The BitGo wallet is one of the services provided by the BitGo blockchain safety company. It is located in Palo Alto, the USA. The firm was founded in 2013 by Ben Davenport and Mike Belshe.
The BitGo wallet is an online Hierarchical Deterministic (HD) wallet that is very popular among holders of BTC and altcoins. The wallet is available online but also can be downloaded as a mobile application.
Main currencies the wallet works with: Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Litecoin (LTC). For business accounts, wallets with Ethereum (ETH) and Ripple (XRP) are available.
The wallet has a number of specific features:
- BitGo Keycard, the primary tool that helps to restore access to user tools, is a document stored at the user’s side.
- The wallet is activated with the help of a special code included in the BitGo Keycard.
The BitGo wallets are considered one of the most secure online wallets in the cryptocurrency market.
The company cooperates with Bitfinex.
The goal of the BitGo company and its wallet is to be helpful not only for average people, but also for big companies. For this reason, the wallet offers two possible accounts: the individual account and the business account. The pricing depends on the chosen type of account.
In terms of an individual account, a user pays only for what he/she uses. When it comes to the business account, it is necessary to contact the BitGo support service in order to learn all the details.
During the registration of the BitGo wallet, the user must provide the necessary personal information: real name, email, address, phone number, credit card details and social security number. This data is collected in accordance with the law to improve the quality of service. Safety of the information during transactions is guaranteed by the SSL communication channel, which is encrypted and protected by a digital signature.
To register a business account, a client must provide information about the company.
BitGo's right to provide information about users to third parties is limited. However, the company can disclose some data about its clients for a number of specific reasons, such as improving the service or compliance with law.
BitGo is a well-secured cryptocurrency wallet that includes several features to guarantee the safety of user accounts.
- Multiple signature standards (P2SH). Every transaction should be confirmed by the group that shares the wallet.
- Hierarchical Deterministic standards. It is possible to revive the funds by using old backups. A wallet uses new addresses for every incoming operation.
- 2-factor authentication. It is a type of multi-factor authentication or MFA.
- Control of the private keys. The wallet controls only one out of three private keys. The other two are under control of a user. A user can rely on a third party when it is necessary to generate and control these two private keys.
- A complicated password. During the registration process, the system asks to create a complicated password. If a user forgets or loses his/her password, it is possible to recover it with the help of email address.