Holy Transaction Wallet Review
3.5 stars - "Holy Transaction Wallet Review" Holy Transaction Wallet Review
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Holy Transaction Wallet Review

Written on: February 22th, 2016 | Author: David M
Important info
  • Wallet Type:  Web
  • Verification:  Trusted Server
  • Security:  Cold Storage
  • Founded :  A. Zamovskiy, N. Babenko, F. Simonetti
  • Open source:  No
  • Crypto supported:  bitcoin, Litecoin, Dogecoin, Ethereum, Others
  • Vulnerability to malware:  Vulnerable
  • Private key stored:  server side
Pros and cons
  • Conveniently stores tons of different crypto
  • Funds stored server side
  • Weak privacy protection
  • One address per coin

Summary

HolyTransaction is a web-based desktop and mobile wallet offering a solution for the storing of different cryptocurrencies.  This will be quite convenient for those who find themselves shuffling between multiple wallets holding different coin.  However, what HolyTransaction brings in convenience, it leaves behind a bit in security and privacy.  Your coin is held on Holy transaction servers, and all your transactions are routed through the same address for each coin type.

Getting Started

Jot down your user, password, email and country of residence, accept the terms and verify your email. You'll be taken to the lobby, in which one wallet has been automatically configured per supported altcoin - which includes at the moment bitcoin, litecoin, dogecoin, blackcoin, dash, peercoin, tetherUS, Ethereum and Gridcoin.

Security and Privacy

Holy transactions is definitely a convenient solution for the multi-coined among us, as it allows the aggregation of multiple currencies in one spot rather than dispersed across multiple wallets. However, we should note right up front that, in terms of security and privacy, this is not a very good wallet. Each wallet is associated with one address that is used for all transactions to and from. This means that, in the very unlikely event that you would choose this wallet for recurring payments, the entire world would know that wallet X receives Y amount of, for instance, dogecoin, the second tuesday of every month. Additionally, HolyTransaction has email and IP address stored on their end - as well as additional personal information if you are kind enough to jot that down for them in the settings. If for whatever reason their server is compromised, or if you are under investigation, or some government demands a look at their database, you have very limited privacy protections.

Additionally, your private keys are stored by holy transactions. While these are encrypted, we have no idea who has access to them and how they are secured. Essentially, you are sending your coin to be held by a custodian who, despite their good intentions, are a well-known single point of failure. The wallets are obviously not insured. Basically, if somehow their server is compromised, you are screwed.

They have added two factor authentication for security client side, but there are enough security holes, to be honest, that 2fa can't address. In any event, the point of this is to say - and we would imagine the Holy Transaction team would agree - this is not the place for your crypto-life savings. In our opinion, it is is convenient as a day-to-day web wallet for your pocket change, nothing more.

The HolyTransaction Wallet

After login you find yourself on the balance page, which has a box set up for each of the nine currencies available, together with your corresponding address. A click on the QR code icon opens the associated QR code, while you can click directly onto the long address on the main box to copy paste to clipboard. The info icon redirects you to a relevant block explorer, where you can find the history of your address - this is as a convenient method of breaking down your transactions by coin, if your overall transaction history is overflowing.

Capture

The send box looks as you would expect - there is a recipient box, a camera icon to load the QR scanner, and a pay with line that populates currencies that have a balance. The buy box allows for the buying and selling of altcoins against one another. HolyTransaction acts as the broker, listing its prices on the right-hand side of the screen. You'll pay a pretty decent markup, which is only fair considering Holy Transaction takes on the risks of dealing in pretty non-liquid cryptos. Holy Transaction will list the currencies available to use in the "pay with" line. This depends both on the currencies in your wallet, as well which currencies they are willing to be a counterparty to.

Conclusion

So this wallet obviousy isn't where you should be holding tons of coin, but it is a convenient solution for storing multiple cryptos to which you need access, and the product is simple and straightforward.

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Bitcoin Price (USD): 853.48