are crypto beginners. These users are often overwhelmed by the available options and are likely to choose the option that is user-friendly and provides the user with a comprehensive solution. While there is a host of solutions available on both iOS and Android, it is often difficult for a beginner to single out a good option. Some apps could be attractive to some users because they allow users full control of their private keys, while other users might be looking for a wallet that supports explicitly smaller altcoins. Whatever the feature, there’s likely a wallet that offers it, though finding the best prospect is difficult.
While novice users are encouraged to research their options, they have been discouraged from trying the Bitcoin.com wallet app. It is not technically a wallet app; the wallet is stored externally. It is tailored to support Bitcoin Cash (BCH), and in doing so, it creates an automatic BCH address for the user. Since BCH and Bitcoin use the same address codebase, this could mislead users into buying Bitcoin and sending it to an address incapable of receiving it. On the surface, this seems to be deliberately misleading.
I can confirm that Bitcoin dot com’s wallet has BCash as default wallet. Don’t steer any noobs to the wallet or the site. It’s officially trying to hijack Bitcoin through smoke screen.
— Alan Silbert (@alansilbert) November 20, 2017
Deliberate or not, several beginner investors have already fallen trap to the misleading app. While advocates have claimed that users should have read the app description, others provided the counterpoint that most users did not find it necessary, considering the app’s name. Those accusing the app of being deliberately misleading to have stated that the app should be called Bitcoincashwallet.com for the sake of transparency.
While the intention behind the seemingly fraudulent app is yet to be confirmed, this event has only confirmed that the cryptocurrency world is still very much subject to hacks and scams. While the misleading nature of the wallet app has not been proved to be intentional, the chain of events does seem questionable. Several users have pointed out that deceptive campaigns and apps should be prevented in the future.
It has not yet been confirmed how many funds, if any, have been lost due to the app. However, considering its popularity, there is likely to be widespread damage. While the wallet also offers support for Bitcoin, the Bitcoin option has to be manually selected, something which might be an obstacle for users unfamiliar with cryptocurrency terminology.
The misleading wallet is likely to receive a fair amount of backlash in the next few weeks. The Bitcoin community has time and again proved its distaste for those wishing to muddy Bitcoin’s reputation. While instances like these, are not necessarily prohibited, it does undermine Bitcoin’s reputation, something which could prove fatal to the cryptocurrency just as it is moving towards the mainstream. Several users suggested that the app should change its name, but so far this hasn’t been done.