Proton Wallet: A Self-Custodial Bitcoin Wallet with a Twist

Proton, a privacy services company based in Switzerland, has introduced its self-custodial Bitcoin wallet, Proton Wallet.

Proton, a Swiss-based company, has unveiled Proton Wallet, a self-custodial Bitcoin wallet. The open-source wallet currently allows users to store Bitcoin, with the potential to add more assets in the future based on community demand.

Proton Wallet complements Proton's existing suite of products, including Proton Mail, Proton Calendar, Proton Drive, and Proton Pass. These products offer an alternative to popular Google services, emphasizing privacy and end-to-end encryption.

According to Proton, as of April 2023, its products boast over 100 million accounts, presenting a substantial opportunity to introduce new users to cryptocurrency.

Initially, only Visionary and Lifetime tier users will have direct access to Proton Wallet. These tiers are priced at €39.99/month or €359.88 for one year (€29.99/month).

Lifetime accounts are exceptionally rare and can be obtained through a raffle or on the secondary market for around $14,500.

Proton Wallet aims to simplify sending and receiving Bitcoin, making it as easy as sending an email. This contrasts with the manual process of verifying a recipient's Bitcoin address, which can be error-prone.

Incorrect recipient addresses can lead to substantial losses, as blockchain transactions are irreversible and there is no customer service to assist users.

Crypto enthusiast @TylerDurden expressed enthusiasm for the launch, stating that he's moving his friends to the Proton ecosystem.

I’m in and sent to all of my friends who I moved on to protonmail, drive and calendar

However, the launch sparked mixed reactions in a subreddit discussion, with several users voicing dissatisfaction. They urged the Proton team to prioritize improving existing products before introducing new ones that the community didn't request.

"I love this, but agree with those saying that we need more focus on existing products. New products are coming fast, which is awesome, but existing products seem to be languishing which is a poor customer experience," commented one Redditor.

"I was really hoping this was some sort of actual digital wallet to rival Apple or Google," lamented another.

Common grievances include the limited search functionality for emails and calendars on mobile devices. Many users emphasized that they would not fully adopt the Proton environment until these issues are resolved.

In light of the contrasting feedback, the overall reception of the launch remains uncertain. Nonetheless, the capability to send and receive Bitcoin via email is an intriguing feature of Proton Wallet.

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