Xverse Wallet Review: Connecting Users With Trend Bitcoin Ordinals And More In 2024
The Xverse Wallet is a powerful tool for Bitcoin enthusiasts, allowing users to take advantage of the advanced capabilities provided by the Bitcoin Stacks layer. It is considered an advanced Bitcoin wallet, built for everyone, available for Chrome on the desktop and for iOS and Android. In particular, Xverse supports buying, selling, and trading NFT Bitcoin Ordinals storming the market. So let’s learn about what Xverse Wallet is and its features via this Xverse Wallet review.
What is Xverse Wallet?
Xverse is an advanced Bitcoin wallet that allows users to connect to Bitcoin DeFi, a decentralized application and digital collectibles (NFT) powered by Stacks.
Simply put, Stacks brings smart contracts to Bitcoin using a unique “PoX” consensus mechanism. This means that it works in conjunction with the Bitcoin blockchain and uses it as a secure means of broadcasting its block headers. Simply put, blocks are built on top of each other, making it increasingly difficult to damage a block, similar to Bitcoin.
Furthermore, Stacks uses the Clarity programming language specifically designed to program Bitcoin smart contracts with a primary focus on security. Users can also purchase STX, BTC, and other SIP-10 tokens within the app using fiat services on the junction, including Binance, Moonpay, and Transak.
Its non-custodial design aims to be the next option for Web3 interactions on Bitcoin via the Stack. It offers a wide range of features, whether you want to trade NFTs, use the DeFi protocol, or earn Bitcoin rewards by accumulating your STX.
The Xverse wallet is available on mobile and desktop, providing users with the ability to unleash the power of Bitcoin.
Xverse wallet features
Xverse Wallet supports Stacks, Bitcoin, and all other SIP-010 tokens, fungible tokens built on Stacks. Additionally, Xverse supports buying, selling and trading Bitcoin Ordinals “NFT”.
Send and receive BTC
Both Xverse’s mobile and desktop apps allow you to buy, send, and receive BTC directly in your wallet. It does this by generating a unique Bitcoin address that is used only for Bitcoin transactions.
If you attempt to use this address for any other purpose, such as sending or receiving STX or Orders, you may lose your crypto along with any other assets that are part of the transaction pandemic.
Send and Receive STX
Likewise, Xverse gives you a unique address to send and receive STX. This address is separate from your BTC address and is only used for STX transactions.
Send and Receive Orders
Although Ordinals live completely on-chain, they utilize a different address than BTC and STX. Hence, Xverse provides you with your own Ordinals-capable wallet address that can be used to buy, send, receive, and store Bitcoin Ordinals.
Sending and Receiving Stax’s NFTs
Your STX NFT address is only used to receive SIP-010 tokens (fungible tokens).
Connect with Dapps
Using Xverse, you can directly connect to Stacks decentralized applications secured with Bitcoin, Swap tokens with ALEX or Arkadiko, and trade NFT on Gamma or Tradeport in addition to linking to other applications used via several protocols such as Hiro Library, Micro-Stacks, and Wallet Connect.
Similar to other popular crypto wallets, Xverse’s security comes from user-generated passwords and 12-word mnemonic phrases owned by users and unknown to Xverse. Additionally, the mobile app uses a 6-digit PIN and biometric authentication, including FaceID and TouchID, for added security.
In addition, Xverse has partnered with the Least Authority to perform regular security checks to assess which system components may have been compromised and to ensure they are still configured correctly. User assets are still intact and safe.
Although Xverse is a secure wallet, it is still vulnerable to various attacks and scams. This means you can give scammers access to your wallet if you click on a malicious link, download a fake version of the wallet or reveal their secret phrase in any way.
For those looking for ultimate protection for their digital goods, Xvenese has partnered with MultiSafe to allow users to create multi-signature wallets (co-owners) to co-manage their STX and Bitcoins.
Xverse Wallet is free to use and does not charge any transaction fees. However, you still have to pay network fees to miners on the Stax and Bitcoin blockchains. That said, Xverse has implemented NFT network fees sponsored transactions, meaning you can transfer NFT Bitcoins for free. Currently, these sponsored deals are only available via the mobile app.
Pros and cons of Xverse wallet
- Easy setup: Setting up and using Xverse is as easy as installing the app and creating a new wallet, which you can then access on any compatible device.
- Mobile and Desktop Availability: The Xverse Wallet is available on desktop via Chrome or iOS and Android devices through their respective app stores.
- Advanced Features and Functions: Xverse is one of the most advanced Bitcoin wallets supporting Normal storage and transactions, sending and receiving BTC and STX.
- Security measures in place: Xverse provides strong security features such as user-generated passwords, 12-word easy-to-remember phrases, and biometric authentication for mobile app users and performs audits. Regular security checks to ensure user assets are safe.
- Hardware Wallet Compatible: Xverse Wallet is compatible with Ledger hardware wallet, allowing you to transfer your digital assets to cold storage.
- Free to use with no transaction fees: Using Xverse is free because the wallet doesn’t charge any fees for transactions and has implemented NFT network fee-sponsored transactions, meaning you can transfer Bitcoins Free NFT.
Vulnerable to Attacks and Phishing: Xverse is vulnerable to various attacks and scams, which means that users can give scammers access to their wallets if they click on a malicious link, download a fake wallet version or reveal their secret phrase in any way.
Cannot sell crypto for wallet cash: Xverse does not allow users to sell their crypto for direct cash; they need to send it to an external exchange and get the money out of there.
Instructions for setting up Xverse wallet
Here is an easy guide to setting up your wallet and connecting to Bitcoin web3.
Step 1: Download Xverse
To start, download Xverse, available for Android, iOS, and Chrome extensions.
https://www.xverse.app/download. If you are a brand new user, you can select “Create New Wallet.” If you have an existing Stacks or Bitcoin wallet, you can simply click on “Restore Wallet” and enter your seed phrase to restore your wallets.
Step 2: Back up your wallet
Xverse is a self-custodial wallet, meaning you have 100% control over your assets. It’s crucial to securely back up your 12-word secret recovery phrase. You will need the phrase to restore your wallet if you switch devices or lose access to your current one. Writing down the phrase offline (ideally engraved on metal) and testing it for accuracy is highly recommended to prevent theft, and storing it in a secure location such as a safety deposit box (or two!) is advisable.
Step 3: Choose your preferred security mode
You can opt to allow Biometric/PIN authentication for easier access. Alternatively you can opt for each transaction requiring your password for higher security.
Step 4: Fund your wallet
Select “Buy” to purchase BTC, STX and other SIP-10 tokens using Binance, Moonpay or Transak. Alternatively, you can send assets to Xverse. Click “Receive” to reveal your receive addresses. You can learn more about Bitcoin and how to fund your wallet with BTC here. If you’re curious about STX and how to earn Bitcoin rewards with this token, you can read our complete guide to Stacks here.
Step 5: Manage Assets
You can customize which cryptocurrency you would like to view in your wallet by clicking “Manage Token List”.
Step 6: Manage Digital Collectibles
Xverse is a beautiful home for your Ordinals and Bitcoin NFTs on Stacks. Click “Receive” to reveal your Ordinals and Stacks NFT addresses.
Step 7: Earn Bitcoin rewards
In the earn tab, you can participate in the Xverse Stacking pool by locking your STX for a period of time to earn avg. 10% yield Bitcoin rewards.
Step 8: Connect to Bitcoin Web3 dApps
Select the browser tab and navigate to decentralized applications on Bitcoin, including NFT marketplaces, DeFi protocol, GameFi and more.
Conclusion – Xverse Wallet Review
Above is our share about what Xverse wallet is, its features, fees as well as its advantages and disadvantages. Especially in light of the explosive trend of collecting or recording Bitcoin Ordinals, you will need a Bitcoin Ordinals wallet like Xverse.
This is a Chrome browser extension and mobile app that allows you to manage your Bitcoin private keys. Xverse is a web3 Bitcoin ecosystem in one place, allowing you to manage BTC and other tokens like STX and interact with decentralized applications. Unlike some wallets, Xverse does not store any user information or has access to your private keys. You retain all power over your crypto identity.
However, there are still specific weaknesses in Xverse, such as being affected by phishing attacks and not being able to convert cryptocurrencies directly to cash in the wallet.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
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