ProtonProtonMail, the Swiss company behind ProtonMail and ProtonVPN, has launched a beta version of its latest offering in its suite of products that help maintain online privacy — Proton Wallet.
The wallet is great for those looking to send Bitcoin on-chain with relative ease, but leaves a bit to be desired for more advanced users or those who want to make smaller payments quickly and cheaply.
Pros and Cons
The standout feature of Proton Wallet is that it allows you to send bitcoin using just the recipient’s email address, which does not need to be a ProtonMail address. The non-custodial wallet for bitcoin is also free to use and has an easy-to-use user interface.
However, this wallet lacks in that it only allows users to make transactions on the Bitcoin main chain — not via Lightning — which can take hours to settle, and it does not allow users to manage their UTXOs or adjust fees. Additionally, it is a software wallet and cannot be disconnected from the internet like a physical wallet, which increases the risk of the wallet’s private keys being compromised.
Getting Started with Proton Wallet
To use the beta version of the product, you need an invitation from the company or another user. The wallet is currently available via web browser and as an Android app and takes 5-10 minutes to set up and start using.
Once you receive an email invitation to use the wallet, you can click the “Start using Proton Wallet” link in the invitation email to begin setting it up. (Email addresses have been hidden below and throughout this review to maintain privacy.)
You will be taken to the “Wallet Setup” page where you will simply click a button to start using the Proton Wallet. You will not be asked to enter your 12-word seed phrase during the wallet setup, which is a nice touch from Proton to help users get started with the wallet more easily. You can enter your seed phrase later if you wish.
When you set up your wallet, Proton explains to you that your Proton Wallet is a non-custodial Bitcoin wallet, which means that managing the wallet is your sole responsibility.
The wallet’s home screen is incredibly simple and easy to use. It’s kept to a minimum to include nothing more than the basics you need to send, receive, and buy Bitcoin.
Deposit Bitcoin to Proton Wallet
To get started with the wallet, you will first need to deposit some Bitcoin. You can deposit Bitcoin from another wallet that you manage. To do this, you will need to copy the Bitcoin address by clicking the “Receive” button on the main screen and then clicking the “Copy Bitcoin Address” button in the pop-up window on the right of the screen.
You will copy this address into the appropriate field of the wallet you are sending it from. It is a good idea to make sure that the address you paste matches the address you copied.
Bitcoin will not appear in your Proton Wallet balance immediately. It usually takes at least a few minutes for transactions to process, depending on how long block confirmations take. Some transactions can take much longer — up to hours.
You can see that the funds are on their way to you, in the “Transactions” section on the home screen. You will continue to see the “In Progress” notification until the required number of block confirmations is reached.
Buy Bitcoin with Proton Wallet
If you don’t have any Bitcoin to send to your Proton Wallet, you can also use the wallet to buy some. This process is relatively simple.
You can click on the “Buy” button on the home screen and you will be taken to a page that acts as an interface for crypto asset service providers. slope and I’m sorry.
Complete the fields for the amount of Bitcoin you want to buy, choose whether you want to use Banxa or Ramp and select your payment method.
Instructions from this point on will vary depending on the payment method you choose.
Send Bitcoin using Proton Wallet
You can send Bitcoin by simply tapping the “Send” button on the home screen and then entering your Bitcoin address or email address. Note that the recipient does not need a ProtonMail address.
I used an email address to send some bitcoin.
Next, you will be taken to the “Amount” page, where you will enter the amount of Bitcoin you wish to send, denominated in either fiat currency or sats.
On the Review page, you can leave a message for the recipient. This is optional.
On this page, the total amount of your transaction will also be presented, including network fees, which are not configurable (you cannot pay higher fees for faster transfers as is the case with many other wallets).
You will not be offered the option to select UTXOs to spend, which is not available in a desktop Bitcoin wallet like bird Provides you with.
If you are satisfied with the amount you want to send and the fees, you can click the “Confirm and Send” button.
You will be able to know whether your transaction was successful or not by looking at the “Transactions” section.
In my case, the recipient was notified that Bitcoin was on its way before the transaction received the required number of confirmations on the blockchain.
This transaction took over an hour to complete.
Securing your Proton Wallet
Proton Wallet allows you to secure and backup your wallet in different ways.
The first level of security for a wallet is the password you use to log in to it, which you create when you set up the wallet.
Proton Wallet allows you to add a second level of security by offering two-factor authentication (2FA).
To set this up, you can tap on the “Secure your wallet” tab in the top right corner of the home screen. You will then be presented with the option to set up two-factor authentication for your wallet.
If you want to add two-factor authentication protection to your account, you can click the “Set up two-factor authentication to secure your account” button. Doing so will take you to a page where you can toggle a switch to set up two-factor authentication for your account. If you choose to do this, toggle the “Apply Authenticator” switch and follow the instructions below.
Backup your Proton Wallet
Proton Wallet allows you to back up your wallet’s seed phrase whenever you want. To do this, you can tap “Back up this wallet’s seed phrase” on the home screen.
You will then be taken to a screen explaining what a seed phrase is and why it is important to back it up safely. Click the “View wallet seed phrase” button to view your wallet’s seed phrase.
It is best to store your seed phrase offline (e.g. written on a piece of paper or printed on steel) so that it cannot be tampered with.
Discovery and Customer Service
Proton Wallet has a large “Discover” section where you can learn more about everything from what Bitcoin is to Proton Wallet’s security model.
Proton also makes it easy for you to contact customer service staff, although response times are currently unknown.
conclusion
Proton Wallet is a good Bitcoin wallet for beginners, especially those looking to send Bitcoin with relative ease, using just an email address.
The advantages of this non-custodial wallet are that it is free to use, easy to set up, and secure. It is also dedicated to Bitcoin only and open source.
However, one notable drawback of this wallet is that it only allows you to make transactions on the Bitcoin main chain, which means your transactions can incur high fees and take over an hour to fully process. For this reason, you won’t want to use the Proton Wallet if you’re looking to make cheap and fast micropayments – the types of transactions you can make via Lightning.
Another drawback of the wallet is that it does not allow you to manage UTXOs or set transaction speeds and fees. It is a software wallet, which means it is less secure than a physical wallet in some ways.
Therefore, if you are new to Bitcoin and already have familiarity with the interfaces of Proton products, this wallet may be a good option for you.
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