Adam Traidman (also known as Breadwallet) was the founder of BRD Wallet. He stopped speaking to Aaron Voisine when he brought up Bitcoin for the first time.
Traidman thought to him, “Bitcoin can be used to buy guns or drugs, this type of stuff just never gets mainstream.” He was a serial entrepreneur and eccentric from Silicon Valley. He left the bar and turned around. If it weren’t for a chance, you might not be reading this BRD Wallet Review right now.
He was there for about a year and heard smart people discussing Satoshi, blockchain and other topics. Voisine finally agreed to talk to him again and he called him to learn that his friend was working on a decentralized-money wallet.
Voisine spent his entire career in UX and created simple and straightforward mobile apps. Traidman offered Voisine a chance. In 2009, his app was ranked second on AppStore.
The two entrepreneurs founded a company in 2015 and raised venture capital. They ran an ICO in 2017, and have over 5 million customers in 170 different countries.
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Cryptocurrency assets are volatile in nature. Buy and trade at your own risk.
73% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Trading with financial instruments carries high level of risks that is not suitable for all investors. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.
Trading with financial instruments carries high level of risks that is not suitable for all investors. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.
What is a BRD Wallet?
BRD is a mobile wallet that does not have a custodial owner (i.e. You are the sole owner and holder of your private keys. You can use the wallet on both iOS and Android. BRD’s simplicity is its greatest strength.
Many Bitcoin wallets are too complicated for users, with lengthy onboarding procedures and confusing interfaces. BRD is the best.
The wallet’s interface is very intuitive and appealing. There’s also a tutorial built in for those who just want to get started with Bitcoin and cryptocurrency generally. Segwit support is available for Bitcoin (still in beta). It does not have customized transaction fee management. BRD, like many other wallets, offers the ability to trade or buy Bitcoins and other cryptocurrency from within the app.
Simplex and Wyre are the two most popular credit card clearing services for most cryptocurrencies. Credit card purchases are charged at least 5%. This is quite reasonable considering other options.
Setup BRD Wallet
The setup of the BRD Wallet wallet is easy and fast. The BRD app can be downloaded to both Android and iOS devices. Upon download, users will view the BRD disclaimer indicating that they have joined Coinbase Wallet, and are provided with a link to the March 23, 2022, press release/announcement.
After that, the link is provided to download Coinbase Wallet. This is different from downloading the Coinbase App. The user will only be downloading the non custodial wallet and not creating an account on the Coinbase central exchange. The user can then choose to create a new wallet, or restore an existing one using a 12-word recovery phrase. If you choose to create a new wallet, you will be given the terms of service and privacy policy. You will need to accept these terms to move forward.
After that, users can choose a username and decide whether to make it public or private. Your username will not be available to other wallet holders. The user will be asked to create a 6-digit passcode and then to backup their wallet using a 12-word recovery code.
BRD Wallet supports Cryptocurrencies & Payment Methods
The following coins can be stored by BRD:
- Bitcoin
- Bitcoin Cash
- Ethereum
- XRP
- HBAR
- TrueUSD (an ERC-20 stablecoin).
- All ERC-20 tokens
You can pay for cryptocurrency with more than 35 fiat currencies.
- USD
- EUR
- GBO
- CAD
- DKK
The app allows you to purchase the following cryptocurrencies:
- BTC
- ETH
- XRP
The app allows you to trade these cryptocurrencies:
- BTC
- ETH
- BCH
- BRD (ERC-20)
Features
BRD Wallet lets users buy, sell, or exchange more than 70 cryptocurrencies right from the BRD platform. The interface clearly displays all options for wallet holders and the steps needed to take advantage of them. BRD wallet holders have the option of buying and trading NFTs as well as the ability to explore decentralized apps. Crypto holdings cannot earn interest, but users have the option to stake their assets for reward.
Users can also choose the default network on which they want to operate (e.g. Transacting on Ethereum, Arbitrum and Polygon is possible. This feature might appeal to more experienced crypto investors. With Ethereum being the default network for the wallet, and Ethereum gas prices sometimes becoming prohibitive, users can quickly switch networks to find lower transaction costs across networks. The wallet can also be funded via debit or credit card, as well as from their Coinbase account (if they have one).
BRD Wallet Token
Initial ICO of the BRD token took place in December 2017. Initial price for the token was $0.8. The token’s initial price was $0.8. Later, the price dropped to over 90%. BRD tokens unlock many perks for BRD users, much like Binance’s Binance coin. BRD token holders get 50% off their trading fees and dedicated telephone support. Bread tokens are available on the Ethereum network as an ERC-20 token standard. This means that they can be bought, sold, and transferred without restriction.
Is BRD Wallet safe?
BRD has not been hacked. This is a fact that speaks volumes. The only problem in security is that clients do not have multi-signature addresses. Multi-signature is simply a way to split your access to your cryptocurrencies into multiple parts.
The BRD mobile app will provide you with a 12-word key recovery code, but you also need to set a pin or enable Touch ID on Android and iPhone.
Our team stresses that your keys, which are stored in encrypted storage on your phone’s device, are not yours. BRD is available on Android and iOS. BRD Desktop is not available.
Useability
Mobile App
Both iOS and Android users can use the BRD Wallet. Each version offers the same functionality and user experience. Easy to download and use, the app scores well in user reviews. The most common theme among the positive ratings was ease of use.
Customers often cited fees as their greatest contention among the less favorable ratings. BRD fees are network fees that are charged for sending coins. BRD users are subject to the same network charges as any wallet holder. BRD Wallet users are not able to adjust fees. This makes BRD stand out from its competitors in a negative way. Users have more control over their network fees due to the volatility. The ability to modify them gives users additional control.
BRD Wallet Fees
BRD’s fees and costs are not unusual. To send cryptocurrency, users are subject to a network fee. This is normal. The fee charged to send cryptocurrencies will depend on the network that users choose to transact. It is not under the control of BRD. However, BRD does not allow users to adjust fees. There is no cost to receive coins or open a wallet.
Potential downsides
For users who want to use cryptocurrency, the fees to buy it on the BRD Wallet are prohibitive. A 7% markup for all cryptocurrencies is not a good strategy for long-term adoption. It could lead to you switching wallets.
Conclusion
BRD is one of the few cryptocurrency wallets that can be used by complete beginners. This app is a great way to get started in cryptocurrency.
