What is a blockchain wallet
Blockchain wallet is the most popular cryptocurrency wallet in the world. Its advantage is that it is convenient (the interface is intuitive and accessible) and safe. The development team is constantly working to integrate advanced security practices. Unsurprisingly, over 15 million wallets are registered with Blockchain Wallet.
Blockchain Wallet is a cryptocurrency web wallet created by Luxembourg-based software company Blockchain. A mobile version of the wallet is also available.
Below are the main features of the blockchain wallet:
- Built-in “Security Center”, which will help you take all possible measures to protect your account, make backups (backup) and prevent wallet hacking;
- Partnership with reliable exchanges allows you to quickly and easily buy and sell cryptocurrencies directly from your personal blockchain wallet;
- Allows easy adjustment of transaction fees.
You can download the blockchain wallet to your iOS or Android smartphone, but the main one is the Web version.
Wallet is completely free. However, each time you send a cryptocurrency, a small transaction fee will be charged. The Blockchain Wallet platform will automatically deduct the appropriate transaction fee from your funds, based on the size of the transaction and the current level of network activity. You can also specify your own transaction fee in the wallet. This option can be set in the “Customize Fee” section.
How to create a blockchain wallet
- Before you can add cryptocurrency, you need to create an account and open a wallet. If you have not already done so, just go to the official Blockchain Info website and select a free wallet subscription. Registration will take no more than 1-2 minutes.
- Enter your email address, select a password and follow the instructions to activate a new wallet.
- Once you are logged in, click on the “Request’ ”button.
- Choose wallet currency – bitcoin or ether.
- Next, you will see the wallet address, which will look like a long alphanumeric string. Anyone can send you the appropriate currency using this address. You also have the option of using the address as a QR code.
- Be careful and send Bitcoin only to the Bitcoin address, and Ethereum to the address for broadcast.
- Sending currency to the wrong address can lead to a complete loss of these funds.
- If you have bitcoin or ether in another wallet, you can transfer funds to your new blockchain wallet for the corresponding cryptocurrency.
How to fund your wallet
If you do not have cryptocurrency yet, you can always purchase it on the exchange or in the exchanger for fiat currency. Some exchanges make it possible to replenish a blockchain wallet from a card or make money by bank transfer. Depending on which cryptocurrency you want to purchase, see our guides “How to buy Bitcoin” and “How to buy Ethereum”. There you will find detailed purchase instructions and verified exchanges and exchangers.
How to send funds
- Press the “Send” button on the control panel.
- Choose the appropriate cryptocurrency for your payment.
- Enter the recipient’s wallet address by copying and pasting it or by scanning the QR code.
- Enter the amount you want to pay. Blockchain Wallet’s automatic conversion feature allows you to enter a value using either your local currency or cryptocurrency, and it also displays the total in both cases for comparison.
- You have the opportunity to enter a description containing more detailed information about the payment.
- If the transaction is time sensitive, you can make the transaction “Priority”. Most likely, the commission will be higher, but you will receive a faster confirmation.
- You can also set up a commission by selecting “Customize Fee”. Higher deductions will lead to faster transaction exposure and vice versa.
- After entering, check the information, click “Continue” and confirm the transaction details.
Blockchain wallet offers three levels of security:
- Email Confirmation. Checking your email address allows the wallet to send you codes to enter and confirm payments or send messages if any unusual activity is detected in your account. Although most security features are optional, you will need to verify your email address to complete the setup process for your Blockchain wallet.
- Passphrase A secret passphrase is created in order to restore your account in case you lose your password. Developers do not have access to your password and therefore cannot help you recover it. Password hint. Creating a hint is a way to remind you of a password in the future if you suddenly forget it.
- Two-factor authentication. To activate, you will need to enter a one-time access code, which Blockchain Wallet will send to your mobile phone every time you try to enter your account.
- Enter your mobile number. If you attach your phone number, you can receive a one-time login to access via mobile phone and secure your account if someone tries to log in using the wrong password.
Tor block requests. This option blocks the access of IP addresses from the Tor network to your account.
Blockchain wallet is by far the most popular crypto wallet. You can download and install it on the official website of blockchain.info. This is the best online solution for cryptocurrency storage and a great choice for a novice user.