What is Bread?
Bread, formerly known as Breadwallet, is a crypto wallet for mobile users which was developed in 2015 by Bread Company. The company is based Zurich, Switzerland, and it has dedicated itself to implement some of the strongest security measures to ensure the safety and privacy of their users.
This free digital wallet is an easy to use app for Bitcoin storage, making it a favorite option among beginner traders.
The successes of the wallet prompted the company to develop their own native coin called the Bread (BRD) coin.
While using only a mobile wallet to manage funds comes with its downsides, it is a useful tool which helps traders on the go to monitor their crypto holdings.
The wallet app can be used on devices which have the following operating systems: iOS (including Apple Watch) and Android.
Wallet Costs and Fees
Downloading and using the Bread wallet does not incur any fees. However, crypto transactions will require that you pay the network fees of the coin you are transacting with.
The most recent updates enable users to modify transaction fees based on priority, giving them the option to have faster transactions for a higher fee.
There may also be some fees added when you try to purchase Bitcoins, which are charged by the third-party service which links your wallet to your account.
How Does the Bread Wallet Work
In order to deposit, store, or run other transactions on the wallet, follow the steps featured below:
- Enter the Google Store or Apple App Store and download the app on your mobile device.
- After installation, click on the “Create New Wallet” featured in the wallet interface.
- You will be required to select a 6-digit PIN code (private key) that will be used each time you make a transaction.
- Log into the wallet with the code. A “seed phrase” will then be generated which will be used to recover your funds in case your phone gets lost or stolen.
- In order to add coins to your wallet account, hit the “Receive” icon. This will generate an address to which you send your coins to.
- To send coins, find and click on the “Send” button and put in the wallet address of the receiver.
The transaction management of Bread involves sending information to Bread’s servers and then to the Bitcoin network, thus connecting to the network directly from within the app. This enables the processing of transactions in a more decentralized manner and it also ensures that users have more privacy for their accounts.
Bread does not keep any user data or private key on their servers, which means that you are the only one that has access to your funds at any given time.
The wallet is PIN-secured and even if your phone is stolen, the thief cannot access the wallet without the PIN. The wallet also lets users activate touch-ID or facial recognition as a user identification option.
Bread is a hierarchical deterministic wallet, meaning that it generates multiple public addresses to make it harder for someone to track your transaction’s details. While Bread does have strong security measures in place, it does not feature a 2-factor authentication mechanism.
It should be noted that the purchase of Bitcoin through the wallet requires having to communicate with third-party platforms which may have different security implementation compared to Bread.
Pros and cons
- No registration or signup needed
- Direct connection with the Bitcoin blockchain
- Touch-ID login for extra security
- Features an integrated customer support section
- No personal information is collected
- Ability to buy Bitcoin directly through Bread app
- Multiple wallet addresses are generated automatically for each transaction
- Users have reported bugs and app crashing
- No 2-factor authentication implementation
- Lacks multi-signature transactions
- Slow network synchronization upon startup
- The purchase of Bitcoin relies on using third-party services
- No replay protection for potential forks in the blockchain
- Limited altcoin support
This Bread wallet is a useful mobile app for crypto storage, which is supported by a dedicated development team. The wallet combines convenience and security, making it an ideal option for beginner and advanced users alike.