DropBit is a mobile Bitcoin wallet and is the simplest way to send Bitcoin. You can download the wallet in the iOS and Google Play stores, or by clicking here https://DropBit.app/download
Yes, DropBit is open source. https://github.com/coinninjadev
Yes, DropBit is an HD (or "hierarchical deterministic") wallet. That means a new, unique address will be generated every time you send or receive funds, which makes your transactions harder to track, keeping your financial business yours. There’s no need to back up each address separately, each of them can always be restored using your wallet’s 12 recovery words. All addresses generated from the same wallet can be used to receive funds, and all funds sent to any of these addresses will show up in your balance. The balance you see on your main wallet screens represent the total sum between those addresses.
If you are having issues viewing content within the app (text being cut-off, running off the screen or issues with the appearance of buttons), first go to the App Store or Play Store and make sure you’re using the latest version of DropBit. These types of issues may occur if you have changed any screen/text/font settings in your device’s ACCESSIBILITY. Common causes are using larger than normal text size or enabling a zoom (increasing the size of what appears in your screen). These features may need to be turned off or altered to view your DropBit app as it was intended.
DropBit also allows people to receive Bitcoin via SMS, which is unique to our app. Here are the steps:
If you don’t verify your phone number, you can not receive Bitcoin via SMS. However, you can send and receive Bitcoin via addresses, as you normally would, without verifying your phone number.
In the side menu, located in the upper left corner of the app, there is a "Phone" icon. Tap here to verify the phone number associated with your wallet.
You can’t change your phone number tied to the wallet directly. You can delete the app and restore the wallet on a new device with a new phone number using your recovery words seed words to restore your wallet.
Another great option available for DropBit users is the ability to send transactions and app invites via Twitter. Here’s how it works:
If you choose not to verify your DropBit wallet via your phone number or Twitter account, you will not be able to send Bitcoin via SMS or by using Twitter handles. You will however still be able to send via QR scan or by copy/paste of an address.
You can de-verify or change a phone number or Twitter account tied to your account by going to Menu > Verify > CHANGE/REMOVE (on either your phone number or Twitter account), that’s it.
Yes. We are always aspiring to be as "zero-knowledge" as possible with regard to our users and their contact information. As such we only store the hash of phone numbers. Our hashing scheme is designed to balance privacy and ease of use. DropBit's service design does not depend on knowledge of a user's contact social graph.
We do our best to optimize the balance between making the app user friendly for onbaording new people to crypto, and the need for privacy.
If you did not import your DropBit wallet on any other device and you did not save a copy of your recovery words, you have lost access to your wallet. This is why it is critical to write down and store safely your recovery words.
If you know your recovery words, you can delete DropBit application and download it again. Then, in newly downloaded app you import your key words and create new PIN code. If you haven’t written down your 12-recovery words, unfortunately, you will lose access to your funds.
Right now, we do not show private keys in the application. But you can always use your recovery words to recover your wallet.
We do not store any of your contacts on our server. Instead, during the phone number verification process, DropBit sends us a cryptographic hash of your phone number. This hash is used for contact discovery. When a DropBit user attempts to send via phone number, that number is also hashed and our server will inform the app if the recipient is a DropBit user. Thus, your contacts remain safely on your phone and our servers never see contact details unless an invitation via SMS is required.
There is no need for any personal information such as names, emails, and phone numbers due to the fact that we do not keep any users’ information, including their private keys. The only thing you must know are your 12 recovery words. These words are securely generated on your device and are never sent to our servers. The recovery words allows you to restore your wallet on any other device at any time. Even if DropBit, as a company, doesn’t exist you will be able to restore your wallet in any other wallet based on the same technology.
In most instances, yes. DropBit will allow you to restore from another HD wallet that uses 12 seed words, and follows the BIP49 derivative path. However, some other wallets may be non-HD wallets, or follow another derivative path such as BIP32, BIP44, or BIP84. Your balance in DropBit will only reflect funds sent to addresses in the BIP49 derivative path, following the address gap limit defined in BIP44.
-Trezor Legacy BTC accounts( BIP44)
Yes. We can send to any address type supported by libbitcoin. However our wallet will only generate Segwit receive addresses.
Bech32 is a segwit address format specified by BIP 0173. This address format is also known as "bc1 addresses". Bc1 (bech32) addresses are not yet supported ....though they will soon be supported.
Not yet, but we are working toward supporting this very soon.
At this time, DropBit does not allow users to set or select different fees and transaction times. We plan to add feature in the near future.
“Bitcoin Dust” refers to very small amount of Bitcoin on an address with less value than the actual mining cost to send and confirm the transaction. Dust amounts (less than 1,000 Satoshis) can occur naturally, and they can also be intentionally sent to a wallet, essentially acting as a tracking device on that wallet. Because this amount is so small, it will need to be spent along with another output, meaning it can link your wallet to transactions you’ve sent containing said ‘dust’.
When DropBit’s “Dust Protection” is enabled (found in your Settings), any address in your wallet containing ‘dust’ will not be used, or sent (less than 1,000 Satoshis). This feature will also leave that amount in your wallet when using the “Send Max” feature, and often will result in a larger amount of Bitcoin being sent from your wallet.
Transaction fees are inherent to the Bitcoin blockchain network. DropBit does not change any fees to send or receive Bitcoin. Transaction fees are paid to miners who confirm Bitcoin transactions on the blockchain. The higher the fee you’re willing to add to your transaction, the higher your priority will be when confirming the next block (group of Bitcoin transactions waiting to be confirmed). When sending a transaction through DropBit, we offer you different speed/priority options when sending your Bitcoin transactions: Fast, Slow, and Cheapest
We determine our fee options based on algorithm which calculates from the average transaction fees from the previously mined block. A new blocked is mined about every 10 minutes. While this is an accurate way to determine fees, unexpectedly high traffic (a backed up mempool) can cause slow-downs in transaction confirmations. Below are typical expectations when choosing a fee: