The Blockchain Wallet is regarded as one of the most popular software wallets in 2018 among cryptocurrency investors. It was launched way back in August 2011 and has a long-standing history with Bitcoin and Ethereum, providing secure and efficient storage of these leading crypto coins. The platform was developed by a software firm located in Luxembourg and is designed to be accessible via web and mobile devices.
For many years, Blockchain.com has been a cryptocurrency wallet that those buying Bitcoin and Ethereum can trust. They have years of experience in the crypto space and boast millions of users worldwide. Although experienced, high-volume cryptocurrency investors don’t tend to like the potential risks of using an online software wallet compared with a cold storage hardware wallet, its intuitive interface makes it appealing for entry-level users at the very least.
Back in 2016, Blockchain opted to revamp its wallet’s security features, with the wallet upgraded to become hierarchical deterministic, ensuring that Bitcoin addresses are not used more than once.
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The Blockchain Wallet features
Choice of coins
At the time of writing this Blockchain wallet review, the wallet currently supports only 4 of the leading cryptocurrencies – Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Stellar (XLM).
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.
The web-based Blockchain Wallet is accessible on all desktop operating systems and Blockchain.info’s developers have also created mobile apps suitable for both Android and iOS mobile owners to store and send their digital assets.
Blockchain 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 are required to authorise and record each transaction. The higher the fee you commit to paying per transaction, the quicker your transfer will be confirmed.
As previously stated, the Blockchain Wallet had a security update back in 2016. It is now hierarchical deterministic to ensure that any Bitcoin or Ethereum address is unique for every transaction and never reused.
On the whole, the wallet offers a three-tier security infrastructure, with email verification and secret passphrases in the initial phase up to the third-tier option of blocking IP addresses from accessing the Tor network and your Blockchain Wallet account. This answers any questions of “is Blockchain Wallet safe?”.
The Blockchain Wallet 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. It does not appear to have a 24/7 live chat function, which is somewhat disappointing.
Pros and Cons of the Blockchain Wallet
√ Advanced security features
√ Hierarchical deterministic for each transaction
√ Highly intuitive user interface
√ Capable of buying Bitcoin and Ethereum directly via your wallet
X Only compatible with Bitcoin, Bitcoin Cash and Ethereum
X Software wallets tend to be more vulnerable to cyber-attacks than hardware wallets
Guide to Opening a Blockchain Wallet
– Sign up for your free Blockchain Wallet
– Activate your new wallet by entering an email address, password and follow the rest of the on-screen steps
– Hit the ‘Request’ button to start buying either Bitcoin or Ethereum
– View your unique wallet address – anyone can transfer the appropriate cryptocurrency to this Bitcoin or Ethereum wallet address.
Is the Blockchain Wallet a scam?
Are you wondering is Blockchain Wallet safe? It is important to note that the platform is built by a company based in Luxembourg, a principality which takes individual privacy very seriously. With advanced security features, a commitment to designing intuitive user experiences and the new hierarchical deterministic functionality which guarantees unique Bitcoin and Ether addresses for each transaction, users are safer than ever before with a Blockchain Wallet.
If you are just getting started with your cryptocurrency investment journey, a Blockchain Wallet is a great first crypto wallet that can be paired to mobile devices from the web-based version using just a single QR code.
As far as hot wallets go, Blockchain.info 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. You do have to place some 3rd party trust into the company, which is not always welcomed by the Bitcoin community.