Adam Traidman was a founder and CEO of BRD Wallet, or Breadwallet. Aaron Voisine, his future partner in crime, brought up Bitcoin when they were speaking for the first time.
Traidman thought, “Bitcoin’s used to buy drugs and guns, this type of stuff never becomes mainstream.” He was an eccentric serial entrepreneur hailing from Silicon Valley. He left the bar.
Within a year, he was in Andreessen Horowitz where he heard some smart men discuss Satoshi and Blockchain. Voisine finally got the courage to call him back and learn that his friend had been creating a decentralized money wallet.
Voisine’s entire career has been in UX. He creates simple and basic mobile apps. Traidman awarded Voisine a chance in 2009 when his app ranked second in AppStore.
Two entrepreneurs started a business and raised venture capital in 2015. In 2017, they launched an ICO and now have more than 5 million customers across 170 countries.
What is the BRD Wallet?
BRD is a non custodial mobile wallet (i.e. Your private keys are yours alone. It is available for both iOS and Android. The wallet is simple and elegant.
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BRD Wallet is simpler than many Bitcoin wallets. It doesn’t require any complicated onboarding or a complex interface.
The wallet’s design and intuitiveness are appealing. It also includes a tutorial to help people get started with Bitcoin, or any cryptocurrency. Segwit support for Bitcoin is also available in the wallet (still in beta). Customized transaction fee management is the only thing it doesn’t have. BRD allows you to trade and buy Bitcoins from the app, just like other wallets.
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BRD Wallet Setup
It is quick and easy to set up the BRD Wallet. Android and iOS users can simply download the BRD app to their mobile devices. Upon download, users will view the BRD disclaimer indicating that they have joined Coinbase Wallet, and are provided with a link to the March 23, 2022, press release/announcement.
Users will be able to download the Coinbase Wallet from the link provided. However, this is not the same thing as downloading the Coinbase application. The user will not be creating an account with Coinbase’s centralized exchange, but they will download the non-custodial Wallet. After creating a wallet, users can restore an existing one or create a new one. Users who choose to create a wallet from scratch will be provided with “terms and conditions” and “privacy policies” that must be accepted before they can proceed.
Users can then choose a username, and whether they want to make their username public or secret. Other wallet holders will not be able to search for your username if your username is kept secret. After that, users will be prompted for a six-digit passcode. Finally, they will be asked to back up their wallet with a 12-word recovery password.
BRD Wallet Supported Cryptocurrencies and Payment Options
BRD supports the storage of these coins:
- Bitcoin
- Bitcoin Cash
- Ethereum
- XRP
- HBAR
- TrueUSD (an ERC-20 stabilizecoin)
- All ERC-20 tokens
Paying for cryptocurrencies can also be done with over 35 fiat currencies.
- USD
- EUR
- GBO
- CAD
- DKK
You can buy these cryptocurrencies within the app:
- BTC
- ETH
- XRP
You can trade the following cryptocurrencies within the app:
- BTC
- ETH
- BCH
- BRD (ERC-20).
Features
BRD Wallet allows users the ability to trade, buy, and exchange over 70 cryptocurrencies from the BRD platform. The user interface displays the available options and steps to take advantage of them. BRD wallet owners have the option to trade and buy NFTs. They also have the ability to explore other decentralized applications. Although crypto holdings are not subject to interest, users can stake their assets for rewards.
Users have the option to choose a default network to which they wish operate (i.e. As they transact, users can choose to use Ethereum, Arbitrum or Polygon. This feature may be more appealing to experienced crypto investors. The ability to switch networks quickly allows users to search for lower transaction fees across networks, despite Ethereum being the default network.
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Finally, users can fund the wallet with a credit or debit card and directly from their Coinbase accounts (if they have one).
BRD Wallet Token
In December 2017, the initial ICO for the BRD token was conducted. Initial price was $0.8. The token fell by more than 90% over time. BRD tokens unlock a wide range of perks that are similar to Binance’s Binance Coin. BRD token holders enjoy 50% off trading fees, and dedicated phone support. Bread tokens can be purchased, sold or transferred on the Ethereum blockchain as a standard ERC-20 token.
Is BRD Wallet Secure?
BRD has never been hacked. That is a fact which speaks for itself. The client does not have multisignature addresses, which is arguably the biggest security problem. Multi-signature simply means that you can divide the access to your cryptos into more than one.
Apart from that, the BRD mobile application will provide you with a 12-word recovery code. It will also ask you to set up a pin and enable Touch ID on either Android or iPhone.
The team emphasizes the fact that keys stored in encrypted storage on your smartphone are yours and no one can access them. BRD is available both for iOS and Android. BRD is not available as a desktop app.
Usability
Mobile App
BRD Wallet is compatible with both iOS and Android devices. Both versions offer the same functionality, and provide the same user experience. It is simple to download and use and has a lot of positive user reviews. Easy use was a theme that appears to be common among all the positive reviews.
Fees were frequently cited by customers as the biggest problem in contention, despite having lower ratings. BRD charges are the network fees for sending coins. BRD users are exposed to the same network fees as wallet holders. BRD Wallet users cannot customize fees. This is a bigger problem. This is what sets BRD apart and makes it stand out from its competition. Because network fees can fluctuate, users have additional control. Users can customize their fees to give them more control.
BRD Wallet Fees
BRD’s fees, costs, and charges are all standard. It is standard for users to pay a network fee in order to send cryptocurrencies. This fee is determined in part by the network where users transact, and is beyond the control of BRD. The user cannot control fees through BRD, and the fee is therefore not customizable. The final thing is that there are no fees to open a wallet and receive coins.
Potential Downsides
Users who wish to access cryptocurrencies will find it difficult to pay the BRD wallet fees. It is not a long-term strategy to adopt cryptocurrencies if you pay a 7% markup. This may lead you to switch wallets.
Conclusion
BRD is one of many wallets available that is suitable for beginners. This app is easy to use and has many features, including trading and buying.
