Blockchain Wallet – April 2021 review
Find out why Blockchain describes itself as the most widely accepted digital wallet and how to use it to store bitcoin and Ether.
Blockchain claims to be the world’s most popular digital wallet for storing bitcoin and Ether. User-friendly, secure and flexible, Blockchain Wallet is home to over 15 million wallets. Integrating advanced security practices into a highly accessible user-interface, Blockchain Wallet delivers an online solution for cryptocurrency storage.
What is Blockchain Wallet?
Blockchain Wallet is a digital wallet platform developed by the Luxembourg-based software development company, Blockchain. Accessible from web or mobile devices, Blockchain Wallet makes it easy for anyone to transact securely with bitcoin and Ether through a clean, intuitive user-interface. Some of the core features of Blockchain Wallet include the following:
- A built-in “Security Center” that guides you through the steps you can take to secure your account, backup funds and prevent unauthorised access.
- Partnerships with trusted exchanges make buying and selling cryptocurrencies directly from your personal Blockchain wallet quick and easy.
- Flexibility to adjust transaction fees in accordance with priorities.
How much does it cost?
Blockchain Wallet is completely free to use.
You will, however, be charged a small transaction fee each time cryptocurrencies move in or out of your wallet. Blockchain Wallet’s platform will automatically deduct the appropriate transaction fee from your funds based on the size of the transaction and the level of network activity at the time. The option to specify your own bitcoin transaction fee is also available and can be found under the “Customise Fee” setting.
Which cryptos can I store?
How do I add currency to my wallet?
- Before you can add currency, you will need to create an account. If you haven’t done this already, simply visit blockchain.info and choose to sign up for a free wallet.
- Enter your e-mail address, choose a password and follow the steps to activate your new wallet.
- Once you have logged in, click the “Request” button.
- Select the currency of your choice, either bitcoin or Ether.
- You will see your wallet address, which just looks like a long string of numbers and letters. Anyone can send you the appropriate currency using this address. You also have the option to access and share your wallet address in the form of a QR code.
- Be sure to send bitcoin to the bitcoin address only and Ether to the Ether address. Sending a specific currency to the wrong address may result in permanent loss of those funds.
- If you have bitcoin or Ether in another wallet, you can transfer funds into your new Blockchain wallet for the appropriate currency.
- If you don’t already have bitcoin or Ether, you may need to visit an exchange that allows you to purchase cryptocurrencies with fiat, such as Coinbase, and then transfer the assets to Blockchain in order to fund your wallet.
How do I make payments with my Blockchain wallet?
Making payments with your Blockchain wallet is easy.
- Click the “Send” button on your dashboard.
- Select the appropriate currency for your payment.
- Enter the wallet address of the recipient, either by pasting it in or scanning the associated QR code.
- Enter the amount you wish to pay. Blockchain Wallet’s automatic conversion features let you type in the value using either your local currency or the cryptocurrency, and it will display the total in both for easy comparison.
- You have the option to enter a description, providing more details about the payment.
- If the transaction is time-sensitive, you may choose to make the transaction “Priority”. You will likely incur a higher transaction fee for faster confirmation.
- You may also choose “Customise Fee” to specify a rate for your transaction. Higher fees will yield faster validation for transactions and vice versa.
- Once the information is entered, click “Continue” and confirm the details of the transaction.
How secure is Blockchain Wallet?
Blockchain Wallet is designed with both security and usability in mind. While baseline security features do offer some layers of protection, many additional security features are available as options. Within your wallet dashboard, you can visit the “Security Centre” tab to see information about the security of your wallet.
Blockchain Wallet rates security in levels, giving users a tool to easily visualise and opt into additional security recommendations. Here is how they break it down:
- Email verification. Verifying your email address allows Blockchain Wallet to send you log-in codes to confirm payments or advise you if any unusual activity is detected in your account. While most security features are optional, you’ll need to verify your email address in order to complete the setup process for your Blockchain wallet.
- Passphrase. A secret passphrase is created as a way to restore your account in the event that you lose your password. Because of their commitment to user privacy, the company behind Blockchain Wallet does not have access to your password and therefore cannot help you to recover it.
- Password hint. Creating a password hint is a way to give yourself a reminder in the future in case you forget your password.
- Two-step verification. Activating two-step verification will require you to enter a one-time passcode that Blockchain Wallet sends to your cell phone each time there is a log-in attempt associated with your account.
- Link your cell phone number. If you link your cell phone number, you can receive a one-time login via mobile any time someone tries to access your account using the wrong password.
- Block Tor requests. This option blocks IP addresses coming from the Tor network from accessing your account. Tor is an anonymising tool that is often used by hackers, although many privacy enthusiasts also use Tor for non-malicious purposes.
Where can I get Blockchain Wallet?
Blockchain Wallet provides an online wallet, which means that you don’t need to download or install anything to use it. Simply visit blockchain.info and sign up for a free wallet.
If you wish to use the mobile option, you will need to download the Blockchain Wallet app. The app is available for both iOS and Android.
Pros and cons
- Advanced security features, such as two-step verification.
- You can choose to see your balance reflected in your local currency.
- User-interface design is intuitive and can be easily navigated.
- As a privacy measure, Blockchain automatically generates a new wallet address after each digital transaction.
- The company is based in Luxembourg, a country noted for having a legal structure that protects individual privacy.
- You can easily pair your web wallet with a mobile device by scanning a QR code.
- You can buy and sell cryptocurrencies directly through your Blockchain wallet.
- Online wallets, as a whole, are generally considered to be more vulnerable to security breaches than offline wallets.
- Some users may find it a cumbersome process to go through identity verification to access their individual Blockchain wallets.
- Blockchain Wallet is only compatible with bitcoin and Ethereum.
- You cannot purchase cryptocurrencies with fiat directly through Blockchain Wallet.
Get started with Blockchain Wallet by visiting blockchain.info and signing up for an account. Easily send and receive bitcoin or Ether, keep track of your funds and enjoy the flexibility of an online wallet with a robust security infrastructure that you can customise to meet your needs.
Frequently asked questions
Image source: Blockchain Wallet