One of the drawbacks most people face when thinking of Bitcoin wallets is what to do if they lose access to their funds. While stolen funds can be almost impossible to recover, losing access to a wallet due to device failure can be circumvented.
Leading Bitcoin wallet provider Airbitz has come up with a foolproof solution to reduce Bitcoin losses to a minimum.
Key Takeaways
• Airbitz was inspired by the Bitcoin revolution and set out from day one to build tools that kept Bitcoin users safe and in control.
• The Airbitz Bitcoin Wallet was the first application of a security model Edge coined as “Edge Security”.
• In 2017 Airbitz began focusing on data security solutions and multi-asset wallets.
• Password Recovery 2.0 allows users to more easily recover a forgotten password to their private data using two-key authentication.
SEE ALSO: How Do I Recover My Lost Bitcoin Private Key?
SEE ALSO: 7 Top Bitcoin Recovery Solution Providers
SEE ALSO: How to Get Back Stolen Bitcoin from Cybercriminals
SEE ALSO: Top 5 Hardware Wallets with Resilient Secure Chips
About Airbitz
Airbitz wallet is a mobile-based digital currency wallet that rebranded itself as Edge Wallet. It is available for Android and iOS smartphones and gives you the best of both worlds- ease of use and security.
Airbitz wallet (now known as Edge wallet) is a Bitcoin storage application that lets you buy, sell and store BTC on your mobile. It supports hierarchical deterministic (HD) and two-factor authentication features, thereby securing all transactions. It is designed to provide an easy user experience, complete with the ability to scan the QR code.
Airbitz was designed keeping user experience in mind. It not only scans QR codes, but the wallet also supports Bluetooth Low Energy (BLE) to transfer funds.
Downloading and using the application is extremely easy and you get great security features to top the offering. Not only this, it gives you a map of all BTC accepting businesses around you.
So how does Airbitz provides a Bitcoin wallet recovery solution?
How Airbitz provides Bitcoin Wallet Recovery Solution
Airbitz does this by what is referred to as the foolproof Bitcoin wallet recovery process known as Password Recovery 2.0. This new feature allows Airbitz users and Airbitz SDK-powered app users to easily recover a forgotten password to their private data using a two-key authentication format.
Two-factor authentication is used to make the process a lot smoother.
The user sends the first key to their email address, with the device itself also saving a copy. The Airbitz servers blindly store the encrypted second key. The two keys are useless without each other.
Contrary to what some people may think, both keys are needed to unlock the wallet. They can only be linked together by going through a recovery question process. Failing to provide the right answers to these questions will result in only having one key.
Password Recovery 2.0 prompts the user to choose two questions and provide their unique answers either when the account is created or to already existing accounts. The user then sends an email to themselves that includes a special link, which by itself is useless. Tapping on the link will take the user to their questions, and after providing their answers, will be logged back in and able to change their password.
In the event of a forgotten password and losing access to the user’s device, a user can regain access to their Airbitz account on any other device by accessing the email containing the special link that they sent to themselves.
If the user still has access to their device and only forgot their password, they can tap the “Forgot Password” tab on the login screen, answer their two questions, and complete the log-in. Since the user’s device had previously logged into their account, the key stored on the device is still there, making the emailed link unnecessary.
Frequently Asked Questions (FAQs)
How to create an Airbitz wallet account?
Creating an Airbitz (now known as Edge) wallet account is very simple. Just follow the steps below:
Step 1. Visit your applications store (Google Play Store or Apple Store)
Step 2. Search for Edge Wallet and click install.
Step 3. Once installed, you will see a welcome screen, asking you to sign in or create a new account.
Step 4. Click on ‘Create new account’ and ‘get started’ on the next page
Step 5. On the next screen, create your unique username and a 10-character password.
Step 6. On the next screen, create a secure 4-digit pin.
Step 7. Your wallet will be created within seconds. The app will show account information. Write it down.
Step 8. The app does a quick review to let you know the basics. Click on all three options.
Done! Your app comes with two default wallets- Bitcoin and Ethereum.
You can add new wallets for currencies alongside their fiat pairs.
How do I send and receive cryptocurrency on the Airbitz wallet?
Airbitz (Edge) wallet makes sending and receiving digital currencies very easy.
To send funds, click the “send” button at the top of the wallet. Your QR code scanner will now open. Scan the code of the Bitcoin account you want to send Bitcoin to write the amount and enter your PIN. Simple!
To receive funds, hit the “request” button and select the wallet where you want the coins to be deposited. Click “next” to view your QR code. Share it with the sender via SMS or email or let them scan it directly via their own mobile devices to get the funds.
Airbitz/Edge wallet also allows you to buy cryptocurrencies directly using Simplex or exchange them using ShapeShift. You can use other top blockchain services like Nomics, Changelly, Change Now, Wyre, and Bitrefill within the app.
How safe is the Airbitz wallet?
Airbitz (Edge) wallet is a safe cryptocurrency wallet. It is auto-encrypted and designed to function even when the Edge wallet server goes down. As a mobile wallet, it demands extra security which is provided in the form of two-factor authentication.
It also comes with fingerprint/touch ID protection. Nobody can access your wallet on your mobile device. You get password recovery options as well as the PIN-lock option.
Edge also allows you to backup each crypto wallet so you can safely access your coins even when you lose access to your mobile wallet. You control all your private keys and seeds, which makes Edge a highly secure wallet to use.
What if Airbitz(Edge) goes out of business?
With Airbitz(Edge), you control all the keys and seeds of your wallets. If the project ever dies, you can create a backup of your wallet, retain the keys and get your wallet back on any other similar application.
This will ensure that your keys and account information is never lost even if Edge ceases to exist. Alternatively, you can move your coins out to another wallet.
Final Thoughts
With this new feature introduced by Airbitz, new users send their primary key to their email address, and simultaneously a key is also saved on their device with the Airbitz servers saving an encrypted copy as well.
The latter key makes the other two useless unless they are used in combination which can only occur when the user answers two recovery questions that allow for their account access to be restored thereby providing a sort of Bitcoin wallet recovery solution.
Read More
