Cryptocurreny Wallet

Blockchain Wallet Review – Best Cryptocurrency Wallet

Overview

NameBlockchain Wallet
Released2011
Wallet typeA software wallet
Platforms supportediOS, Android and Web
PriceFree
Cryptocurrencies supportedBitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Stellar (XLM), and USD PAX.
Mobile supportYes

One of the main factors while picking a wallet, is the security which has to be emphasized over anything else. Many different cryptocurrency wallets advertise different things about themselves like they might be aesthetic, have a good UI, be decentralized, and so on. All of this fails if the wallet lacks in the security department.

The Blockchain wallet is one of the well-optimized crypto wallets that possesses some of the best features and an awesome security system.

In this article, we will give you a detailed guide to the Blockchain Wallet and its overall aspects. Let us look into this Blockchain Wallet review in detail now. 

What is the Blockchain Wallet?

Blockchain Wallet is a digital wallet platform developed by the Luxembourg-based software development company, Blockchain. It was launched way back in August 2011. It has a long-standing history with Bitcoin and Ethereum, providing secure and efficient storage of these leading crypto coins.

The Blockchain Wallet mobile app is currently one of the most popular cryptocurrency wallets. There are more than 34 million wallets in around 150 countries, where almost $200B worth of money has been transacted in the industry at a low fee.

The Blockchain wallet is available in an online version and both in Android and iOS. It supports 22 fiat currencies and can be used in 25 different languages.

Blockchain Wallet Features

  1. Mobile & Desktop: As a software cryptocurrency wallet, the Blockchain Wallet is designed for easy access via desktop computers online as well as smartphone and tablet devices. It is straightforward to pair web wallets with a mobile device simply by scanning a QR code.
  2. Operating systems: The web-based Blockchain Wallet is accessible on all desktop operating systems and Blockchain. The developers have also created mobile apps suitable for both Android and iOS mobile owners to store and send their digital assets.
  3. Wallet fees: In terms of the Blockchain Wallet fees charged to users, those who wish to send Bitcoin and Ethereum across the blockchain network are required to pay a fee to the mining community that is required to authorize and record each transaction. The higher the fee you commit to paying per transaction, the quicker your transfer will be confirmed.
  4. Security: The wallet offers a three-tier security infrastructure, with email verification and secret passphrases in the initial phase up to the third-tier option. It helps in blocking the IP addresses from accessing the Tor network and your Blockchain Wallet account.
  5. Customer Support: Blockchain invites users to submit ticket requests for support via its online Support Centre. It also offers a host of educational resources and FAQs to resolve common issues.

Blockchain Wallet Fees and Limits

Like most other wallets, users are only charged for their transactions. Thе wаllеt wіll саlсulаtе thе appropriate fee fоr уоur trаnѕасtіоn, taking into account current network соndіtіоnѕ аnd trаnѕасtіоn ѕіzе. The advаnсеd users can set сuѕtоm fees fоr thеіr trаnѕасtіоn in unіtѕ of satoshi реr bуtе (sat/b) by clicking “Cuѕtоmіzе Fее” in the sending interface.

You can choose between a priority fee and a normal fee. The prіоrіtу fее іѕ саlсulаtеd to gеt уоur trаnѕасtіоn included in a block within the hour. Thе rеgulаr fее іѕ lower аnd fоr uѕеrѕ who саn afford a bіt mоrе раtіеnce. Cоnfіrmаtіоn fоr a transaction that includes a regular fее wіll typically tаkе a bіt mоrе thаn аn hour

Blockchain Wallet Supported Currencies

The Blockchain wаllеt is a сrурtо wаllеt. So, it is imроѕѕіblе to ѕtоrе fiat сurrеnсіеѕ using the wallet. The wallet supports only five cryptocurrencies at the moment which can be listed below:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Ether (ETH)
  • Stellar (XLM)
  • USD PAX

Is Blockchain Wallet safe?

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. Blockchain Wallet rates security in levels, Here is how they break it down:

  1. Level One
    • Email verification
    • Passphrase
    • Password hint
  2. Level Two
    • Two-step verification
    • Link your cell phone number
  3. Level Three
    • Block Tor requests

How to register on the Blockchain Wallet?

Step 1: Navigate to the official website and click on the Wallet option

Step 2: Now click on the Sign-Up button. Enter your email address and choose a strong password.

Step 3: Hit the ‘Request’ button to start buying either Bitcoin or Ethereum​

Step 4: View your unique wallet address, anyone can transfer the appropriate cryptocurrency to this Bitcoin or Ethereum wallet address

How to recover the Blockchain Wallet password?

Your password is never shared with Blockchain or stored on our servers. The only way to restore your wallet is through your backup phrase. Make sure you write down your backup phrase which is the only way to restore access to your wallet in the event of a lost password. Change your password by clicking the Change Option.

blockchainwallet-password

How to send crypto assets using Blockchain Wallet?

Step 1: Click the “Send” button on your dashboard.

Step 2: Select the appropriate currency for your payment.

Step 3: Enter the wallet address of the recipient, either by pasting it in or scanning the associated QR code.

Step 4: Enter the amount you wish to pay. 

Step 5: You have the option to enter a description, providing more details about the payment.

Step 6: 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.

Step 7: You may also choose “Customise Fee” to specify a rate for your transaction. Higher fees will yield faster validation for transactions and vice versa.

Step 8: Once the information is entered, click “Continue” and confirm the details of the transaction.

How to receive crypto assets using Blockchain Wallet?

Step 1: Click the “Recieve” button on your dashboard.

Step 2: Select the appropriate currency for your payment.

Step 3: Enter the wallet address of the recipient, either by pasting it in or scanning the associated QR code.

Step 4: Enter the amount you wish to receive. 

Step 5: You have the option to enter a description, providing more details about the payment.

Step 6: 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.

Step 7: You may also choose “Customise Fee” to specify a rate for your transaction. Higher fees will yield faster validation for transactions and vice versa.

Step 8: Once the information is entered, click “Continue” and confirm the details of the transaction.

Blockchain Wallet Pros and Cons

Pros

  • Advanced security features, such as 2-step verification.
  • User-interface design is intuitive and can be easily navigated.
  • You can choose to see your balance reflected in your local currency.
  • 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.

Cons

  • Only compatible with Bitcoin, Bitcoin Cash, and Ethereum
  • Software wallets tend to be more vulnerable to cyber-attacks than hardware wallets
  • Unable to buy cryptocurrency using fiat currencies directly via your wallet
  • Some users may find it a cumbersome process to go through identity verification

Conclusion

The Blockchain wallet application offers best-in-class exchange rates to make sure that the users cannot be exploited by hackers. You can seamlessly buy as well as sell cryptocurrencies in more than 30 countries with this blockchain wallet app.

Blockchain wallet also supports QR code for requesting payments to cryptocurrencies. The swap interface makes it easy to conduct crypto exchanges. Thus If you have been looking for a good, reputable, and secure wallet to store your cryptocurrency in, then Blockchain wallet is probably worth recommending on your list.

Recent Updates

  • On March 29, 2020, Big Tech in Blockchain: Comparing IBM, Microsoft, Apple, Google and More
  • On July 27, 2020, USDT (Tether) was added in the Blockchain.com Wallet
  • On Aug 12, 2020, EUR and GBP wallets were live in the Blockchain.com Wallet
  • On Aug 18, 2020, ALGO (Algorand) is now available in the Blockchain.com Wallet

Blockchain review - 8.2

8.2

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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