Bitcoin moves into the mainstream

A new breed of online bitcoin wallets offer the ease of use of existing online payment methods without requiring trust in the the website operator.

WEBWIRE – Wednesday, December 21, 2011

The digital cryptocurrency Bitcoin moved one step closer to mainstream adoption today with the release of a new online wallet service aimed at non-technical users.

My Wallet from blockchain.info allows users to send and receive Bitcoins directly from their web browser. Because the cryptography is handled inside your browser using javascript, My Wallet does not directly hold any user’s funds. Using My Wallet you can retain all the advantages Bitcoin offers as a decentralized currency, while not having to deal with the hassle of downloading the client or backing up your wallet. The Bitcoin protocol is zero trust and now there is an easy to use zero trust wallet service as well.

Bitcoin accounts consist of two parts- public and private keys. Private keys are the important part that is needed to prove ownership of an account. My Wallet only stores the public key part, allowing users to retain full control of their funds. To authorize a transaction the private key is scanned by a using a webcam and QR Code. Most importantly the code never leaves the user’s own PC, therefore in the event of a database leak or website hack, all funds are 100% safe.

The My Wallet interface is simple and easy to use and should be familiar to anyone who has used PayPal or online banking. The site supports mobile devices including Android, iPhones and iPads. You can even scan merchants QR codes directly from your browser.

Bitcoin is the world’s first decentralized digital currency collectively valued at over $30 million dollars. Money is transferred person to person via the Internet. Typically transactions take between 10 and 60 minutes to complete and once verified are unreversable. Bitcoin has several advantages compared to PayPal and other online payment methods. It is anonymous, secure, not controlled by any government or central authority and cannot be forged or counterfeited.

Bitcoin is ideal if you have a website or blog that you wish to accept donations from. Simply open a My Wallet account, it is free and no personal details are required other than a password. The service will generate a unique Bitcoin address which you can publish on your website or blog and begin receiving payments immediately. If you are a larger merchant, Bitcoin has several online payment processors who will help you setup payment through your shopping cart other API.

To create a free online bitcoin wallet, visit https://blockchain.info/wallet