Coinwallet.co has decided to close. For more information click here.
I’m back… I have to admit I haven’t been super motivated to write anything. Losing three months of blog posts was a real kick in the nuts! Anyway, I’m back and for my first real post on the new server I thought I would review coinwallet.co
So the other day , @kobocoindev on twitter was kind enough to send The Dood a tip of some Kobocoin using the coinwallet.co twitter tipbot. I had been looking for a multi-currency tipbot to use since the fall of whitepuma and when I learned about CoinWallet.co I was pretty excited. After signing up and claiming my tip, I discovered so much more than a multi-currency tipbot.
The tipbot is just a small feature of what coinwallet.co actually offers. The service works like an online cryptocurrency wallet for over 75 different cryptocurrencies. You can use the twitter tipbot to tip on twitter in over 75 different cryptocurrencies, and it also acts as a stake pool for any coins that are Proof Of Stake! Very cool feature.
If you don’t know what POS (Proof Of Stake) is, simply put, you put some coins aside in a wallet, when the coins mature, usually after 24 hours or more. The stake or the reserved coins begin to earn interest. There’s actually a lot more going on in the background but for the purpose of this review, that over simplified explanation will do. If you want to learn more about POS check out this older article by Vitalik Buterin written in 2013.
With that said, after playing around with the service for a few days, here’s my review and what I found.
Sign up was simple. Just go to the registration page, create a username, enter an email address, and create a password. Hit register and you’re ready to start.
Simple registration. Just create a username, enter an email account, create your password, hit register, and you’re good to go.
Once you’re signed up, just login to your account, type in your username, password and the captcha and enter the site.
The first thing I did was turn on 2FA. Two factor authorization sends either a text message to your phone or you can use the google authenticator. Either method gives you a code on your phone that you need to log into your account. With 2FA activated nobody can get into your account, even if they have your username and password, unless they have your phone too. To activate 2FA just click on the Settings tab at the top of the page and following the instructions.
For security set up google authenticator or two factor authorization.
Once you set up your security, it’s time to get some coin into your account. This works like any other wallet for the most part. Just click on the Dashboard link. Find the coin you want to add. Click the wallet button, then on the next page click on the “My Addresses” tab and then the Generate Address button. Once you get your address , start sending coin to the account. To see the confirmations, and the coins you recieved, just click on the “Recieved” tab.
Each coin gets its own wallet. Click on the wallet buttn for the selected coin and add your favorite cryptocurrency.
Generate address and add cryptocurrency for staking, storage or tipping on twitter.
Coinwallet.co can handle over 75 different cryptocurrencies. This is really cool in itself. Once you deposit the coins in your account, it automatically starts staking them for you. To check the status of your staking, just click the POS button and it will show you all your POS Pool payments. This is a really cool feature.
To see your stake payments, just click the POS button to view your pool rewards. Very cool!
Here are some of the POS of payments recieved in just 3 days. The Dood loves the Proof OF Stake.
Like any other wallet, you can send coins to any other address buy clicking the send button. Then send the coin to the address of your choice.
Just click the send button to send out cryptocurrency.
Sending cryptocurrency is easy with coinwallet.co. Select the currency, enter the address, the amount, a note if desired, and click pay now.
Finally next to the staking feature, the twitter tipbot is extremely cool. Sending a tip on twitter is as simple as typing
@CoinWalletco tip @BitcoinDood $CoinTickerSymbol AMOUNT message.
Here’s an example of a tip I sent:
What The Dood Likes ….
Overall The Dood really likes this service. The proof of stake feature is a really great idea. I’ve been staking OKcash for some time now , and I sent the same amount to my coinwallet.co account and in the same amount of time my stake rewards were just a little less than what I receive in the same amount of time using ROKOS on my RaspberryPi. When you add your energy costs to staking on your own, the slight difference is completely justifiable. For a full list of coins, and their maturity time click here.
I’ve been looking for a multi-coin tipbot since WhitePuma closed at the end of last year. I absolutely love the tipbot feature. With all those coins to choose from, you can send all your twitter pals, their favorite coins in tips. It’s also a great way to introduce them to this service.
What The Dood Doesn’t Like…
There’s really not a lot not to like. I’d love to see a service like this that comes up with a way for members to hold their own private keys. Without access to the private keys, just like on any exchange you probably use now, technically you don’t own the coins, the exchange does. I don’t like this at all. All things considered, if you don’t put your life savings in here, and it’s even suggested that you don’t on the websites faq, you should be OK.
The other thing I didn’t like is two times I had a hard time connecting to the server. This wasn’t to bothersome, and things happen from time to time. It could of just been a high server load, or something on my end, but it did bother me enough to reduce my staking amount to just a few dollars until I get a little more comfortable using the service. I’ve been around for a little while now, and I do get a bit nervous letting other people maintain my coins.
Final thoughts !
With the exception of the server time outs, I absolutely love this service. Again, I wouldn’t store my life savings here, but it is a fun way to stake some extra coin you might have sitting around on an exchange, or in a wallet that you rarely load up. With so many POS coins, it can tie up a lot of system resources to stake each of them on your own equipment, so this is a great solution. Again, be safe, and don’t get carried away. I will admit I loaded up a bunch of BitBean, and it’s really fun to hit refresh every few hours and see your coins grow.
The tipbot is a brilliant idea, and I can’t say enough about how happy I am to find a decent replacement to WhitePuma. I sent out some DigiByte to a friend and this will probably become my tipbot of choice from here on out.
I plan on using this service regularly, and I’ll post some updates on my staking, and also how the service works out for me. For the most part, I’ve been playing around with it for three days now, and I absolutely love it.
Bitcoin Borat says “Great Success!”
Bitcoin Borat says Great Success!