It was over half a year ago that the popular Bitcoin wallet service, Hive, simply shut its doors. Development on the service ceased far earlier than that, but it was in the fall of 2015 that users brought the wallet’s malfunctioning behavior to the attention of a Reddit thread. That caught the eye of the creator of Hive Wallet, who informed the community that the wallet has shutting down.
 
Officially Unsupported
 
This Reddit thread was the first time any user had heard of the issues the company faced, which left many of them understandably upset. Since then, it’s been an interesting rollercoaster as users attempted to recover the Bitcoin they had stored in the wallet, as well as find a new service. The company founder pointed out that, as a totally private service that requires no contact information be shared with the developers at all, it was impossible for Hive to contact users about the shutdown. However, he has apologized many times for not making more of an effort to be transparent about the shutdown sooner.
 
In the meantime, new services have begun filling the void, trying to offer Hive customers the Bitcoin wallet they need, and one that will address their fears going forward.
 
Enter Coin.Space
 
Coin.Space has been around since 2014, but in the wake of Hive’s shutdown, this service has presented itself as the next best thing. They inherited the Hive Wallet source code, which they have made available to users. Through their service, users can store Bitcoin or Litecoin, and use them just like Hive Wallet allowed.
 
Coin.Space has provided a means to recover funds in the event that they ever shut down, through the use of a passphrase. A passphrase is a random string of 12 words that is used as a master key to the virtual “vault” where your currency is stored. Even if Coin.Space ever shuts downs, you’ll be able to get into this “vault”, and retrieve your currency, at any time.
 
Features
 
In addition to being secure, Coin.Space accounts are free to open. The transaction fees are similar to that of most other bitcoin services, and it’s totally private. Coin.Space isn’t a bank. They won’t be able to see your balance, or any of your information. They offer apps for Android, iPhone, and Windows devices, including mobile devices, and they have a search function that allows you to find users and businesses around you who accept Bitcoin.
 
Conclusion
 
Overall, Coin.Space does seem to provide previous Hive Wallet users with the Bitcoin wallet they need. It offers the same privacy features and similar transaction fees, though the FAQ and the Features page do create a contradictory message that many may find off-putting. But their answer to Hive Wallet’s lack of easy Bitcoin restoration after the shutdown may be just what users need to convince them to try out Coin.Space.
 
Coin.Space also offers an informative blog that explains exactly how powerful the Bitcoin can be for users who may be new to the world of cryptocurrency.
 
Sources:
http://cointelegraph.com/news/hive-wallet-is-officially-unsupported
https://www.coin.space
 
 
 
 

Disclaimer

 

Be safe & secure: We highly recommend that you read our guide on How to Prevent Loss & Theft for some recommendations on how to be proactive about your security.

 

Always backup your keys: CoinSpace & Coin.Space. You do not create an account or give us your funds to hold onto. No data leaves your computer / your browser. We make it easy for you to create, save, and access your information and interact with the blockchain.

 

We are not responsible for any loss: Ethereum, Litecoin, Bitcoin CoinSpace & Coin.Space, and some of the underlying Javascript libraries we use are under active development. While we have thoroughly tested & tens of thousands of wallets have been successfully created by people all over the globe, there is always the possibility something unexpected happens that causes your funds to be lost. Please do not invest more than you are willing to lose, and please be careful.

 

Translations of CoinSpace: The community has done an amazing job translating CoinSpace into a variety of languages. However, Coinspace can only verify the validity and accuracy of the information provided in English and, because of this, the English version of our website is the official text.

 

MIT License Copyright © 2015-2017 CoinSpace

 

Permission is hereby granted, free of charge, to any person obtaining a copy of this software and associated documentation files (the "Software"), to deal in the Software without restriction, including without limitation the rights to use, copy, modify, merge, publish, distribute, sublicense, and/or sell copies of the Software, and to permit persons to whom the Software is furnished to do so, subject to the following conditions:

 

The above copyright notice and this permission notice shall be included in all copies or substantial portions of the Software.

 

THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT SHALL THE AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE.

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