THE FULL STORY

ABOUT BAM E-WALLET

BAM blockchain wallet is a digital wallet that allows users to store, manage and trade their cryptocurrencies and local currencies.
BAM Wallet is also the name of a specific wallet service provided by the Blockchain Assets Management Group Limited proprietary blockchain. This is an E-wallet that allows individuals to store and transfer cryptocurrencies and local currencies.
BAM blockchain wallet users can manage their balances of Bitcoin, Ether and other crypto-assets.
BAM blockchain wallet has a number of security features to prevent theft, including by company insiders.

HOW TO USE BAM E-WALLET?

BAM wallet allows individuals to store cryptocurrencies, other digital assets and local currencies.

Creating a BAM wallet is free and the account setup process is done online. Individuals must provide an email address and password that will be used to manage the account, and the system will send an automated email requesting that the account be verified.

Once the BAM wallet is created, the user is provided with a Wallet ID, which is a unique identifier similar to a bank account number. Wallet holders can access their BAM wallet by logging into the BAM e-wallet website, or by downloading and accessing a mobile application.

The BAM wallet interface shows the current wallet balance for crypto-assets, local currencies and the user’s most recent transactions.

HOW A BAM E-WALLET WORKS?

Users can send a request to another party for a specific amount of crypto-assets and local currencies, and the system generates a unique address that can be sent to a third party or converted into a Quick Response code or QR code for short. A QR code is similar to a barcode, which stores financial information and can be read by a digital device.

A unique address is generated each time the user makes a request. Users can also send crypto-assets and local currencies when someone provides them with a unique address. The send-and-receive process is similar to sending or receiving funds through PayPal. PayPal is an online payment provider that acts as a go-between for customers and their banks and credit cards by facilitating online transfers through financial institutions.

Users can also exchange crypto-assets for other crypto-assets and visa-versa, known as swapping. This practice is an easy way to switch out crypto without leaving the security of the BAM wallet. Users are shown a quote indicating how much they will receive based on the current exchange rate, with the rate changing depending on how long the user takes to complete the transaction. Swaps should take a couple of hours while the transactions are added to each currency’s blockchain. However, if it takes longer than six hours, users should contact customer support.

Users can also buy or sell crypto through the Buy Crypto interface available to BAM wallet. To make a purchase, a user can either transfer funds from a bank, use a credit or debit card, or use the available cash balance.

SECURITY

PASSWORD

BAM wallet accounts require passwords for the users' protection. However, BAM does not store user passwords, and cannot reset the password if lost. This measure prevents company insiders from being able to steal cryptocurrencies and local currencies. If a user forgets or loses their password, the account can only be recovered with a mnemonic seed.

MNEMONIC SEEDS

A mnemonic seed is a random string of English words that function similarly to a password. If a user loses access to their phone or device, the seed can be used to restore the wallet, including any cryptocurrencies. Like passwords, BAM does not store users' mnemonic seeds. These seeds follow an industry-standard, meaning the wallets can be recovered even if the company goes out of business.

OPTIONAL SECURITY

In addition to the protections outlined above, there are also several optional security measures that are not required but can help secure user wallets against outside attacks. To reduce the danger of phishing, BAM wallet allows users to use two-factor authentication or IP whitelists to prevent log-ins from unfamiliar devices. It is also possible to block access through the Tor network, thereby preventing prospective hackers from disguising their IP addresses.