Review on WageCan Wallet by Fanuel PORPORTY
Is the Wagecan Wallet Recommended?
It is a software wallet available both online and as a mobile app. It comes with a Bitcoin prepared debit card making it convenient for crypto payments. In fact, its main objective is to allow crypto users to use their digital assets for everyday transactions.
The wallet uses Simple Payment Verification (SPV) for transaction verification. This means that instead of downloading the entire Bitcoin blockchain, it uses a lightweight client to ensure that every transaction is included in the chain.
The debit card supports three fiat currencies at present, EUR, GBP and USD.
WageCan, the company behind the wallet was founded in 2014, by among others, Franky Hu, the current CEO. It is based in Taiwan and registered in Hong Kong and provides crypto payment solutions in over 210+ countries without a lengthy registration process.
Since it uses the MasterCard payment platform, the card has support at more than 30 million ATMs globally.
Pros
- Debit card support
- 0% transaction fees
- Supports USD, EUR and GBP
- Available in many countries
- Local currency withdrawals at ATMs
Cons
- Not open source
- Not regulated
- Stores users’ private keys
- It is a hot wallet and therefore inherently vulnerable
