Bob Wallet: Ensuring privacy for Bitcoin (BTC) and Bitcoin Cash (BCH) transactions 17987
Madhurima Roy
Jul 9, 2018 at 3:00 PM

Bob Wallet, an open source crypto wallet that focuses on privacy, aids users to shift Bitcoin (BTC) and Bitcoin Cash (BCH) from a public to a private wallet in a very isolated or reserved manner. Privacy is at the epitome of importance for this crypto wallet.

Privacy being a crucial factor in the cryptocurrency ecosystem, majority of traders invest their trust in private transactions. Pertaining to this scenario, some developers have created bitcoin mixers and tumblers. These will aid cryptocurrency transactions that are documented on public blockchains.

ALSO READ: Could Stellar [XLM] become the next Bitcoin? (Beginner’s guide)

Explaining Bob Wallet

Stating how Bob Wallet helps bitcoin transactions, the company mentioned in its website: “Bob Wallet was created to help Bitcoins fungibility. Today it is easy to trace bitcoin transacrions from address by simply using any public Block Explorer. Bob Wallet helps fix this. To start, you will create Public and Private Wallet.”

The developers mentioned to Github: “Bob Wallet is not a traditional bitcoin wallet.” “You cannot use it to make a payment to someone else. Its only purpose right now is to move your bitcoins from your public wallet to your private wallet securely without anyone knowing your private Wallet addresses.”

ALSO READ: Bitcoin Cash[BCH] eyes $760 handle: BCH price prediction and technical analysis

Adding further: “You will have to use a separate bitcoin wallet after your bitcoin has been made private in order to spend them — Ideally, use a full-node for your private wallet because 3rd-party balance queries can de-anonymize you. This transfer happens by joining together all other Bob Wallet users in order to create a single transaction called a Coinjoin — Your bitcoin can not be stolen since only you own and control your wallet keys and no one can determine your private wallet addresses.”

According to the wallet’s developers, the Bob Wallet that is reportedly based on beta form, is supposed to be used in Testnet for the time being.

The developers of Bob Wallet is said to be building the privacy sending tool quite vigorously and is said to have stated that there is no extra cost involved for the service, apart from the standard miners’ fees per mixing round.

Image via Shutterstock

Join our Telegram group