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Bitcoin India Wallet & Exchange

latest release: 3.1.30 last analysed  1st December 2020
Custodial: The provider holds the coins
2.7 ★★★★★
1013 ratings
50thousand

Published:

Our last analysis is based on data found in their Google Play description and their website.
details below 

Do your own research!

Try out searching for "lost bitcoins", "stole my money" or "scammers" together with the wallet's name, even if you think the wallet is generally trustworthy. For all the bigger wallets you will find accusations. Make sure you understand why they were made and if you are comfortable with the provider's reaction.

The Analysis

India’s Most Secure Bitcoin Wallet

Ok, sure. :)

• You are the only one who can control and have access to your wallet.

That’s a claim of being non-custodial?

  • If your e-mail gets compromised, only you can access your Bitcoin India wallet, because you would still have 2fa on your phone at Google Authenticator.

If the email is relevant for your security, somebody can grant you access and that somebody … has access. That does not sound non-custodial.

  • All transactions are synced across all of your devices in real time and are protected by an intense bank-level security protocol.

Now if we would give them the benefit of the doubt and assume you restored the same seed on all devices then yes, the blockchain would make sure of keeping your devices in sync but somehow “protected by an intense bank-level security protocol” does induce the opposite of trust.

Oh, the rating is 2.4 stars. Apparently this is a bad product that doesn’t bother to buy 5 star ratings like other scammy apps.

Many reviews read like this:

This people are fraud u can only deposit money into it but cannot withdraw or transfer your coins. No customer supports no help desk. Beware of this fraud app!

At this point we assume the worst. At the very least it is a custodial offering and thus not verifiable but … don’t install it. Just don’t.

Verdict Explained

Custodial: The provider holds the coins
As the provider of this app holds the users coins, verifiability of the app is not relevant to the security of the funds!

This verdict means that the app might or might not publish source code and maybe it is even possible to reproduce the build from the source code but as it is custodial, the provider already has exclusive control over the funds, so it is not a wallet where you would be in sole control of your funds.

Custodial wallets might not be the worst option for all users.

  • Do your own research if the provider is trust-worthy.
  • Do you know at least enough about them so you can sue them when you have to?
  • Is the provider under a jurisdiction that will allow them to release your funds when you need them?
  • Is the provider taking security measures proportional to the amount of funds secured? If they have a million users and don't use cold storage, that hot wallet is a million times more valuable for hackers to attack. A million times more effort will be taken by hackers to infiltrate their security systems. Will they detect when for some software error a hacker is spending other people's money before the losses are unrecoverable?

The app cannot be independently verified. If the provider puts your funds at risk on purpose or by accident, you will probably not know about the issue before people start losing money. If the provider is more criminally inclined he might have collected all the backups of all the wallets, ready to be emptied at the press of a button. The app might have a formidable track record but out of distress or change in management turns out to be evil from some point on, with nobody outside ever knowing before it is too late.