MyBitcoin
MyBitcoin is one of the earliest eWallet providers for Bitcoin. See MyBitcoin SCI if you're looking for information on how to use MyBitcoin merchant service.
Note The site has become inaccessible starting July 29, 2011[1].
Bitcoins sent from a MyBitcoin account will not necessarily originate from the same bitcoin addresses that were used to receive the Bitcoins. This property can be utilised to improve anonymity.
Amounts sent to an account on MyBitcoin will be confirmed after just one block and will then show in the balance and can be spent immediately.
Features
- Address forwarding - Anything earned in your mybitcoin account can be transfered automatically to a desired address.
Support
The best (and likely only) method to obtain support is to use the site's messaging system.
Password Reset
Password recovery is possible by sending a PGP-signed request via the online messaging system. The PGP key must match the email address of the account in question. Because access to the online messaging system is only possible with a valid username and password, a workaround is to create a temporary account for this password reset task.
History
For a period of a day or so beginning 02-17-2011, deposits to the mybitcoin.com eWallet service were not being registered to users' accounts.[2]
The site became inaccessible starting July 29, 2011[3].
Criticism
There is no method to reset the password without first logging in. To use the site's contact form, logging in first is also required.
There is no requirement or prompt to add an email address to the account. If you wish to do so, and/or realize you should, it is buried on the 'settings' page. If you do not have an email address attached, there appears to be no way to regain access to your account. So they can just reset on a whim and leave you no way to regain control.
Due to MyBitcoin's practice of crediting an account after the transaction appears in just one block, after receiving payment a prudent step might be to verify confirmation manually using Block Explorer before delivering shipment -- especially if there is no recourse should the payment fail to confirm.
This service shows the name MyBitcoin LLC and a mailing address in Nevis. It is not known if this truly is an LLC and if so, where the organization is located. There has been no member of the Bitcoin community who has claimed any affiliation with MyBitcoin.
There is no way to verify the claim that all bitcoins from account balances are available. The Terms of Service do state:
- 6. OBLIGATIONS OF MYBITCOIN LLC
6.1 MYBITCOIN LLC will ensure that for all Bitcoins in circulation in the MyBitcoin System there is at all times an identical quantity of unencumbered Bitcoins held in MYBITCOIN LLC's master Bitcoin wallet.
- 6. OBLIGATIONS OF MYBITCOIN LLC
See Also
External Tor Hidden Services
External links
- MyBitcoin website