Tag: Crypto vaults

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Cryptocurrencies

Blue Wallet In-Depth Review: Features, Privacy, Currencies, Pros and Cons

Blue Wallet is one of the best free and open-sourced wallets originally designed as an iOS-specific crypto wallet. It is relatively easy to use and features a wide range of both operational and security features that also make it one of the most versatile crypto wallet apps. For instance, it is extremely light, ensuring that it doesn’t eat up your phone memory, and this also facilitates faster transactions. Its top security features, on the other hand, include QR Code technology and 2-factor authentication.

Blue Wallet is one of the best free and open-sourced wallets originally designed as an iOS-specific crypto wallet. It is relatively easy to use and features a wide range of both operational and security features that also make it one of the most versatile crypto wallet apps. For instance, it is extremely light, ensuring that it doesn’t eat up your phone memory, and this also facilitates faster transactions. Its top security features, on the other hand, include QR Code technology and 2-factor authentication.

Blue Wallet is one of the best free and open-sourced wallets originally designed as an iOS-specific crypto wallet. It is relatively easy to use and features a wide range of both operational and security features that also make it one of the most versatile crypto wallet apps. For instance, it is extremely light, ensuring that it doesn’t eat up your phone memory, and this also facilitates faster transactions. Its top security features, on the other hand, include QR Code technology and 2-factor authentication.

In this review, we’ll get a deeper insight into its primary operational features, customer support, security features, and pros and cons.

Blue wallet key features

Batch Transactions: One of the most innovative and unique aspects of Blue wallet is its support for batch transactions. This implies that you can bundle up two or more crypto transactions and execute them as a single transaction. This ensures that your interactions with Blue wallet aren’t just less time consuming but that cheaper given that bundling multiple transactions into one makes your transfers out less expensive.

Lightning wallets: They are as its name suggests. Wallets with support for the Lightning Network Protocol are extremely fast and unbelievably cheap. You can send, receive, and top up your wallet at lightning speed.

SegWit: If you are a crypto enthusiast, you’ve probably heard of SegWit. It’s a significant upgrade to the Bitcoin blockchain technology executed in 2017. Today, you’ll find the majority of wallets integrating this feature by default. SegWit is supported in both bech32 Native Mode and P2SH-compatibility.

Hardware wallet integration: Blue crypto wallet is considerably safe and supports a wide range of cryptocurrencies and tokens. You can, however, boost this security and make it possible for the app to support an even wider range of digitals assets and tokens. The crypto wallet app will integrate with any PSBT-enabled (Partially Signed Bitcoin Transactions) hardware wallet.

Offline transactions: Unlike most other crypto wallet apps that have to be online to initiate and execute transactions, the PSBT feature on Blue crypto makes it possible for you to send and receive cryptocurrencies while offline.

In-built marketplace: The fact that Blue Wallet operates within the Lightning Network implies it also has access to the network’s browser and associated marketplace.

BTCPay point-of-sale integrated: According to the Blue Wallet roadmap, the crypto app will soon integrate the BTCPay server point-of-sale system. This is an open-sourced and bitcoin-based payment solution that allows you to pay for your in-store purchases using Bitcoins.

Blue wallet security features

Password: Like most other crypto mobile apps, the Blue wallet is secured by a password that you set when installing the app. The highly dynamic wallet has also added several biometric security features. You can now secure the app using the face ID or Fingerprint.

Military-grade encryption: The Blue wallet is also highly encrypted. Any piece of data collected and stored within the wallet app, including your passwords, sensitive personal information, and your private keys, are all encrypted.

Recovery seed: When setting the wallet app, you will also be presented with a set of random phrases referred to as the recovery seed. Write these down and keep them safe. You will need them to either reset your wallet app password or when recovering private keys.

Plausible deniability: It is a customized feature with the user’s personal security in mind. The app allows you to set up and encrypt several other fake wallets. These come in handy in the event you are forced or coerced to give access to your wallet.

Hierarchically deterministic: In addition to the plausible deniability feature, the crypto wallet app also uses its Hierarchical deterministic feature to throw trackers off. The features allow the wallet to auto-generate private wallet addresses for each transaction that mask your primary wallet address, making it impossible to track the activities of crypto activity and transaction history.

Open source: Blue wallet is designed using an open-sourced technology that speaks volumes about its transparency and commitment to security. This implies that the wallet has been probed and vetted by industry experts with possible defects identified and corrected in earnest.

Blue Wallet’s supported currencies

Blue wallet is a multi-currency crypto app that supports both fiat and cryptocurrencies. Currently, the wallet app supports up to 20 fiat currencies, including BRL, CNY, GDP, MXN, USD, CAD, RUB, AUD, CHF, and CZK as well as 100+ cryptocurrencies that include Ethereum, Bitcoin, NEO, Bitcoin Cash, and Dash.

How to set up and activate the Blue Wallet crypto app

Step 1: Download and install the blue wallet app

Start by downloading and installing the Blue wallet app from the Apple app store, Google Play, or the official Blue wallet website. Note that while the wallet was initially designed for the iOS infrastructure, the equally effective Android version has since been introduced to the market.

Step 2: Create a Wallet

Once you have downloaded the app, the next step would be to click on the “Create a wallet” button. It is recommended to start with a BTC on-chain wallet as it might come in handy when funding your lightning wallet.

In the advanced option, you can proceed to set up different wallets PSBT-enabled wallets that include HD SegWit (BIP 49 P2SH) – multiple addresses, SegWit (P3SH) – Single address, and HD SegWit (BIP84 BECH32 Native) – various addresses. The best option for a beginner is HD SegWit (BIP 84 Bech32 Native) – multiple addresses.

Step 3: Create a password for the wallet

After installing the app, you will now be required to create a password for the wallet.

Step 4: Back Up Your Recovery Phrase

The app will then display a set of seemingly random phrases that make up your app’s recovery seed. Write them down and keep the record safe.

Step 5: Complete the Set-Up 

The app set-up process is now set, and you will be directed to the wallets dashboard. You can now start adding cryptos and fiat currencies into your app, using the in-built browser to monitor the cryptocurrency prices on the different exchanges and even interact with crypto traders on the LAPP marketplace.

How to add/receive cryptos into your Blue wallet

Step 1: Launch the Blue Wallet crypto app and clicking on the ‘Receive’ icon.

Step 2:  Click on the cryptocurrency you wish to add or receive to your wallet to reveal the wallet address and QR code.

Step 3: Copy the wallet address and send it to the party sending you the crypto or have them scan the QR code.

Step 4: Wait for the crypto to reflect on your wallet.

How to send cryptos using your blue wallet

Step 1: Start by launching the app and clicking on the ‘Send’ icon.

Step 2: Click on the cryptocurrency you wish to send

Step 3: Paste or key in the recipient’s wallet address and enter the amount of coins you wish to send. Alternatively, you can also scan their QR code.

Step 4: Confirm that the wallet address and the amount are correct and hit send.

Blues Wallet ease of use

Installing and activating the Blue wallet crypto app is quite easy and straightforward. Blue wallet is also highly customizable, and this makes it easy to use for both beginners and highly experienced crypto traders. Besides, the website supports several languages such as Chinese, French, and Portuguese, which makes it a diverse platform for crypto users across the globe.

Blue wallet cost and fees

Acquiring a Blue Crypto wallet app is free and you also won’t be charged for storing your cryptocurrencies. You, however, will incur varied transaction fees every time you transfer cryptocurrencies out to exchanges or other wallets. How much you pay for each transaction is dependent on such factors as the transaction volumes and the type of cryptocurrency involved.

If you are looking to lower these transaction costs when executing multiple transactions, you may consider taking advantage of Blue Wallet’s unique Batch processing tool. This lets you bundle together all your transfers out and execute them as a single transaction, effectively lowering your transaction costs.

In yet another innovative gesture, the Blue wallet crypto app has introduced the Replace-By-Fee (RBF) feature that lets you take control of the transaction charges and speeds. By implementing RFB in your transactions, this feature lets you increase or decrease the speed by which a transaction is executed whereby low transaction fees equal lower transaction speeds while higher fees translate to faster crypto transaction processing. Note that these fees go to blockchain miners and network administrators – not Blue wallet.

Within the LAPP marketplace, cryptocurrency trades and conversions are subjected to spreads. This implies that the different cryptos and fiat currencies sold on the LAPP marketplace are availed at marked-up prices. These spreads are highly variable and largely depend on the type of crypto involved.

Blue wallet customer support

Apart from the flexible fees and seamless transactions, its customer support is exceptional. Blue wallet is a dedicated community of crypto enthusiasts aiming to educate and improve how we make transactions. As a result, they integrate a couple of customer support features, including a live chat section, 24-hour email support, and an online documentation section for Frequently Asked Questions (FAQs).

Apart from that, there is also a community channel and a telegram group where Blue Wallet sends relevant notifications, changes, or updates. Users can also interact, share ideas, or ask questions, which makes it quite an excellent platform for anyone looking for a reliable website.

What are the pros and cons of Blue wallet

Pros:

  • It operates with the Lightning network and thus benefits from speedy transaction processing and reduced transaction fees.
  • The app is multi-lingual and very user-friendly.
  • The crypto wallet integrates several innovative security protocols like plausible deniability that make it highly secure.
  • Blue wallet is non-custodial and therefore gives you near-absolute control over your digital assets.
  • The mobile wallet app is highly innovative and features a host of unique features like batch processing and Partially Signed Bitcoin Transactions (PSBT)
  • The mobile wallet app is built on an open-sourced technology and is hierarchically deterministic.

Cons:

  • The online nature of the wallet app exposes it to virus threats and malicious attacks.
  • The wallet doesn’t have the multi-signature function and doesn’t support two-factor authentication.
  • One may consider the number of cryptocurrencies supported by the Blue Wallet relatively limited.

Comparing Blue wallet with other crypto wallet apps

The Blue wallet is by far one of the most innovative crypto wallet apps we have come across. It is highly dynamic and features some unmatched operational and security features. When compared to the eToro crypto wallet app, for instance, Blue wallet comes off as the most user effective and user friendly. Blue wallet users have access to a myriad of features and tools not available on eToro’s wallet, such as the batch processor, watch-only wallets, and even fake wallets for plausible deniability. eToro only has the upper hand when it comes to regulation and due to the fact that it has the backing of a more reputable brand – the globally renowned eToro Trading platform.

When compared to most hardware wallets, Blue crypto wallet app comes off as more convenient and highly dynamic. One may even consider it more innovative and less expensive. It, however, pales in the face of some hardware crypto wallets like Trezor or Ledger Nano S when it comes to the number of supported cryptocurrencies and tokens as well as the security of your private keys. Neither the watch-only nor the fake wallet features of the crypto wallet app can compare to the cold storage attribute of a hardware wallet.

Verdict: Is blue crypto wallet safe? 

Well, having introduced fake wallets, watch-only, and hierarchical deterministic security features, one may consider the Blue crypto wallet app relatively safe. The fact that it integrates with hardware wallet that not only boost the number of supported cryptocurrencies but provide an additional security layer make it even safer. We, however, would have been more confident about the wallet developers’ commitment to the security of your private keys if they integrated two-factor authentication.

Categories
Cryptocurrencies

CoinPayments Crypto Wallet Review: Features, Safety, Pros and Cons?

CoinPayments claims to be the best wallet cum payment gateway for cryptocurrencies and has integrated a wide range of both operational and security features that back up this claim. Whether you are looking to pay for goods and services using crypto, want to invest in digital assets, or simply exchange one crypto for another, CoinPayments is designed to meet these needs. It supports numerous cryptocurrencies, including all the ERC20 tokens.

CoinPayments claims to be the best wallet cum payment gateway for cryptocurrencies and has integrated a wide range of both operational and security features that back up this claim. Whether you are looking to pay for goods and services using crypto, want to invest in digital assets, or simply exchange one crypto for another, CoinPayments is designed to meet these needs. It supports numerous cryptocurrencies, including all the ERC20 tokens.

CoinPayments claims to be the best wallet cum payment gateway for cryptocurrencies and has integrated a wide range of both operational and security features that back up this claim. Whether you are looking to pay for goods and services using crypto, want to invest in digital assets, or simply exchange one crypto for another, CoinPayments is designed to meet these needs. It supports numerous cryptocurrencies, including all the ERC20 tokens.

As a fully-fledged cryptocurrency payment platform, CoinPayments is more than a wallet. It provides POS features, crypto conversions, mobile applications, and other functionalities that support the efficient use of cryptocurrencies. Plus, the site offers secure payment processing and swift confirmations.

CoinPayments was launched back in 2013, becoming one of the earliest cryptoprocessors to support altcoins. It is also one of the largest altcoin platforms and supports over 1925 coins and tokens, including Bitcoin, Ethereum, and Litecoin. Note that, at the time of launch, all platforms only supported bitcoin. CoinPayments seized the opportunity to provide a secure processing platform that supports a broader collection of cryptocurrencies. It is one of the most reputable multi-currency wallets available for both PC and mobile users.

Key Features:

Multiplatform:

CoinPayments is available in the form of a desktop app and compatible with all popular operating systems like Linux, macOS, and Windows. The crypto wallet is also available as a mobile app for both Android and iOS devices. You can access your wallet any time, provided you have an internet connection.

Auto coin conversion:

CoinPayments offers auto conversions for some of their altcoins, where you can exchange one coin for another inexpensively and without leaving the site. This feature covers popular coins, including Bitcoin, Ethereum, and Litecoin.

Impressive POS:

CoinPayments wallet app has a feature-rich and highly intuitive design. All the crucial features are within reach and require little to no help to use. The platform is beginner-friendly, and so are mobile apps. There’s also an option to store your coins in CoinPayments secure online wallets.

GAP600 integrated for Swift conversions:

Most wallets rely on third-party software for swift crypto payment processing and swaps. These service providers aren’t always safe or reliable and come at a steep cost. CoinPayments, on the other hand, integrates GAP600 technology that provides for instant Bitcoin payments and deposits as well as real-time crypto transfer to exchanges or other wallets.

Inbuilt exchange:

Coinpayments wallet app inbuilt exchange makes it possible for you to purchase various cryptocurrencies without leaving the wallet. Users can also accept payments in cryptocurrency, making the platform a complete payment processor for both personal and business use.

PayByName:

You can also give the Coinpayments wallet app access to your phone book and activate the PayByName feature. This allows you to send crypto to your phonebook contacts without necessarily copying or importing their wallet address. The feature further boosts the efficiency of the Coinpayments app by eliminating the need to memorize the wallet address.

Security features:

i) Password: Like most crypto wallets and processors, CoinPayments requires users to create a unique password for their accounts during registration. The password has to be at least ten characters and distributed between numbers, letters, and special characters. You can copy and use the recommended password, which is usually very strong and secure, or create one you can easily remember.

ii) Crypto vaults: CoinPayments cryptocurrency vaults are the highlight of the platform’s security. Users can lock cryptos in these vaults for a specified period within which no withdrawals will be permitted. If someone tries to access the vaults before the due date, the system will flag and review the activity, but all your crypto will remain safely locked.

iii) Data encryption: CoinPayments is protected by SSL certificates, regular scanning, and advanced security algorithms that ensure all the information stored within the crypto app – including your personal details and private keys are highly encrypted.

iv) Instant transaction notifications: Users will receive notifications for all activity in their wallet, including deposits, withdrawals, exchanges, and other transactions via email. If the action is suspicious, you can reach the customer support team directly to investigate or cancel.

CoinPayments ease of use:

Coinpayments wallet isn’t just one of the oldest crypto wallets in the market but also has one of the most user-friendly user interfaces. Their web wallet has a simple, yet charming blue and white theme with all the important features neatly arranged within the wallet’s dashboard. It employs a classic menu bar with all the essential tools you will use regularly.

You can also scroll down to find resourceful information about the platform and its features. Both the desktop app and mobile apps are user-friendly and suitable for everyone, including newbies. They load fast and are light, effectively providing you with a swift payment processing experience.

Supported currencies and countries

CoinPayments is one of the most inclusive cryptocurrency wallets in the market, with support for 1925 altcoins, including Bitcoin and Bitcoin Cash, Ethereum Classic, Ether, Litecoin, POA Network Coins, Litecoin, and Ripple.

All the ERC20 token coins are also supported, and you can purchase different types of cryptos on this platform. CoinPayments currently has over 2.2 million users across 182 countries, making it one of the largest crypto wallets you will ever encounter.

CoinPayments cost and fees

If you plan to use CoinPayments for non-commercial applications, the platform is free. Simply sign up and proceed to swap cryptos for free. CoinPayments will prompt new users to create either a personal or business account.

If you create a business wallet, you will be subject to an incoming transaction fee of 0.5%, imposed on merchants using APIs and checkout systems. Users will also pay added fees imposed by network miners that offer transaction verification and confirmation when transferring cryptocurrencies out to exchanges and other wallets.

Customer support

CoinPayments customer support team can be accessed via several channels where you can seek solutions to common and technical issues regarding your account or transactions. If you are experiencing problems with your account, you can reach the support desk by training a support ticket on the company website.

Simply go to the Contact Us page and click on the support wizard link to create a unique code which you will then open in Fresh Desk. An online form is also available if you want to reach support via email. Alternatively, contact them via their different social media pages.

Setting up the CoinPayments crypto wallet

How to set the CoinPayments crypto wallet:

Step 1: Sign up or download the CoinPayments app

To use CoinPayments, you must create a user account. Simply click on the Sign-Up button on the top right of the site’s homepage to begin the registration process.

For mobile users, scroll to the bottom of the site and find respective links to the app in Google Play Store (Android) and App Store (iOS). Once downloaded, install the app and launch it. You can then access the Sign Up section for registration.

Step 2: Complete registration

On the registration window, you will be required to pick a personal or business account, input a username, first and second name, email address, password, country, and time zone. Make sure you provide accurate information and agree to the terms and conditions.

You will also be required to input a capture image text. Upon registration, a confirmation email will be sent, and you must verify ownership by clicking on the link in the email to start using the wallet.

Step 3: Process payments using CoinPayments

CoinPayments allows you to accept payments in cryptocurrency, purchase crypto, and process all kinds of crypto transactions once your account is verified. You can access your wallet using the PC website or mobile app as information is synced between the two. You can also purchase gift cards or integrate shopping cart plugins from popular vendors.

How to receive currencies with CoinPayments

Step 1: Log into your CoinPayments account. Navigate to Your Wallet on the dashboard and click on the respective cryptocurrency options in the command section. The process to this point is similar to sending payments.

Step 2: Click on Deposit/Receive to open a new window. You will be required to fill in your wallet address. Simply copy the address and paste it on the space provided. You can also accept cryptocurrency payments using the PayByName.

Step 3: Click on Deposit to add the crypto to your wallet. Deposits are processed within 1 to 2 hours. When other people send money to your wallet address, the amount is automatically added to your account.

How to send currencies with CoinPayments

Step 1: Log into your CoinPayments account. If you are a newly registered user, the dashboard will open to an account setup wizard. You can click on the wallet to send and receive payments or Merchant to receive payments for goods and services. However, it is important to finish configuring the merchant account if you plan to use CoinPayments as a payment method for your site.

Step 2: To send cryptocurrency, click on Your Wallet on the dashboard to open a window containing all your balances. Each currency is in a row, including the balance and command you wish to apply. Click on the respective crypto options button (like BTC Options for bitcoin) and select Send/Withdraw from the drop-down list.

Step 3: In the new window, input the amount you want to send and the recipient’s address. You can enter the amount in your preferred (supported) FIAT currency, and the system will automatically convert it to the crypto.

Step 4: Click on Request Withdrawal to send the crypto. CoinPayments will send you a confirmation email you must click on to confirm the withdrawal, so head to your email and finish the process.

CoinPayments supported currencies

CoinPayments has the largest support for altcoins and currently accepts Bitcoin, Ethereum, Litecoin, Velas, Apollo, and Badcoin.  The platform supports up to 1925+ altcoins, and the number continues to grow as merchants are allowed to add new coins.

You will also find support for several FIAT currencies, including the Dollar, Euro, Pound, Franc, and Yuan. Currently, the wallet supports 60+ FIAT currencies, which is above any other wallet.

Pros and Cons of CoinPayments crypto wallet

Pros

  • Safe and secure cryptocurrency transactions
  • Supports all popular coins and FIAT currencies
  • Buy, Send, receive, sell, convert cryptocurrency
  • Provides swift confirmations and instant withdrawals
  • Simple beginner-friendly navigation

Cons

  • Charges fee of 0.5% on incoming merchant transactions
  • Long registration process
  • Support tickets are time-consuming to generate

How does CoinPayments compare with other wallets?

CoinPayments vs. Citowise

CoinPayments is in a league of its own when it comes to cryptocurrency processing. The site supports numerous coins and offers on-site conversions and POS features you can integrate into your eCommerce. Unlike Citowise, which is fundamentally a crypto wallet for mobile users, CoinPayments is a crypto payment solution that includes a wallet for both desktop and mobile users. It has a lot more features for merchants and sits among the top crypto processing systems available online.

CoinPayments vs eToro

eToro is more like Citowise and supports a few cryptos for users seeking to transact popular coins. However, it is nothing compared to CoinPayments, which provides a comprehensive payment processing solution and wallet. The only downside is merchants are charged a 0.5% fee on incoming transactions. eToro is free for both personal and business applications, although the app is only available for mobile users.

Final words

CoinPayments is one of the best cryptocurrency processing platforms you will encounter. The payment processor was the first to support coins other than Bitcoin and currently has the largest coin support online. You can transact with all the popular options or even add a new currency. Concerning platform features, CoinPayments allows you to own a personal or business wallet with various functionalities.

You can send crypto, deposit funds to your account, receive crypto payments, and use the auto conversion feature to convert currencies in the middle of a transaction instantly. CoinPayments is available for both PC and mobile users, distinguishing itself from other app wallets. It is also very secure, boasting a growing reputation among users.