Bitcoin is Here to Stay and Safebit Wants to Be Its Wallet

In the world of payments online, there’s usually a financial institution involved – a bank, a credit card company, etc. There’s several problems with this status quo- apart from the fact that financial services companies take a cut from every commerce transaction online, these payments are usually non-reversible and expensive to process. That’s where Bitcoin comes.

Bitcoin is an experimental new digital currency that enables instant payments to anyone, anywhere in the world. Using P2P technology Bitcoin is built on open source software which enables the use of this currency. On peak days, Bitcoin processes about $25 million in payments in a single day.

In the words of its founder Satoshi Nakamoto (possibly a preudoname):

 A purely peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another without going through a
financial institution.  Digital signatures provide part of the solution, but the main
benefits are lost if a trusted third party is still required to prevent double-spending.
We propose a solution to the double-spending problem using a peer-to-peer network...

Safebit wallet logoAs Open source is not always the prettiest software to look at, Israeli entrepreneurs Eli Sklar and Or Perelman came up with Safebit, an elegant cross platform Bitcoin Wallet/Vault. Safebit’s primary goal is to create a safe and secure way of storing and exchanging Bitcoins, by reducing the risk of unauthorized access to one’s Bitcoins. This kind of security flaw is possible when a user keeps the Bitcoins in a non-encrypted file on his desktop.

Safebit has launched a Chrome extension preview version which received positive reviews, and is now operating in Alpha mode.  According to the founders, on the first 24 hours of operation, over 725 unique users paid with Safebit.

Safebit faces competition from other Bitcoin Wallets, which seem to be abundant on Android app market.

Safebit virtual vault

Safebit Wallet is a virtual vault for your Bitcoin trans

 

Eze Vidra
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Eze Vidra

Chief Innovation Officer at Antidote
Eze is the Chief Innovation Officer at Antidote, a startup helping patients search and match to clinical trial, to accelerate medical breakthroughs. Previously, Ezewas a General Partner at Google Ventures Europe. Before GV, Eze founded and led Campus London, Google's first physical hub for startups, and was the Head Google for Entrepreneurs in Europe. He's an experienced product manager and startup mentor. In 2012 Eze founded Techbikers, a non-for profit supporting children education in developing countries.
Eze Vidra
Follow me

Eze Vidra

Eze is the Chief Innovation Officer at Antidote, a startup helping patients search and match to clinical trial, to accelerate medical breakthroughs. Previously, Eze was a General Partner at Google Ventures Europe. Before GV, Eze founded and led Campus London, Google's first physical hub for startups, and was the Head Google for Entrepreneurs in Europe. He's an experienced product manager and startup mentor. In 2012 Eze founded Techbikers, a non-for profit supporting children education in developing countries.

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