Introducing Proton Wallet – a safer way to hold Bitcoin | Proton
proton.me
Proton Wallet is an easy-to-use self-custodial wallet that makes financial freedom attainable for everyone.

For those of you using Proton services to protect your privacy, a new feature is being rolled out which is a self-custody Bitcoin wallet. If you have a proton e-mail address, you can now send and receive Bitcoin automatically. This is in tradition with their long-standing policy of accepting Bitcoin payments for their services.

A few key points to know:

  • You and only you have access to the Bitcoin, it is a self-custody wallet. You are not dependent on proton’s cooperation to access your funds and they do not hold onto the funds for you.
  • Proton automatically translates e-mail addresses to Bitcoin addresses. This means you can send/receive BTC to/from any Proton user by just knowing their e-mail address
  • Proton does not support Bitcoin lightning. This means transactions will take an average of 10 minutes for an average fee of 75c. Hopefully they will add lightning in the future so that can drop to under a second for pennies in fees. Lightning would also enhance privacy
  • Note that using Bitcoin is pseudonymous. Using it privately and anonymously requires some effort.
  • Proton has also put together a good primer on Bitcoin here.

from their blog post:

Early in our journey, we experienced first-hand what it’s like being cut off from the financial system and at the mercy of large banks and institutions — an ordeal that affects millions of people across the globe. In the summer of 2014, as the original Proton Mail crowdfunding campaign was in progress, Proton had a near-death experience when PayPal froze our funds, questioned whether encryption was legal, and whether Proton had government approval to encrypt emails.

Fortunately, in that instance PayPal returned the blocked funds, and Proton was able to start the journey that we’ve been on for the past decade. However, that dangerous moment has always stayed in our minds, and we still keep a proportion of Proton’s financial reserves in Bitcoin.

Having experienced firsthand the unreliability of the traditional financial sector, building Proton Wallet is an important strategic move to make Proton more resilient and independent in the future. By enabling us and the entire Proton community to more easily adopt means of payment that deliver on the promise of financial freedom for all, we better insulate Proton from the risks posed by traditional finance.

  • corvus@lemmy.ml
    6·
    3 months ago

    That doesn’t mean it is not FOSS, there are many anti features not related to not being FOSS. Newpipe for example is FOSS but has anti features just because it connects to YouTube which is non free.

    • uzi@lemmy.ca
      32·
      3 months ago

      Which proves my point. Proton won’t publish their server source code, so I don’t have blind trust in any Proton service, including Protonmail.

      For Proton Wallet, there are free/libre wallet alternatives without anti features.

      • corvus@lemmy.ml
        3·
        3 months ago

        Connecting to a non free site (anti feature) doesn’t mean having proprietary or non free dependencies (being non FOSS), which is what you stated, but OK, you don’t trust proton proprietary services. I assume you don’t see youtube videos for the same reason, any FOSS privacy app or frontend will have that anti feature too.

        • uzi@lemmy.ca
          2·
          3 months ago

          I don’t view using a FOSS frontend equating to logging into an account on a server running proprietary code. Using NewPipe is one thing, but if it was possible, using NewPipe o login to Google account is another.

          For example I refuse to use Proton VPN, I use Riseup VPN because the server for Riseup is open source.

          In my own opinion, I believe Protonmail not publishing email server source code and publishing Protonmail app source code is stopping it from having a massively larger popularity.

          OpenBSD is proof that security can be achieved through engineering open source code that is standards or protocol compliant and not by depending on proprietary code.