Bitay - Easy Bitcoin ExchangeLatest release: 2.1.0 ( 7th November 2020 ) 🔍 Last analysed 3rd November 2021 . Custodial: The provider holds the keys Not updated in a while
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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 ¶
Turkey’s Most Trusted Crypto Currency Exchange
Bitay’s Security Policy discusses how its wallets are secured:
the technology from our trading platform to wallets has been developed within the company in a 100% secure manner. No 3rd party software has been used in case of a security risk. 98% of your platform’s crypto-currencies are stored privately in cold wallets that are not connected to the internet.
Bitay also requires identity verification
The Support Center > Deposit and Withdraw > Withdraw page is blank.
However, it has a status page for the availability of cryptocurrency Withdrawals/Deposits and fees.
These point to a custodial service with an exchange.
As the provider of this product holds the keys, verifiability of the product is not relevant to the security of the funds!
As part of our Methodology, we ask:Is the product self-custodial? If not, we tag it Custodial!
A custodial service is a service where the funds are held by a third party like the provider. The custodial service can at any point steal all the funds of all the users at their discretion. Our investigations stop there.
Some services might claim their setup is super secure, that they don’t actually have access to the funds, or that the access is shared between multiple parties. For our evaluation of it being a wallet, these details are irrelevant. They might be a trustworthy Bitcoin bank and they might be a better fit for certain users than being your own bank but our investigation still stops there as we are only interested in wallets.
Products that claim to be non-custodial but feature custodial accounts without very clearly marking those as custodial are also considered “custodial” as a whole to avoid misguiding users that follow our assessment.
This verdict means that the provider 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 control over the funds, so it is not a wallet where you would be in exclusive control of your funds.
We have to acknowledge that a huge majority of Bitcoiners are currently using custodial Bitcoin banks. If you do, please:
- Do your own research if the provider is trust-worthy!
- Check if you know at least enough about them so you can sue them when you have to!
- Check if the provider is under a jurisdiction that will allow them to release your funds when you need them?
- Check if the provider is 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.
But we also ask:Was the product updated during the last year? If not, we tag it Stale!
Bitcoin wallets are complex products and Bitcoin is a new, advancing technolgy. Projects that don’t get updated in a year are probably not well maintained.
This verdict may not get applied if the provider is active and expresses good reasons for not updating the product.
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