Hive Wallet Review
3.5 stars - "Hive Wallet Review" Hive Wallet Review
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Hive Wallet Review

Written on: February 19th, 2016 | Author: David M
Important info
  • Wallet Type:  iOS
  • Verification:  SPV
  • Security:  Cold Storage
  • Open source:  Yes
  • Privacy :  HD
  • Crypto supported:  bitcoin
  • Vulnerability to malware:  Secure
  • Private key stored:  client side
Pros and cons
  • Had a good design
  • Supports litecoin
  • Decent entry-level app
  • Not actively developed
  • Closed to new users
  • Better alternatives

IMPORTANT INFO: Hive is no longer available for new users.  Existing users are urged to transfer funds to breadwallet or mycelium.

Summary

The HiveWallet is a simple little product that has a nice iOS app. Users enjoy a simple interface with no frills, and can easily sign in with a four digit pin. No backup is required, simply store a 12-digit passphrase in a secure location. We would not recommend using this wallet on Android or desktop - while the iOS app is very secure thanks to the general difficulty in getting malware into mobile apps, a lack of two-factor authentication is a bit riskier for non-iOS platforms.

Getting started

After downloading hive wallet from the appstore, set your 12 word mnemonic passphrase which can be used to restore your transaction history and all private and public keys on BIP39 compatible wallets. This will be shown only once, and loss of the mnemonic will render you unable to restore the wallet. After you have written it in a safe place set your four-digit pin, which allows you instant access from your mobile device. Should you incorrectly input your pin five times in a row, access will only be possible through use of the passphrase.

The passphrase will also be required when logging in from a new device.

Boom, you are the proud owner of a hive wallet!

The Hive Wallet

Opening the wallet lands you directly on the send tab. As is common practice, can copy and paste a target address or scan a QR code - but there is also an additional feature called "waggle", which uses your location to find additional hive users nearby for instant transaction. This might be a useful feature if you have friends with whom you often exchange bitcoin, or if Hive and bitcoin-accepting merchants both became magically ubiquitous - as it is, it seems like a solution to a problem that does not really exist.

mobile

Nothing surprising to report on the history or receive tab. You can turn waggle on if you happen to be receiving from a closely located Hive user. Click the button next to your wallet address to open the corresponding QR code, or to copy it or send via email to a friend. You'll also notice a "token" tab. This contains entry to your litecoin wallet - the name tokens is aspirational, as Hive has stated they'd like to add more currencies as well - once you click on litecoin and enter your pin, you'll switch to the litecoin wallet, which is the same in every way aside as what's been described above.

There is little to be done in the setting tab accept set up your name.

Bottom line

Hive is a decent choice for iOS bitcoin newbies, but to be honest we would recommend starting with breadwallet, which leverages the apple user experience a bit more - integrates touchID for instance, and allows for swiping between tabs. That being said, hive does what it is meant to do, so go forth and install with confidence.

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Bitcoin Price (USD): 853.48