“I want to control my funds”, “I want to reduce the risk of asset blocking”, “I need to set up automatic withdrawals to cold wallets and make mass payments”, “I want the wallet IP address to be protected and not fall into the hands of intruders”, “I need to generate and download balance reports”, “I want my transactions to be untrackable by competitors”.
These are the needs that entrepreneurs convey when choosing a crypto wallet for business. The BitHide team has found an effective solution to each of them. In the article, we will tell you more about the product and its capabilities.
BitHide is a secure crypto wallet
To calmly develop your business, you need to be sure that your crypto assets are securely stored: they will not be stolen, blocked, and access to them will not be lost if something happens to the wallet. The issue of the safety of funds with BitHide is solved in several ways.
User seed phrase
An entrepreneur is the real owner of his crypto assets only if he has a mnemonic phrase. Therefore, when he first logs into his BitHide crypto wallet, he receives a seed phrase. This guarantees the ability to restore access to funds if it is lost for some reason.
Non-custodial product
The wallet software is installed on a server controlled only by the client. This eliminates threats to the company’s independence and the influence of third parties on the management of its finances.
Masking the real IP address of the wallet
The default anonymity of cryptocurrencies has long been a myth. Attackers and corporations obtain IP addresses of participants in crypto transactions by placing their nodes around the world. It is extremely undesirable for a business to disclose a real IP address. Once hackers have it, they can easily reveal the physical location of the server, which means they can get the company’s cryptocurrency.
BitHide solves this problem with Dark Wing technology, which is a combination of VPN and Tor. The former ensures effective synchronization with the public node, while the latter reliably hides the IP address. With Dark Wing, the node receives a three-times changed address, making it almost impossible to figure out the real one
Reliable data encryption
Each wallet owner receives a unique 512-bit key. It provides reliable data protection: it encrypts the wallet usage history, and it is also used as a password for logging in.
Reducing the risk of blocking funds through built-in risk checking
When choosing a crypto wallet, you need to check whether it provides the ability to quickly check assets for risk level. Built-in AML verification functionality will help avoid mixing funds with different risk levels and make informed decisions about which addresses to send cryptocurrency to exchanges or exchangers from. Thus, the risk of getting assets blocked by the latter will be significantly reduced.
In BitHide, the user can check addresses automatically when receiving funds, or manually when necessary or before sending. In addition, he himself sets the percentage ranges for each of the risk levels in the wallet settings, and in the “Portfolio” section can see all the cryptocurrencies sorted by a given risk level.
BitHide — convenient management of a crypto wallet
Security is a critical issue, however, if a product does not offer a convenient set of tools for working with cryptocurrency financial flows, it will be extremely difficult to use it in business. BitHide clients do not even notice that they interact with cryptocurrency assets, not fiat ones, the interface is so convenient and the set of functions is sufficient.
The ability to create multiple subwallets and addresses
This eliminates confusion when working with different profit centers. Financial flows become more transparent, and their management is easier. In addition, you can leave comments and notes on addresses and individual transactions, for example, describe the goal, project, department or counterparty. This makes it easier to prepare reports and simplifies the audit process.
Multi-access
In BitHide, you can involve as many employees as needed, providing everyone with different levels of access.
Convenient work with reporting and accounting
Users can make balance and turnover reports with recording the purpose of payments and cryptocurrency conversion rates upon crediting, and also download them to a computer in excel or csv formats.
Automatic withdrawals and mass payments
In order not to store significant amounts in a hot wallet, it is important to set up automatic withdrawals that will occur when a certain amount has accumulated. Automatic withdrawals can be one-time or permanent, to one wallet address or many
Companies often need to make mass payments, such as employee salaries. BitHide makes it as convenient as possible: you just need to create a table with addresses and amounts to transfer on your computer, then upload it to your crypto wallet and send funds to everyone in one click.
Prompt technical support
It is important to be able to resolve any issue regarding the operation of the product by communicating with a technical support specialist. Bithide users have this opportunity.
Conclusion
The BitHide crypto wallet effectively solves business problems in working with cryptocurrencies, and also meets the main needs of companies. With it, using cryptocurrency becomes truly safe, confidential and convenient.
Start developing your business at full capacity, stopping wasting resources on endlessly overcoming obstacles in working with tools that are not intended for companies.