Dropbit Wallet Review – Fastest and Simplest Way To Send Bitcoins

DropBit is an open-source, HD, non-custodial mobile Bitcoin wallet and is one of the simplest ways to send Bitcoin to people who don’t yet have any bitcoin experience. You can download the wallet in the iOS and Google Play stores, or by clicking here.

What does HD wallet mean?

An HD Wallet, or Hierarchical Deterministic walletis a digital wallet that automatically generates a hierarchical tree-like structure of private/public addresses (or keys), thereby addressing the problem of the user having to generate them on their own.

What does non-custodial mean?

It means that your private keys never leave the DropBit app. The keys for your Bitcoin wallet are owned, kept and controlled entirely by YOU.

Privacy of crypto transactions has been challenged again, as the CEO of the Dropbit app Larry Harmon has been arrested and charged with conspiracy to launder money.
The wallet is no longer working.

Dropbit review – How does Dropbit work?

  • Dropbit is ideal for newcomers to crypto, people who don’t have any wallet installed nor do they know how to receive their coins. If you want to send BTC to someone whose phone number you have in contact list, you can do it via Dropbit. Just select the person from the DropBit App and send a DropBit™ BTC to the person. The Bitcoin address request is saved on Dropbit server.
  • A text message is sent to that person that informs her that she has Bitcoin waiting for her from your phone number. The receiver has 24 hours to install the DropBit app and verify his phone number.
  • Person that received BTC fulfills the request by sending a Bitcoin address from its wallet up to complete your request.
  • You get a message that receiving person is setup to receive Bitcoin and has an address waiting for your BTC request. You then open up your DropBit app and the transaction is sent directly from your wallet to receiving’s person wallet.

How to send/receive Bitcoin in DropBit?

  • Via Address or QR Code
  • Via SMS – DropBit also allows users to receive Bitcoin via SMS, which is unique to this app.
  • Sending Via Twitter – Another great feature available for people using Dropbit is the ability to send transactions and app invites via Twitter.

Can you see your private keys?

Right now, private keys are not shown in the application. But you can always recover your wallet through your recovery words.

Does DropBit wallet support SegWit?

Yes. Dropbit supports SegWit as a default wallet and it produces bech32 m/84′ addresses.

What are DropBit’s transaction fees?

Transaction fees are inherent to the Bitcoin blockchain network. DropBit does not charge any fees to send or receive Bitcoin. 

Dropbit Lightning Wallet

Dropbit is a a Lightning-enabled wallet which means it allows you to interact with the Lightning NetworkWallets keep track of your BTC balance – which is usually held in one or more bitcoin addresses – and your transaction history.

Bear in mind that this wallet is separate from your bitcoin wallet and it is custodial, runs through Dropbit server for easier use and convenience.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Torsten Hartmann

Torsten Hartmann

Torsten Hartmann has been an editor in the CaptainAltcoin team since August 2017. He holds a degree in politics and economics. He gained professional experience as a PR for a local political party before moving to journalism. Since 2017, he has pivoted his career towards blockchain technology, with principal interest in applications of blockchain technology in politics, business and society.

1 Comment
  1. Reply
    Eugene Von Brandis December 3, 2021 at 10:58

    Dropbit is a shady company that stole my coin..

    CEO arrested.. wallet doesn’t work, support non-existent.

    From more than a year ago…. don’t you do research?
    and you promote this wallet….

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