Bitcoin.com Doubles Down on Non-Custodial Model
Bitcoin.com, in line with its vision to support ‘economic freedom,’ is refocusing its efforts on non-custodial, or ‘self hosted,’ crypto products, including exchange. Therefore, the Bitcoin.com Wallet, which is fully non-custodial and provides users with direct access to public blockchains like Bitcoin, Bitcoin Cash, and Ethereum will be the company’s flagship product going forward.
What’s the non-custodial model?
When you take possession of your assets, it means there’s no need to request approval from a middleman to send or receive your money, and no need to rely on third parties to hold your assets on your behalf.
You also have full control over the fees you pay to miners and validators when sending crypto or interacting with smart contracts – and you are able to interact with smart contracts! That means (in the very near future via Bitcoin.com) you’ll have access to, for example, decentralized finance applications that enable you to earn passive income.
What is ‘economic freedom?’
Bitcoin.com defines economic freedom as the ability for individuals to freely acquire and use personal resources however they choose, both independently and in cooperation with others. We assert that it is a vital component of human dignity and a fundamental human right.
How can I take control of my crypto?
If you don’t already have the Bitcoin.com Wallet app, the first step is to install it on your mobile device. Then, it’s a simple matter of sending your cryptoassets from the centralized exchange to your self-hosted (non-custodial) wallets. Since you – and only you – will be in control, it’s essential that you back up your wallets and keep on top of password-management best practices.
Swapping, the non-custodial way
The Bitcoin.com Wallet empowers anyone in the world to connect to a range of swap providers and decentralized exchanges. To swap, for example, BTC > ETH, you just tap the swap button and follow the simple instructions. Behind the scenes, your cryptoassets will change hands on public blockchains and you’ll end up holding the swapped funds in your wallet.
Can I use the Bitcoin.com Wallet on desktop?
Yes. The Bitcoin.com Wallet is a multi-platform application available on iOS, Android, and via web browsers at app.bitcoin.com. You’ll just need to have the Bitcoin.com Wallet installed on your device and an account created. Then, go to app.bitcoin.com, sign in via Google or Apple, and your wallets will be automatically synced across devices.
What’s happening to Bitcoin.com’s custodial exchange?
Bitcoin.com Exchange has for years provided an important custodial trading experience – and the company recognizes that custodial exchange services continue to play an important role in the crypto economy. For now, however, Bitcoin is focusing on development of the Bitcoin.com Wallet, which enables users to take control of their funds while unlocking powerful new ways to use their cryptoassets.
Users of the Bitcoin.com Exchange will have their accounts automatically migrated to FMFW.io and can rest assured their assets are safe.