The Proton Wallet, developed by the Swiss company known for ProtonMail and ProtonVPN, is a new non-custodial Bitcoin wallet designed with a focus on privacy and ease of use. Currently in beta, it offers a streamlined experience for sending and receiving Bitcoin, particularly for those new to the space. This review covers its features, setup process, security, and overall usability.
Getting Started with Proton Wallet
To access the Proton Wallet during its beta phase, you need an invitation via email from the company or an existing user. The wallet is available as a web application, an Android app, and an iOS TestFlight version. Setup is quick, typically taking between 5 to 10 minutes.
Upon receiving an invitation, you can begin the setup by clicking the link in the email. The process is straightforward—you are not immediately required to write down a seed phrase, which simplifies the initial experience. However, you have the option to back up your seed phrase later. Proton emphasizes that the wallet is non-custodial, meaning you have full control and responsibility for your funds.
The home screen is minimalistic and user-friendly, featuring options to send, receive, and buy Bitcoin.
Key Features and Functionality
Sending and Receiving Bitcoin
One of the standout features of the Proton Wallet is the ability to send Bitcoin using an email address. The recipient does not need a ProtonMail account; any email address will work. To send funds, you click the "Send" button, enter the recipient's email or Bitcoin address, specify the amount, and review the transaction. You can also add an optional message.
Receiving Bitcoin is equally simple. Click the "Receive" button to generate a Bitcoin address, which you can copy and share. It's good practice to verify the address before proceeding with any transaction.
Buying Bitcoin
For users who do not already own Bitcoin, the wallet integrates with third-party service providers like Ramp and Banxa. By clicking the "Buy" button, you can enter the desired amount, choose a provider, and complete the purchase using various payment methods. The process is intuitive, though transaction times and fees depend on the selected service.
Transaction Speed and Fees
Proton Wallet operates solely on the Bitcoin base chain and does not support the Lightning Network. Transactions default to "Median priority" for fees, but you can adjust the priority level to influence confirmation time. Higher priority fees result faster processing, while lower priority options are slower but cheaper. Note that base chain transactions can sometimes take over an hour to confirm, especially during network congestion.
Security and Backup
The wallet employs multiple security layers. During setup, you create a password for login. You can also enable two-factor authentication (2FA) for added protection. To do this, navigate to the "Secure your wallet" section and follow the instructions to link an authenticator app.
Backing up your seed phrase is crucial for recovering your wallet if you lose access. You can view and save your seed phrase at any time from the home screen. It is recommended to store the seed phrase offline, such as on paper or a metal backup device, to prevent digital theft.
User Experience and Interface
The Proton Wallet interface is clean and easy to navigate, making it suitable for beginners. The "Discover" section provides educational resources on Bitcoin basics and security practices. Customer support is accessible, though response times may vary during the beta period.
Pros and Cons
Advantages
- Email-Based Transactions: Send Bitcoin using email addresses for convenience.
- Non-Custodial: You control your private keys and funds.
- Free to Use: No fees for using the wallet itself.
- User-Friendly: Simple setup and intuitive design.
- Open Source: Transparency for security audits and community trust.
Limitations
- No Lightning Network: All transactions are on-chain, which can be slow and expensive for small payments.
- No UTXO Management: Advanced users cannot select specific UTXOs for transactions.
- Software-Based: As a hot wallet, it is less secure than hardware wallets against online threats.
Frequently Asked Questions
What is the Proton Wallet?
Proton Wallet is a non-custodial Bitcoin wallet that allows users to send, receive, and buy Bitcoin. It emphasizes privacy and ease of use, featuring email-based transactions.
Is Proton Wallet free?
Yes, the wallet is free to use. However, standard Bitcoin network fees apply for transactions, and third-party services may charge for buying Bitcoin.
Can I use Proton Wallet without an invitation?
Currently, the beta version requires an invitation from Proton or an existing user. Public access may be available after the beta period.
Does Proton Wallet support the Lightning Network?
No, it only supports on-chain Bitcoin transactions. For faster, cheaper micropayments, consider a Lightning-enabled wallet.
How do I secure my Proton Wallet?
Use a strong password, enable two-factor authentication, and back up your seed phrase offline. These steps help protect your funds from unauthorized access.
Can I manage multiple currencies in Proton Wallet?
No, it is a Bitcoin-only wallet and does not support other cryptocurrencies.
Conclusion
The Proton Wallet is an excellent option for beginners seeking a simple and secure way to handle Bitcoin. Its email-based transaction feature and user-friendly interface make it stand out for everyday use. However, advanced users may find the lack of Lightning support and UTXO management limiting. For those prioritizing convenience and privacy, 👉 explore more wallet options to find the best fit for your needs.