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.
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.
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.
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.
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.