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Learn more about our user-friendly account creation and recovery in Blink
At Blink, we're dedicated to making the use of Bitcoin straightforward for everyone, including those previously excluded from traditional banking systems. Our mission aligns with the core value of financial inclusion, providing borderless digital payments to a global audience.
Before we dive into the specifics of our approach, let's clarify a term we often discuss internally: "breakage." In digital services, breakage refers to instances where users lose access to their accounts or services due to forgotten passwords, lost access credentials, or other barriers. This can lead to frustration and abandonment of the service, but in the context of bitcoin, it can lead to a worst case scenario: loss of funds.
Planned breakage, a more insidious variant, occurs when a custodial service deliberately designs their system in a way that increases the likelihood of loss of funds, often targeting vulnerable or less tech-savvy populations. At Blink, we stand firmly against such practices. We believe in empowering our users, not exploiting them.
Recognizing the challenges many face with conventional Bitcoin wallets, specifically the daunting task of securing a 12 or 24 word seed phrase, Blink provides a more accessible alternative. Our solution hinges on something most people are already familiar with: their phone number.
With Blink, creating an account and logging in is as straightforward as entering your phone number. Users receive a One-Time Password (OTP) via SMS or WhatsApp message, facilitating quick and secure access to their funds. This method significantly reduces breakage by leveraging a widely understood and accessible recovery method.
If a user loses their phone, they can easily regain access to their funds by downloading the Blink app on a new device and entering their phone number. This system not only minimizes user error but also aligns with our goal to make Bitcoin accessible to as many people as possible, including those without traditional banking access.
At Blink, the security of your account is paramount. We've introduced measures like OTP for easy access, the option to use an email address for added security, and Two-Factor Authentication (2FA) with TOTP for enhanced verification. These steps ensure that your experience with Blink is secure yet user-friendly. For a deeper dive into our security measures, read our post on Know Your Custodian: The Security and Reliability of Blink
Bitcoin is a tool for financial inclusion, offering a lifeline to those without the necessary documentation for a bank account. To accommodate users who may not have a phone number, Blink provides a trial account option. This allows anyone with just a phone and internet connection to send and receive payments. While these accounts are limited in daily transaction volume and cannot be restored if the device is lost, they represent a step towards inclusive financial participation.
At Blink, our commitment to minimizing breakage is unwavering. We understand that accessibility is key to widespread adoption and user satisfaction. By removing complex barriers to entry and ensuring a seamless recovery process, we are opening the doors of the digital economy to a broader audience.
Our approach is designed to foster confidence among users, especially the unbanked and less tech-savvy. By providing a secure, understandable, and easy-to-use platform, Blink is not just a wallet but a bridge to financial empowerment.
However, accessibility, security and simplicity are not the only reasons for requiring a phone number for registration. It is also a matter of compliance. Phone numbers are recognized by regulators in El Salvador as sufficient identification for some financial accounts to protect the country’s economy from targeting for AML reasons by intergovernmental organizations.
In conclusion, as we move forward in our journey, we remain focused on breaking down barriers and enhancing user experience. With Blink, accessing and managing Bitcoin is not only secure but also accessible to the greatest number of people in the greatest number of regions. Join us in our mission to bring Bitcoin to the masses, making accessible digital payments on a sound money standard a reality for all.
