Blockchain claims to be the world’s renowned digital wallet for storing Bitcoin and Ethereum. This Crypto Wallet is the base for around 25 million wallets due to it’s secure, user-friendly, and flexible assets. By integrating advanced safety practices; blockchain digital wallet delivers a reliable solution for cryptocurrency storage.
Now, let’s dig into “what is Blockchain wallet”, its type, the security measures, etc.
What is Blockchain Wallet?
A Blockchain (cryptocurrency) wallet is a software program which let you buy, sell, and exchange the digital assets. Users involved in Bitcoin, Ethereum, or other cryptos, they might be using some type of Blockchain e-wallet.
The digital wallets do not store cryptos like the traditional wallet does. They record all the selling, buying, exchanging transactions.
The Blockchain Bitcoin Wallet is a crypto wallet platform designed by the Luxembourg-based software development company- Blockchain. This is accessible via web and mobile devices.
Some core features of Blockchain digital wallet includes:
- A built-in “Security Center” to secure your account, prevents unauthorized access and backup funds.
- A partnership with trusted exchanges enables you to easily buy/sell cryptos directly from your personal Blockchain wallet.
- You can flexibly adjust transaction fees in accordance with priorities.
The Blockchain Bitcoin Wallet supports iOS, Android and Web.
Breaking Down- “Blockchain Wallet”
Crypto wallets enable individuals to store cryptocurrencies. Creating an e-wallet with Blockchain Wallet is free of cost, and the account setup process is accomplished online.
Once the Blockchain e-wallet is created, you will get a Wallet ID, (a unique identifier same as the bank account number).
The Blockchain digital wallet interface displays:
- Current balance for Bitcoin and Ether tokens
- User’s most recent transactions
Wallet security has always been a crucial consideration. Blockchain bitcoin wallet has 3 levels of security:
Level 1 Security: To prevent users from losing account access.
- You can verify the email address
- Create a 12-word backup recovery phrase (if a password is forgotten)
- Set up a password hint (Blockchain does not save the password)
Level 2 Security: To prevent an unauthorized access to the wallet.
- Link a phone number to the account for one-time password when the account gets login
- Create two-step authorization
Level 3 Security: It allows users to block Tor requests.
Types of Blockchain Digital Wallets
To store and reflect a transaction on Blockchain, there exist 3 types of cryptocurrency wallets available.
1. Software Wallets
These are Software applications that you can download on a device (desktop or mobile) or access online. Depending on the type of device, software wallets are further categorized as:
Desktop: These wallets can be downloaded on PC or laptop. Also, it can only be used from the device on which they are installed.
Limit: Although desktop wallets are a safe choice, make sure that your system is secured against virus attacks (a single susceptibility might take all your funds).
Online: These wallets are available on any device (mobile, tablet, desktop) via a web browser. These wallets operate on the cloud.
Limit: It is a bit unsafe option as the private keys for a transaction are stored online and handled by the third party.
Mobile: These wallets offer anytime and anywhere access as they are accessible as a mobile app. It allows scanning QR codes which facilitates easy and quick funds transfer. Mobile wallet development is known amongst the three software wallet categories.
There is no system which is 100% secure. You need to adopt an adequate security measures from your end prior going for any of the three software wallets.
The user’s private key on a hardware device (USB) is stored in Hardware wallets. These are compatible with the wallet with several web interfaces and support multiple cryptos. To use these wallets, you need to connect them to any internet-enable device. Hardware wallets are considered the safest wallet options as all currencies are stored offline
The pair of keys (public and private) is created via a software application and printed to make a transaction. These generally work with software e-wallets to buy/sell funds.
Single or Multi-Currency Wallet
According to Wikipedia, “The number of cryptocurrencies over the internet as of 7 January 2018 is around 1384 and growing”.
While Bitcoin still stands as the biggest Blockchain network, Litecoin, Ripple, Ethereum, and other altcoins are catching on to the users’ interest. If you want to work with multiple currencies, then no need to maintain a separate wallet for each currency. You can either go for a wallet that use the single currency or the wallet using multiple cryptos. Going for a multi-currency wallet is indeed a better and flexible choice.
Blockchain Bitcoin Wallet Fees
The crypto wallet is completely free to use. However, you need to pay a small transaction fee each time cryptos move in or out of the wallet.
Blockchain Wallet platform will automatically deduct the transaction fee from the funds. This depends on the level of network activity at the time and the size of the transaction.
You have an option to specify your own transaction fee via the “Customize Fee” setting.
Where is Blockchain e-wallet Available?
For an online wallet, visit “blockchain.info” and sign up for a free wallet.
For the mobile option, you need to download the “Blockchain Wallet app”. The app is available for iOS and android.
Creating a Blockchain Wallet
Follow the series of steps to create an online Blockchain Bitcoin wallet.
Step 1: Navigate to “blockchain.info”. Click on “Get a Free Wallet” option on the top right corner.
Step 3: Fill out the information- email and password.
Enter the email-id that you use and create a strong password. After you create the wallet you will get a Wallet ID. Keep this ID saved as it helps you access your wallet.
To play safe you must use a password phrase and write it down on a paper, store it safely.
Manage Your Crypto Wallet
Managing your e-wallet is quite simple. Let’s dive in focusing on the wallet interface.
When you log into the wallet, first thing you see is the “Dashboard”. The Dashboard is like the control room from where you can access every wallet features.
On the right side panel, you will find the general menu. On the menu, you will find many options such as changing from Bitcoin wallet onto Ether wallet.
Let’s quickly jot down the options appearing from top to bottom:
- Buy & Sell Bitcoin
- Security Center
Buy & Sell Bitcoin: To access new menu where you can buy/sell cryptos and track the order history.
Exchange: You can exchange Bitcoin for Ether and vice-versa.
Security Center: This enables you to easily access the security settings
Settings: This let you manage and access general information related to the wallet and transactions. You can also check and manage your addresses and security. This also allows pairing the Blockchain.info wallet with mobile phone.
You also find the FAQ and the option as “Send and Request Bitcoin” on the Dashboard.
Send and Receive Bitcoin- Digital Wallet!
Now, you have access to your wallet and aware about the Dashboard. You will certainly see the two options in the middle of the screen.
The option to the left is “Send” and the one to the right is “Request”.
When you select the “Send” option, a popup menu will appear where you need to feed all the information. On the top of the menu, you can select the currency to send. Below, you have to paste the “Address” and enter the amount to send funds. This is optional- add a Description for particular transaction (helps you track the spending). You can also select the transactions fee between regular and priority.
To request money, the process remains exactly the same. All you need to do is select the amount you want to send and select next. It will generate a link for you. You can use the link to send a Payment link to the other user that is going to send you funds.
Is a Blockchain Wallet Safe?
The baseline security features offers some layers of protection, several additional facets are available as options. On the wallet dashboard, you can visit the “Security Centre” tab to know about your wallet security.
Blockchain Wallet rates security in 3 levels, as discussed above. Here’s how they break it down in details:
- Email Verification:
Verifying your email address let Blockchain Bitcoin Wallet to send you log-in codes to confirm payments.
Advise you in case of any unusual activity is detected in your account
Most of the security features are optional; you need to verify your email address to complete the setup process for your Blockchain e-wallet.
A secret passphrase helps you restore account if you lose the password.
The company behind digital wallet does not access your password and therefore cannot help recover it.
- Password hint:
Creating a password hint gives yourself a reminder in case you forget your password.
- Two-step verification:
To activate two-step verification, enter one-time passcode that crypto wallet sends to your cell phone each time you log-in to your account.
- Link your cell phone number:
By linking your cell phone number, you will receive a one-time login if someone tries to access your account using the incorrect password.
- Block Tor requests:
The option blocks IP addresses arriving from the Tor network from accessing your account.
Tor is an anonymizing tool that hackers use, although numerous privacy enthusiasts also use Tor for non-malicious purposes.
If you are looking for the best digital wallet to use on a daily basis, the blockchain wallet is probably a good suggested crypto wallets for you!