Customer privacy is no longer a priority for Bitcoin wallet service providers. A recent survey conducted by the Open Bitcoin Privacy Project has concluded that no considerable work has gone towards addressing privacy concerns of bitcoin wallet users for over a year. When it comes to financial transactions, privacy is of utmost importance. Lack of strict privacy features leaves users vulnerable to thefts and fraud.
Over the past one year, the bitcoin companies have not made an effort to include advanced privacy features like Tor support and stealth addresses. The survey also considered the average response time of these companies to release security patches and fix leaks that were reported on their platform.
A team of reviewers including Kristov Atlas, a security engineer with Blockchain and Justus Ranvier, a software designed from Stash Crypto were involved in the survey. The recent Open Bitcoin Privacy Project ‘s wallet survey is the second edition of the earlier version of a similar survey that was conducted last year. In the latest survey, they have included additional criteria increasing the evaluation points from 38 to 68. In this survey they have surveyed 20 wallets, instead of 10 as they did in the previous version.
Among the hardware wallet’s evaluated, Ledger hardware wallet has gained the highest score for its privacy features. Having a variety of offerings has surely played in its favor. Ledger wallet is followed by Breadwallet and Airbitz in second and third positions respectively. Last year’s highest ranking wallet in the survey, Darkwallet has moved to the fourth position.
The Open Bitcoin Privacy Project has reported that none of the bitcoin wallet providers evaluated during the survey received a score of more than 50 out of 100. Meaning, bitcoin wallet companies have to start concentrating on customer privacy and develop products accordingly.