Coinb.in: Open Source Multi Signature Web Based HD Wallet?

Following the widespread acceptance of cryptocurrencies are probably the best forms of payment for the future, the number of wallets to be used to hold these coins has been growing too. But while some of them are trustworthy, reliable and downright authentic, caution is still vital lest a crypto enthusiast loses by trusting a wallet that isn’t genuine.

What Is Coinb.in?

Coinb.in is another Bitcoin wallet that presents itself as an “Open source, Multi signature, and HD Wallet.” But as a browser-based Bitcoin wallet, it further promises to let each of its users be a bank of their own, take control of their funds and be confident that their coins are safe and secure.

From Coinb.in’s ‘About' page, we are told it is a free and open source project, sponsored, licensed and released under the MIT. It started as a javascript project for developing a proof of a concept multisig solution in 2013 before it was converted into a Bitcoin-centered wallet for experimental purposes. It is safe to say that work on this wallet is far from over.

Away from these promises, however, there’s a considerable need to study this HD wallet and soberly determine if it is indeed safe and legit or not!

Ease Of Use

First, it is important to say that this wallet can be trusted given that it uses javascript to create the addresses for each transaction. Its developers can’t access your private key, and you can even verify this using the source code on Github. Better yet, a user can download the wallet and run it offline!

As for its ease of use, there are useful guidelines, including How-to Guides for easy use. Creating new Multisig addresses is even easier as it accepts both the compressed and uncompressed public keys.

Can It Be Trusted As A Safe Bitcoin Wallet?

Work on developing Coinb.in is supported by generous donors who also pay for its hosting. But that doesn’t mean everything it guarantees, including the user’s privacy, is jeopardized. Since its developers are concerned with the privacy and security of this wallet’s users, they have embarked on designed to support TOR (has an official .onion address). That means, it never tracks and stores user’s IP or transactional data nor stores the user’s private key.

It is an HD (bip32) wallet that is compatible with Bitcoin-qt and supports Altcoins that include Litecoin and BTC. It also comes with an offline QR Code creator and scanner.

Coinb.in Multi Signature Web Based HD Wallet Features

Coinb.in is free to use or edit as it is an open source web-based wallet. However, it supports a couple of features including:

  • Several tasks that can be executed offline, including creating offline multi-signature address as well as offline compressed and uncompressed address creation.
  • In-browser Key generation and regeneration.
  • Smooth sending and receiving payments.
  • Building custom transactions offline.
  • Adding custom instructions to transactions offline.
  • Signing transactions offline.
  • Broadcasting transactions.
  • Decrypting transactions and redeeming scripts.
  • It guarantees nLockTime support.
  • Supports SegWit.

Coinb.in Verdict

It is safe to say Coinb.in is still in its infancy and it is barely known online. Coinb.in was registered in June 2011 by an Englishman called James Wade who hails from TF99BA, Shropshire, GB. But from the way it is developed, perhaps it is worth giving it a shot.

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[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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