DeFiChain Wallet

latest release: 1.0.0 ( 23rd January 2022 ) last analysed 11th November 2021 A wallet but not for Bitcoin

Reviews

Launched

18th August 2021

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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.

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The Analysis ¶

(Analysis from Android review)

App Description

DEFI AT YOUR FINGERTIPS. DeFiChain Wallet is your gateway to #NativeDeFi – the open, decentralized and lucrative finance ecosystem powered by DeFiChain, a secure blockchain which marries decentralized finance with the security and immutability of Bitcoin.

LIGHTWEIGHT, INSTANT ACCESS Connect directly to a decentralized network of nodes distributed across the world and instantly access DeFi services without the hassle of time-consuming synchronization and strict hardware requirements, while maintaining the highest degree of security.

FULL COINS AND TOKENS SUPPORT Securely store, send and receive DFI and native BTC, as well as wrapped tokens such as dBTC, dETH, and stablecoins like dUSDT, dUSDC, and more.

The App

We downloaded the app. The first two options were ‘Create a Wallet’ and ‘Restore’. Before you can access a BTC wallet, dBTC must first be sent to the user’s account before the BTC “wallet” can appear. Similar to WBTC (ERC20) which is on the Ethereum blockchain, dBTC is on the DeFiChain.

Verdict

As such, this is not a bitcoin wallet.

(dg)

Verdict Explained

The product is not for BTC.

As part of our Methodology, we ask:

Is it for bitcoins? If not, we tag it No BTC

At this point we only look into wallets that at least also support BTC.

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