Finding a good digital wallet to store our cryptocurrencies is essential. They should be a friendly interface, have robust security features and configurable options for the most advanced users. Coinpot identifies itself as a microwallet, let’s see how it works to analyze it and provide conclusions about this tool.
What is CoinPot?
Coinpot is a microwallet service for bitcoin, bitcoin cash, Dogecion,Litecoin and Dash. Yes, the first thing we need to be clear about is that CoinPot can’t be considered a digital wallet per se, in fact it’s a microwallet. And what is a microwallet? As you can imagine, it’s a ‘temporary’ service to receive and send small payments through a specific cryptocurrency. Thus, the user needs another wallet to send their funds when their micro wallet’s maximum storage limit is reached.
Why a microwallet?
It’s understandable: you may be wondering what’s the meaning of all this. Why create a microwallet instead of sending funds directly to our official wallet? Those who are more involved in the cryptocurrencies world, will know the services called ‘faucets’. These faucets are platforms that allow you to earn very small amounts of a cryptocurrency in exchange for a particular task. Generally, these involve viewing ads, trying a game or downloading an application.
In the case of bitcoin faucets, some satoshis are generated, the smallest BTC unit, which is equivalent to 0.0000001 BTC. The reason for creating microwallets, is that most wallets can’t generate small transactions: the network commissions would annul them. Microwallets are connected to several faucet services, so they can receive these micropayments and store them temporarily, until a certain limit is reached that is useful enough to be sent to a traditional wallet.
Singing up to CoinPot
Signing up is quite simple, you only need to visit the CoinPot website and click on ‘Register’. Then, accept the terms and conditions and fill out the form using your e-mail and a password that’s more than 8 characters long.
You’ll receive an email with a confirmation link for your account, use it to activate it. Then, you’ll be able to log in normally.
After confirming your account, log in by clicking on ‘Sign In’. One of the negative aspects we noticed in this platform is that, when accessing your account, the page isn’t secured with an HTTPS connection. The lack of an SSL certificate when logging in is quite critical when rendering personal data.
Once you’ve accessed the CoinPot desktop, you’ll be able to see the main menu with a list of available cryptocurrencies. You can also use the new news and lottery sections.
Setting up and depositing funds in CoinPot
To access your digital wallets, simply click on any of the available cryptocurrencies. For example click on Litecoin.
To deposit funds, click on ‘Deposit Litecoin’. If you haven’t created your Litecoin address yet (or one for your chosen cryptocurrency) you’ll need to select the ‘Generate deposit address’ option. The system will generate an LTC address to receive your funds, and to send funds from other faucets.
Mining through the browser
Another interesting feature of the CoinPot service is the possibility of performing passive mining through our browser. By using your computer’s resources, you can generate small amounts of a cryptocurrency with a single click. Simply select one of the available digital currencies and click on ‘Mine cryptocurrency’.
A new tab will open from which you can configure the number of threads and the CPU usage you wish to consume. You can select a low, medium, high or very high usage. Based on your configuration, you may spend more energy, but generate greater benefits. The hash rate is calculated in real time and you can see it under the ‘Hash Rate’ section. Below, you’ll find an example with a computer with medium resources (16 GB RAM, i7-7700HQ processor and GTX 1050 Ti card).
Remember that this type of mining only allows you to generate very small amounts of a cryptocurrency. For example, we left the tool on for 10 minutes at maximum CPU capacity. In that time, we generated 0.00000136 LTC.
CoinPot Tokens (new feature March 2018)
At the time of writing this review, CoinPot was releasing a new tool. The Coinpot tokens are presented as a new alternative to this wallet’s traditional cryptocurrencies. Since March 27, 2018, one can mine and earn these tokens from the CoinPot platform. You can obtain them through faucets, mine them from the browser or by converting your funds from other cryptocurrencies.
The CoinPot tokens can be used to obtain the crypto currencies available on this platform. In addition, they can be used in the new lottery platform, where you can buy tickets for lots drawn every hour.
Pros and Cons of CoinPot
- ✔ A simple platform, intuitive and with a quick registration.
- ✔ You can use it to receive small payments from different faucets.
- ✔ Allows for passive mining through the browser.
- ✘ Being a microwallet, it doesn’t work as a traditional wallet and has several limitations.
- ✘ According to the information found online, the support service is quite limited.
- ✘ One of the biggest problems we encountered is the lack of security when logging in. This could potentially compromise your data.
Fees and minimum amounts to payout
CoinPot doesn’t add fees for depositing funds, since it’s a microwallet. The fees for withdrawing funds depend on the cryptocurrency and the amount to withdraw, which are:
- Bitcoin: you can withdraw a minimum of 0.0001 BTC. Only one commission will be charged for withdrawals not exceeding 0.0005 BTC.
- Litecoin: the minimum withdrawal amount is of 0.002 LTC. All withdrawals are free.
- Dogecoin: the minimum withdrawal amount is of 50 DOGE. All withdrawals are free.
- Dash: the minimum withdrawal amount is of 0.0002 DASH, no commissions.
- Bitcoin Cash: the minimum withdrawal amount: 0.0001 BCH. No fees apply for withdrawals.
Opinions on the net about CoinPot
By being a free platform that grants the possibility of obtaining some profits, opinions are quite positive. However, there are some complaints about their support service, as it fails to respond to complaints from some users. In addition, we found that some users reported having lost their funds. Therefore, there are mixed opinions and don’t allow us to give a consistent conclusion on this platform, although positive reviews do predominate.
Is auto CoinPot a scam?
We haven’t been able to find reliable information to indicate whether this platform is a scam. However, we must bear in mind that this site doesn’t have regulations or operates under a registered company, this makes us question its authenticity. Likewise, the terms and conditions are presented in a short and doubtful manner. Some problems could be caused by the security breach that exists when logging in without an SSL connection.
Conclusion about CoinPot
CoinPot is an interesting option that provides some useful tools for users who are entering the cryptocurrencies world. However, it has several security flaws that generate some risks, which the user should take into account.
If you’re investing in bitcoin and other cryptocurrencies, but aren’t getting involved in the technical part, we recommend BitMex services. Here, you’ll be able to invest in different digital currencies without having to acquire them.
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