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 Ethereum through a clean, intuitive user-interface.
What the public has to say about the wallet
People love the easy-to-use layout, as well as the Blockchain.com positive reputation. Recently, Blockchain.com offered users a free $25 in the form of Stellar for joining the waitlist. All you have to do is create an account on their site.
People generally like the software when it comes to functionality and how easy it is to use. Another thing that the public complained about was the lack of support when issues arose.
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 “Customize Fee” setting.
Pros & Cons of Blockchain.com’s wallet
No product or wallet out there is perfect, so blockchain.com’s wallet does come with pros and cons.
- Blockchain.com is an established trusted company with many many years of experience and knowledge in the industry.
- Well-liked for small transactions.
- Mobile app
- Easy and straightforward to use makes it appealing for new Bitcoin users.
- Setting things up is a breeze
- Everything is online, therefore some users say it is not safe.
- There are claims that customer support is often unhelpful.
It is recommended that the wallet should be used for lower transactions and holding large sums in the platform is not a wise idea. If you’re looking to hold larger quantities of Bitcoin, it’s recommended you use a hard wallet.
Setting things up
Setting things up is a breeze on Blockchain.com Here are the steps:
- Before you can add currency, you will need to create an account. If you haven’t done this already, simply visit blockchain.com and choose to sign up.
- Enter your e-mail address, choose a password, and follow the steps to activate your new wallet. You will need to confirm your email.
- 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.
- 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.
The user interface is fairly intuitive upon opening with a small selection of tabs combined with a sticky “Send and Receive” menu at the top. Everything is clear and easy to understand for the layman. This is perfect if it is your first Bitcoin wallet.
Everything is straightforward on the platform and easy to understand.
Security and backup
Like with any online crypto wallets, you want to be able to back things up.
To start with, make sure you backup your recovery key. If your recovery is backed up, you’ll be able to get your Bitcoins back in the result of lost data or passwords.
The recovery phrase is effectively a representation of your private key to keep safe and don’t ever put it into digital format.
The SMS and two-factor authentication is an expected step on any financial account these days, and Blockchain.com includes this choice. It will stop quick fingers from accessing your account with just an email address and password.
Blockchain Wallet rates security in levels, giving users a tool to easily visualize 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 login 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.
- 2-step verification. Activating 2-step verification will require you to enter a one-time passcode that Blockchain Wallet sends to your cell phone each time there is a login 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 anonymizing tool that is often used by hackers, although many privacy enthusiasts also use Tor for non-malicious purposes.
Blockchain.com’s wallet is everything you could need with the usual features and slick simple performance. The wallet security should be good enough for small balances and transactions, but you’d probably sleep better at night storing your larger quantities in a hardware wallet.
Every wallet has its tradeoffs. However, Blockchain.com is a fast functional wallet that is quick to setup and easy to use, making it one of the best online wallets on the market.