ChangeTip Announces 'Decentralized' Wallet Service

The social tipping service ChangeTip has just announced the company’s new product the ChangeTip Wallet. The Silicon Valley business wants to make the digital currency easier to use and more accessible to everyday people.

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ChangeTip says the wallet service is a decentralized version of its centralized tipping application. Users can send and receive payments with the wallet using a desktop or mobile application. The service says users will also have full access to their private keys. Unlike the original ChangeTip application the wallet can be used anywhere around the world and accessed by anyone. The new wallet service is currently in a closed beta period and will be invite only for the time being.

The first release will be demonstrated to selected parties on February 27th “at a resort somewhere in North America.” ChangeTip believes it will bring the digital technology to a wider audience with this new service. The company’s tipping app has been used by many people since its inception in December of 2013. Since then the application has been integrated seamlessly into social media sites such as Reddit, Facebook, Twitter, and more. The San Francisco-based company has raised over $3.5 million USD in funding from investors like Gil Penchina, Pantera Capital, and 500 Startups. The wallet service announced today will be the next step in the businesses progression. Founder and CEO of ChangeTip, Nick Sullivan, said in the announcement:

We’re really excited to launch something that’s pure bitcoin. Many in our community like ChangeTip, but shy away from the service because it’s centralized. We talked for a while about creating this product, and ultimately, we decided it was something we really wanted to build.

The company says the latest release of this wallet platform has a simple interface and is easy to use so people can enjoy the benefits of Bitcoin’s attributes. The purpose of this product is to introduce people to the digital currency with an app anyone can use without technical knowledge, the company explains.

“The company’s main goal is to introduce a product that fills a need in the ecosystem, that is useful, fun and easy to use, that keeps partnerships in mind by allowing others in the industry to leverage and integrate with the technology, and that incorporates thoughtful feedback from the community into its development as a product and service,” the company explains.

ChangeTip also revealed that it’s currently exploring the feasibility of launching on the Lightning Network payment channel or a sidechain. It wants to continue to be a leader in the micropayment and tipping ecosystem and studying these technologies will help them do so. “Given the benefits of remaining on-chain and the positive developments in the Bitcoin industry, the timing is right to build a decentralized platform, empowering users to hold and manage their own funds,” says ChangeTip.

Bitcoin.com will keep our readers up to date on this new wallet service as it enters into more publicly accessible versions in the future.

What do you think about the ChangeTip’s new wallet? Let us know in the comments below.

Images courtesy of ChangeTip, and Pixbay