Home Crypto Education Cryptocurrencies Blockchain Crypto Wallet Review: How Safe Is Blockchin Wallet?

Blockchain Crypto Wallet Review: How Safe Is Blockchin Wallet?

516
0

On the Blockchain.com website, this wallet is described as the “Safest and Most Popular for Investing and Storing Cryptocurrencies.” Launched in 2011, Blockchain wallet has stood the test of time and gained a solid reputation as one of the safest crypto wallets available today. According to their website, over $200 billion has been transacted through 48 million+ Blockchain wallets since its establishment. 

A closer look into the wallet app, and you can narrow down to the three biggest factors that continue to draw in Blockchain wallet users. These include its dedication to the security of the wallet, its resourcefulness about different coins and blockchains, and its ease of use.

In this Blockchain wallet review, we dig deeper into its key operational and security features, its pros and cons as well as ease of use.

Key Features:

Multi-platform: The blockchain wallet is available in both mobile and desktop versions. These include Android and iOS mobile app versions, and also supports all the popular desktop operating systems.

Inbuilt exchange: Blockchain wallet has also partnered with some of the most popular crypto exchanges like Shapeshift, to provide an in-exchange. Here, you can swap, buy, and sell cryptos without having to transfer currencies in and out of the wallet.

Real-time access to crypto markets: The crypto wallet app has also been hailed for its inventiveness, especially when it comes to providing the most attractive crypto market experience. In addition to the in-app crypto exchange provided here, Blockchain wallet will also provide you with real-time access to the global cryptocurrency market.

Resource-based: Blockchain app will also expose you to a wide range of market resources. These include the historical data and statistical information about a particular coin or the Blockchain that helps you make informed buy/sell decisions.

Security features:

Double password: When installing the blockchain wallet, and virtually any other crypto wallet, you will be required to set a four-digit security pin. In addition to the main passcode, the Blockchain wallet allows you to create yet another password required for authorizing crypto transactions.

Biometrics and 2FA: The blockchain crypto wallet app will also support the more innovative biometric security features for smartphone devices. You can, therefore, chose to reinforce the security passcode with a fingerprint or Face ID security feature. Alternatively, use your phone number to activate the two-factor authorization.

Non-custodial: Blockchain wallet is non-custodial and will not keep any of your private keys within its servers. These will be under your control as they are stored in your device.

Hierarchical deterministic: The Blockchain wallet is also hierarchically deterministic, making it possible for you to shake off trackers, and guarantee a level of privacy when crypto trading by creating new wallet addresses for each transaction.

Open-sourced code: The Blockchain wallet code is also open-sourced. It has, over the years, been vetted and audited by different professionals, who have helped identify and seal possible wallet loopholes.

Built-in security center: Blockchain Wallet employs a three-tier security feature that the user can activate at a time.

Level 1: This is specially designed to help you maintain control of your wallet and quickly recover it, if lost, by verifying your email address, coming up with a password hint, and generating the 12 words recovery seed.

Level 2: Designed to keep others from gaining access to your account and involves verifying your mobile number and activating the two-step authorization protocol.

Level 3: Designed to keep away preys by blocking Tor IP Addresses and preventing Tor Network users – that has, for the longest time, been a favorite for hackers – from contacting/accessing your account.

Ease of use:

Blockchain wallet, despite being a feature-rich platform and having some of the stringent security features, maintains a rather simplistic user interface. It is easy to interact with and use, for both beginners and crypto veterans.

Registering a crypto account on Blockchain is also easy, and sending or receiving cash to the crypto wallet app quite straightforward.

The app is also multilingual, supporting over 25 international languages. More

Currencies and countries supported

Blockchain wallet was initially designed to serve as a bitcoin-only wallet and only recently started supporting Ethereum, Bitcoin Cash, and Stellar cryptocurrencies, and the US Digital stable coin.

Though created by a Luxembourg based Fintech Company, the Blockchain Wallet has torn international borders to establish a presence in over 150 countries across the world.

Blockchain crypto wallet cost and fees

Downloading and installing Blockchain crypto wallet apps is free. And so is storing your digital currencies here or interacting with some of its security and operational features.

Crypto transactions that involve transferring cryptocurrencies in and out of the wallet, as well as exchanging one digital coin for another within its in-app exchange, attract variable fees. These are hugely dependent on the transaction volume and the speed with which you would like the transaction confirmed. The faster the transaction confirmation speed, the higher the fees.

Customer support

Blockchain wallet maintains an elaborate FAQ section of its website, which addresses common queries about the app’s security and operational features, or the broad crypto markets.

The company also maintains a highly responsive and multilingual support team that you can access via email or on their different social media platforms.

Blockchain Wallet doesn’t have real-time customer support service, often accessed via telephone or a live chat feature. 

Setting up the Blockchain crypto wallet

How to create a blockchain wallet:

Step 1: Head over to the Blockchain.com website and click on the “Create Wallet” icon. Alternatively, download the Blockchain Wallet mobile app from the Play Store or App Store and install it.

Step 2: On the registration window, enter a valid email address and create a super-strong password, then agree to the terms and conditions and click on ‘Continue.’

Step 3: You will need to verify your email address as it serves as your blockchain Wallet’s username.

Step 4: Upon email verification, you will be presented with your wallet address. Write It Down.

Step 5: Your wallet is now set, and you can start buying and selling cryptocurrencies.

How to receive cryptocurrencies into your Blockchain wallet:

Step 1: Log in to your Blockchain wallet and on the user dashboard, click ‘Request.’

Step 2: Click on the cryptocurrency you wish to receive, this will pop up the wallet address and QR Codes.

Step 3: Copy the address or the QR code and send it to the person/entity from whom you wish to receive digital currencies.

How to send cryptos into your Blockchain wallet:

Step 1: Log in to the Blockchain Wallet, and on the user dashboard, click ‘Send.’

Step 2: Choose the currency you wish to send, enter the recipient’s wallet address and transfer amount.

Step 3: The wallet will show you the totals plus transaction fees. Confirm these details and if possible, adjust the fees accordingly, to reflect the speed with which you would like the transaction processed.

Step 4: Click ‘Continue’ to complete the transaction.

Blockchain crypto wallet pros and cons:

Pros:

  • Blockchain wallet has some of the most advanced security features, from biometrics to 2FA and IP blocking.
  • The wallet also has highly advanced trading features that include real-time monitoring of the global crypto markets, in-app exchanges, and access to blockchain/cryptocurrency historical data.
  • It is a hierarchically deterministic wallet that is dedicated to preserving the user’s online privacy.
  • You don’t have to leave the wallet to exchange or swap your crypto with another or stable coins.
  • It hosts a very friendly user-interface that is easy to navigate for both crypto beginners and veterans.

Cons:

  • Blockchain wallet is a hot wallet and therefore more susceptible to online security breaches.
  • Most of its account security features are tied to identity verification, which makes it impossible to trade or hold coins anonymously on the wallet.
  • Despite the advancements, it doesn’t support fiat-to-crypto transactions.

Comparing Blockchain Crypto wallet with other cryptocurrency wallets:

Comparing Blockchain wallet with eToro

Blockchain Wallet and eToro have similar features in that you don’t have to leave the wallet to exchange or swap cryptos. They are quite insistent on solid security features around the trading account, and have established presence in every part of the world. eToro, however, carries the day when it to the number of supported currencies, the platform’s registration and regulation, and support for both fiat and cryptocurrency transactions. Blockchain Wallet.

Verdict – is Blockchain wallet safe?

Despite the fact that Blockchain Wallet is a hot crypto vault, we still consider it one of the safest cryptocurrency wallets around. It has introduced more security safeguards against unauthorized access to your account than any other hot wallet. These, plus the fact that their wallet is feature-rich, makes it a good choice for traders and investors looking for a balance between security and ease of use. These make it a good choice for traders and investors looking for a balance between security and easy to use crypto-wallets.   

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here