Blockchain Wallet Review

The Blockchain Wallet Review | Wallet pros, cons & fees

August 31, 2018 by BestBitcoinExchange

The Blockchain Wallet review – A multicurrency crypto wallet

The Blockchain Wallet Details

Wallet name: Blockchain Wallet
Coins accepted: Bitcoin (BTC), Bitcoin Cash (BCH) and Ethereum (ETH)
Linked Exchange: n/a
Countries: Available worldwide
Languages: Available in 25 languages
Mobile compatibility: Apps available for Android and iOS-operated devices
Wallet Rating: 4/5
Wallet Type: Software

What is the Blockchain Wallet?

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.

blockchain

For many years, Blockchain.info 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.

The Blockchain Wallet features

Choice of coins

At the time of writing this Blockchain wallet review, the wallet currently supports only three of the leading cryptocurrencies – Bitcoin (BTC), Bitcoin Cash (BCH) and Ethereum (ETH).

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.

Operating systems

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.

Security

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

Pros

√ Advanced security features
√ Hierarchical deterministic for each transaction
√ Highly intuitive user interface
√ Capable of buying Bitcoin and Ethereum directly via your wallet

Cons

X Only compatible with Bitcoin, Bitcoin Cash and Ethereum
X Software wallets tend to be more vulnerable to cyber-attacks than hardware wallets
X Unable to buy cryptocurrency using fiat currencies directly via your wallet

Guide to Opening a Blockchain Wallet

-  Sign up for your free Blockchain Wallet

block 1

-  Activate your new wallet by entering an email address, password and follow the rest of the on-screen steps

block 2

-  Hit the ‘Request’ button to start buying either Bitcoin or Ethereum​

block 3

-  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. 

A better alternative to the Blockchain Wallet

Although Blockchain Wallet is one of the leading software wallets for buying Bitcoin and Ether, Blockchain is not immune from cyber-attacks. There have been several instances of cyber-attacks, with offline hardware wallets much more durable; particularly those dealing in high-value cryptocurrencies.

If you don’t like the idea of investing in crypto assets and running the risk of losing them due to cyber-crime, there is an alternative way of profiting from cryptocurrencies and even those burgeoning alternative coins. The world’s leading social trading community, eToro, provides a new way of trading digital assets using contracts for difference (CFDs).

By signing up to eToro, users can place CFD orders based on whether they think the price of a crypto coin will rise (buy) or fall (sell). Users can then place closing trades depending on whether the price moves in their favour or against their initial trading position. It is by no means a risk-free cryptocurrency investment tool, but if you are prepared to study technical analysis of the mechanics of trading graphs, it is possible to pinpoint support and resistance points to make multiple trades per day if you so wish.

With a history of processing more than 100 million transactions and a user base of more than 15 million crypto wallets, the Blockchain Wallet is one of the world’s leading software wallets. The brand is on a mission to develop accessible, fairer ways of buying, selling and storing digital assets.

Nevertheless, if you do decide that physically buying and storing digital assets like Bitcoin and Ethereum is too much hassle, be sure to read our eToro review for an in-depth guide to trading cryptocurrency CFDs and building a crypto investment portfolio. You can even follow experienced members of the eToro community and place like-for-like trades. It’s a good way to learn and build up some steady profits before going it alone and spotting regular trading opportunities.

The Blockchain Wallet FAQs

What do you need to create a Blockchain Wallet?

The guys at Blockchain have made it very simple to create a new wallet for storing Bitcoin, Bitcoin Cash and Ethereum. All that’s required is a valid email address and a secure password.

How can you keep your Blockchain wallet secure?

Once you have set up your own Blockchain wallet, you can complete up to three vital safety options – email verification, two-factor authentication (2FA) and the backup phrase.

How to log in to your Blockchain Wallet

In order to log in to your new Blockchain Wallet, you will require your Wallet ID, password and any 2FA that is enabled. The Wallet ID will be displayed as a collection of random letters and numbers that combine to form your username. The Wallet ID does not act as a Bitcoin address to send or request funds.

What is a software wallet?

Cryptocurrency software wallets are based around computer software. They are available in desktop, mobile and web-based formats. Desktop wallets provide 100% control of each crypto coin, with no need to depend on third-party software. However, the concept of a software wallet is that users have to take full responsibility for the security of their wallet. Mobile wallets operate via apps, providing easy access to coins and can be used to spend them at retail stores. Meanwhile, web-based wallets can be accessed anywhere online.

Are transaction fees involved when using a Blockchain Wallet?

Yes, all transaction fees are designed to cover fees across the Blockchain mining network and for the maintenance of the Blockchain infrastructure. The Blockchain Wallet fees help to guarantee swift and reliable transaction confirmations. Miners for Bitcoin and Ethereum both prioritise transactions with higher fees. Advanced crypto investors can set their own transaction fee to ensure a speedy confirmation, if necessary.

How many cryptocurrencies are compatible with the Blockchain Wallet?

At the time of writing the Blockchain Wallet review, the supported currencies of this crypto wallet are just Bitcoin (BTC), Bitcoin Cash (BCH) and Ethereum (ETH). It is not recommended to send any other altcoins to Blockchain wallet addresses as you will not be able to access the funds if you make an attempt. It is also a cryptocurrency-only wallet, with no fiat currencies designed to be stored in a Blockchain wallet.

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