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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

Decred Review: Is It the Ideal Cryptocurrency?

Cryptocurrency represents freedom of finance. Decentralized, censorship-resistant, and peer-to-peer are some of the words that we ascribe to it. But whether the vast majority of cryptocurrencies meet these criteria is a grey area.

Cryptocurrency represents freedom of finance. Decentralized, censorship-resistant, and peer-to-peer are some of the words that we ascribe to it. But whether the vast majority of cryptocurrencies meet these criteria is a grey area.

Cryptocurrency represents freedom of finance. Decentralized, censorship-resistant, and peer-to-peer are some of the words that we ascribe to it. But whether the vast majority of cryptocurrencies meet these criteria is a grey area.

Decred is a cryptocurrency launched in February 2016 that attempts to live up to these ideals. Its team of founding developers comprises of former developers of the notable btcsuite, a version of Bitcoin programmed in the Go language.

In this article, we’ll cover the exciting highlights of the Decred project and leave you to decide whether it’s the optimal currency or not. 

The Principles of Decred

Decred endeavors to live by these principles:

☑️ Free and Open Software – All software developed as part of Decred shall be free and open software

☑️ Free Speech and Consideration – Every member has the right to communicate opinions and ideas without fear of censorship, as long as it’s based on fact and reason. 

☑️ Multi-Stakeholder Inclusivity – A diverse set of views and users shall be represented and encouraged.

☑️ Incremental Privacy and Security – Privacy and security are priorities, and they shall be treated as such, and shall be incrementally implemented and on a continuing basis, both proactively and in direct response to attacks.

☑️ Fixed Finite Supply – Issuance of coins is finite, and the total issuance shall not exceed 20, 999,999.99800912 DCR, with a block subsidy that adjusts every 21.33 days by a reducing factor of 100/101.

☑️ Universal Fungibility – Universal fungibility is central to Decred as a store of value, and any attacks against it shall be met with countermeasures.

Breaking down Decred

Decred has a maximum supply of 21 million. The project never held an ICO, but an airdrop of 282.64 DCR was awarded to 2972 selected participants during the launch. Its all-time high was $99.74 on April 25, 2018, and its all-time low at $0. 394796 on December 28, 2016.

As of February 21 21, 2020, the price of Decred is $20.53 at a market rank of #37. Its 24-hour volume is $28, 260, 170, with a circulating supply of 10, 786, 831.

Each time DCR is mined, 60% is awarded to the PoW miner, 30% to PoS voters, and 10% held by Decred for future development.

How to Get Involved With Decred

Decred designates three ways through which you can interact with the platform:

The Wallet – Through the wallet, you can send and receive funds as well as take part in PoS voting.

Proof-of-Work Mining – You can use your computing power to validate transactions on the network and generate new tokens.

Proof-of-Stake Mining – Through ownership OF Decred tokens, you can vote on network development issues and validate transactions. 

All you need to send or receive Decred tokens is an address that you can easily generate from any Decred wallet. Once you own Decred, you’re eligible to join a staking pool and participate in PoS voting and earn rewards while at it.

What Problems Does Decred Intend to Solve?

Decred developers are huge blockchain and Bitcoin fans. However, they identified problems with how Bitcoin operates. As Bitcoin’s popularity has surged, the decision-making process seems to get more centralized by the day. This is evidenced by, for instance, the concentrated power in the hands of powerful mining companies.

In addition, almost any major upgrades to the Bitcoin software have to take place via a hard fork. This is what happened in 2017 when one section of the community proposed the SegWit2x hard fork on the chain. The two opposing sides got involved in hostile debates, peppered with name-calling and threats. The hard fork was finally called off, but not before leaving sharp divides in the Bitcoin community.

According to Decred, such divisions and the power that a particular section of the community might have over the cryptocurrency is counterproductive to the ideals, spirit, and the world of blockchain and cryptocurrency.

We’ve all seen what happens when two opposing sides do not arrive at a consensus. Factions can decide at any time to create a hard fork off the open-source Bitcoin code. Cryptocurrencies like Bitcoin Cash, Bitcoin Gold, Bitcoin Satoshi’s Vision, and Bitcoin Diamond are all offshoots of the original Bitcoin blockchain.

The Problem with Hard Forks

Forking is never the ideal outcome for cryptocurrency. Let’s see below why:

Repeated hard forks are bad for investor sentiment. After the Bitcoin Cash hard fork, Bitcoin prices took a tumble.

Hard forks fracture the Bitcoin community. The flared up tensions, and hard-line stances do no good for the community and the cryptocurrency sphere as a whole.

New hard forks are susceptible to attacks. So far, the biggest public blockchain to succumb to a 51% attack is, you guessed it, a hard fork. This blockchain is Bitcoin gold, and the attack happened in May 2018. The attacker made away with roughly 388,000 BTG worth $17.8 million then.

Hard forking undercuts the economic aspect of cryptocurrencies. For instance, the Bitcoin hard forks are confusing to users and undermine Bitcoin’s principle of a capped supply.

Decred presents a vision and cryptocurrency that’s free of hard forks, especially ones that fracture the community. While a hard fork is possible on Decred, its voting protocol is designed so that users can democratically vote on changes before activation.

Let’s look at the various mechanisms that Decred employ that will help it realize fair, smooth, and efficient governance.

Decred’s Hybrid PoS and PoW System

Decred’s voting system utilizes a hybrid of the two best-known consensus mechanisms: proof of work and proof of stake. 

These are the basics of how these two interact:

  • Miners mine for a block using PoW
  • Five token holders are randomly chosen to verify the block
  • If three of these validators confirm the validity of the block, it is recorded on the blockchain
  • 60% of the block rewards go to the miners, 30% to the validators, and 10% to the Decred project for future development.

With PoS, anyone who holds Decred tokens can participate in the staking system in this way:

  • DCR holders can purchase tickets with their tokens. The tickets give them pass to be part of the system
  • Only 20 tickets can go to any one block at any time. You may have to wait to get mined, but if you wish to get mined faster, you’ll need to pay some fees.
  • Once mined, your ticket is “immature” and will be held outside the random draw pool until 256 blocks have been mined, which is in approximately 20 hours.
  • After your ticket enters the draw pool, you will have to hold out for your chance to be chosen as one of the five validators that are randomly picked to verify the block
  • Your ticket has a 50% chance of being selected within 28 days and a 99.5% chance of being selected before it expires (after around four months).
  • Once your ticket’s chosen, you’ll help validate a block and be rewarded with a price for the ticket and also a staking reward.

The Decred system is also fair in that validators can participate in staking pools. As such, if a validator can’t make it to be part of the validation process, they can simply have their pool validate a block on their behalf.  

So far, you can see that Decred gives the power of participation to both users and miners. Unlike the Bitcoin system, miners do not possess disproportionate power over the network. If, for instance, a miner decides to mine a malicious block i.e., a transaction unrelated to the chain, validators can simply decline to verify the block. As you know already, PoW takes a lot of computational power, and for that, miners have very little incentive to do something that won’t pass with the validators.

How Safe Is the PoW/PoS Hybrid?

Just HOW safe is the PoW/PoS hybrid mechanism? A crypto analyst named Zubair Zia made it his mission to test the security of Decred’s chain vs. Bitcoin’s or a PoW/PoS model vs. a pure PoW model. He wanted to see which chain would more easily succumb to a 51% attack.

He used BITMAIN’s Antminer s9i’s, which has a rate of 14 tera-hashes per second. His calculations demonstrated that it was 22 times as expensive to hit Decred as compared to Bitcoin as of June 2, 2018.

In short, the hybrid system is 22 times more secure than a purely PoW system.

Lightning Network for Transactions

Decred has also implemented the Lightning Network.  The Lightning Network (LN) is an off-chain technology that has been explored by multiple cryptocurrencies to improve scalability. LN helps to settle payments outside of the blockchain so as to reduce traffic and backlog on the main chain.

LN works by having two users set up a payment channel on the network and depositing an equal amount of funds. Any time one user wishes to transact, they simply send a promissory note to the other user indicating a change of the total sum in the shared channel.

Since transactions happen off the chain, users also pay fewer fees since there’s no queue. Transactions are also instant, and there’s even added privacy thanks to a Tor-like routing algorithm for transactions. 

Decred’s Politeia

Thanks to a decision-making system called Politeia, Decred has managed to achieve decentralization more than any other existing cryptocurrency project.

Politeia is an ancient Greek word employed in Greek political writings, especially that of Plato and Aristotle. The term has many senses, from meaning “rights of citizens” to “form of government.”

Decred’s Politeia is designed to be the ultimate form of self-governance and community autonomy over a cryptocurrency project. Users can vote to accept or reject proposals, including budgets, software upgrades, marketing plans, constitutional amendments, and so on. When launching the system, project lead Jake Yocom-Piatt noted: “The direction of Decred now lies with the collective intelligence and creativity of its stakeholders.

We look forward to the exciting projects our community will propose.”

Where to Buy and Store DCR

You can purchase DCR from several exchanges, including Binance, Bittrex, Coinswitch, Changelly, Kucoin, Huobi, and so on by trading Bitcoin for it.

As for storage, the best wallet so far is the Decrediton wallet that’s available for Mac, Linux, Windows, and so on.

Great third party options also include Exodus, Coinomi, Atomic, Ledger Nano, etc.

Final Words

Decred has undoubtedly broken the mold, especially with its first of the kind governance system. Even though not as well-known as of yet, it’s one that has modeled cryptocurrency ideals better than perhaps the whole cryptocurrency pool right now.

The team behind it is also very well-regarded in the blockchain and crypto space, which is just the icing on the cake. With such a sound philosophy and a fantastic team, Decred is poised for success. But this will depend on the community. One can only hope it will mobilize for better and more exciting features for the platform before newer projects arrive and overtake the platform.