Looking for a place to securely store your cryptocurrency? Doesn’t have any clue? Then this blockchain wallet review should help. Even if you’re a cryptocurrency expert, I’m pretty sure this blockchain wallet is on your list.
First of all, this is a guide for beginners. So I would like to explain some facts. What is a cryptocurrency wallet?
It’s like the wallet in your pocket. Using to store your money. But in cryptocurrencies, things are different.
When you deciding to keep your cryptocurrencies for a little longer than trading, then you need to find a better wallet. This is usually calling “Hold“
That means if you want to hold your coins/cryptocurrencies, you got to store them in a secure wallet. Because you leaving that cryptocurrencies for a while. So those have to be really secured.
To choose that kind of wallet, we need to consider some facts which I’m going to show you one by one in this blockchain wallet review. Hang on.
I already mentioned this wallet in my Best Multi-Cryptocurrency Wallets article.
Blockchain Wallet Basics
The Blockchain company started in 2011. This company is not only for a wallet. Instead, they offer some other features like cryptocurrency exchange, markets, prices.
Also, they offer some additional services like Bitcoin explorer, Ethereum explorer, Bitcoin cash explorer.
And of course, there is a specified blog for blockchain in the medium. There you can find educational posts, analysis, news and so on.
However, they focused on the blockchain wallet among other features and services which I’m reviewing in this article. In 2013 blockchain company decided to acquire a company called ZeroBlock LLC which is a bitcoin mobile app developing company.
And the developer head of ZeroBlock LLC joined blockchain company as a Project Manager.
Anyways, the Founder and CEO of blockchain Peter Smith and other leading members lead to the success of their project “Blockchain”
Except for board members, Currently, the blockchain company has 6 leading members.
Blockchain says already 46Million+ wallets have been created by today. And also there are mobile applications for both iOS and Android. Here are the links if you want to check that out too.
Android – https://play.google.com/store/apps/details?id=piuk.blockchain.android
iOS – https://apps.apple.com/us/app/blockchain-bitcoin-wallet/id493253309
Almost forgot. Blockchain wallets support hardware wallets too.
Finally, I would say that this wallet is completely legit and safe to use. However, let’s continue this blockchain wallet review.
Security
This is the most important thing you consider when choosing a cryptocurrency wallet. Or even cryptocurrency exchange. Why is this so important?
I did mention earlier, you are going for a wallet because you need to store your coins for a little longer than usual. In that case, security is the most important thing.
Usually, I mention these facts in my every review to give the best to my readers. So what about security in the blockchain wallet?
To be honest, blockchain wallet using the best security methods exist. Which are,
- Email Verification
- Two-factor Authentication
- Backup Phrase
Let’s discuss each one of them.
Email Verification
Email verification is required when suspicious or unusual activity is detected in your account. However, they are using this feature to some additional facts like, to remind you of your wallet login ID, and to send bitcoin payment alerts when you receive funds.
All these mean is, Blockchain wallet email you verification when situations like above.
Two-Factor Authentication
I wrote a whole article about two-factor authentication here. Here’s the quick explanation about how two-factor authentication works.
It’s a set up with an android / iOS application called “Google Authenticator“. You set up two-factor authentication on your wallet or exchange. After that, you need to submit verification code from your mobile application, every single time you log in to your wallet or exchange.
Understand?
The best part is these verification codes on the authenticator application refresh after every 30 seconds. This is to maintain the best security all the time.
Backup Phrase
This is required when you forgot your password. A backup phrase should provide when you creating the wallet. All you need to do is write down that phrase and keep it securely.
Therefore, I could say that the security of the blockchain wallet is in great condition. And I think that is the main reason that this wallet attracted by so many users worldwide.
Supported Assets
Secondly, you need to check what type of cryptocurrencies are supported and which cryptocurrencies are supported. What are the cryptocurrency types?
You know there are various blockchains available. Bitcoin blockchain, Ethereum blockchain, etc. The meaning of cryptocurrency type is the type of blockchain the cryptocurrency runs.
However, most cryptocurrencies today are in Ethereum blockchain. That commonly known as ERC-20.
You need to look for both supported coins and supported cryptocurrency types. Besides, if you send cryptocurrency to a different address that does not match, your currencies will be lost.
The cryptocurrencies supported in blockchain are,
- Bitcoin (BTC)
- Bitcoin cash (BCH)
- Ethereum (ETH)
- Stellar (XLM)
- USD Digital (USD-D)
Fees
There are no fees on the blockchain wallet. That means this wallet is free to use. But users have to pay transaction fees when making withdrawals.
For your information, those fees are not from the wallet. those fees are required to complete the transaction in the blockchain.
Setting Up A Blockchain Wallet
Let’s have a look at the wallet creating process. First, you need to go blockchain.com.
Here’s a thing. When you choosing a password, make sure that it is strong enough. Use characters and numbers. And upper case and lower case letters as well.
Here’s the blockchain recommendation when you choosing a password for your wallet.
Once you all set, click on Continue. That will instantly create your blockchain wallet.
Then, you need to verify your email. Simply check out your inbox and click on the verification mail by Blockchain.
Here’s your dashboard should look like.
Once you successfully created your wallet. Set up two-factor authentication is the first thing you need to do.
Those who don’t know how to set up two-factor authentication, check out this article.
Next, you need to write down or print your Backup phrase. Below the twp-step verification, click on “Backup Funds”.
Please note that, don’t store this backup phrase on your computer or anywhere online. Store it in a private place instead. If someone had your backup phrase, the person has access to your wallet. So this is important.
Alright. Now you have done the security steps on the Blockchain wallet.
Want to know how to send and receive cryptocurrencies?
Please note that the article I mentioned above, is how to send and receive between exchanges. But the theory is basic.
Advantages And Disadvantages Of Blockchain Wallet
I would like to mention the Pros and Cons of this blockchain wallet review. Otherwise, you don’t have any take-away key points. Let’s find out how it’s good and how it’s bad.
Advantages
1) Super beginner-friendly. Here’s the best thing for me. Because I do prefer every cryptocurrency project with a beginner-friendly user interface. In Blockchain wallet, it’s so clean and easy to navigate.
2) So many wallet holders. This is a good sign. So many wallet creations mean higher user trust. And that means blockchain is a wallet that you need to continue your cryptocurrency journey with.
3) Built-in cryptocurrency exchange. This is out of my today’s topic. But it’s so good to have a wallet with a cryptocurrency exchange.
4) Higher security. Like I mentioned before. Blockchain has one of the strongest security methods.
Disadvantages
1) They keep your private key. Not you. The reason why I considered this as a disadvantage, the private key is the most important thing in your wallet. Having this in your hands is the best thing in my opinion.
2) Centralized. What does it mean? It means the Blockchain wallet is headquartered. Not decentralized. Why does this matter? if hackers are successful enough to hack Blockchain, they will take a massive amount of funds because Blockchain is Centralized. Find out more.
Conclusion
The blockchain is free to use a cryptocurrency wallet with some additional features. I do prefer using the blockchain wallet because it gained user trust with time.
The blockchain is one of the oldest cryptocurrency wallets. With iOS and Android wallets released, blockchain became the most popular bitcoin wallet in the world.
However, Don’t start to use a wallet by someone’s saying. Do your own research is the most important thing always. I recommend you to read user opinions about the wallet you’re going to use.
I hope this blockchain wallet review worth your time. But I don’t know about its condition. It’s time to leave your opinions in the comment section.
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