Dingbat has come up with easy and fast way to transfer Bitcoin among friends instantly as it identifies all users via Facebook login. It also promises for complete security as it does not store private keys which in the context of Bitcoin are a secret number that allows Bitcoins to be spent. Every Bitcoin address has a matching private key, and known only to the one or both parties.
Free Mobile-focused Digital Wallet
Built by Charley Hine, this app helps users explore the benefits of digital currencies like Bitcoin in a secure and simple fashion. Nonetheless, the app according to the company will be ideal for those who are looking for a free mobile-focused digital wallet and swift Bitcoin transactions.
It is being appreciated by the US-based ‘new money’ frontiersmen who consider that there cannot be anything better than free transaction. Dingbat is free and does not charge for any transfer of Bitcoin among friends. However, when users are buying Bitcoin via credit card the company charges Stripe processing fees.
Stripe has simple and low prices. It does not charge for failed payments and there are no hidden charges. What it charges is what customers see. The company says, “When you charge money with Stripe, you pay a fee of 2.9% + 30¢ per successful charge.” Moreover, as there are no setup fees, no monthly fees, no validation fees, no refund fees, and no card storage fees, it will be a better option for Bitcoin users.
Promise for Complete Security of Data
Dingbat promises that it does not botch up with customers’ data when they are using a Facebook account to transfer Bitcoin to their friends. It admits that it does not post on the customer’ wall, share email addresses or friend data. The organization also promises for complete security as it does not store passwords from the users.
Additionally, Dingbat runs on entirely over SSL (https) which has been recognized by industry experts as the one of the best security feature. The organization also admits that many actions are rate limited (login attempts, etc.) for enhanced security. It uses SQL injection filters as well for data protection.
A release from Dingbat says, “We white list attributes on all models to prevent mass-assignment vulnerabilities. We also ensure that all user balances are backed up 6 times daily.” Observers claim that forcing Facebook accounts for transactions can be a good idea as there are fewer chances of fraudulent signups thanks to its enhanced security/privacy features.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org