Blockchain wallet Review
This Blockchain wallet review will talk about one of the most popular crypto wallets online. It’s backed and developed by the Blockchain, a company based in Luxembourg. Blockchain was founded in 2011 and it has more than 48 million users registered from 140 countries.
With Blockchain Wallet, the user can send and receive crypto from other addresses. It allows the user to exchange major cryptos and buy crypto on their platform.
Blockchain wallet offers airdrops which is something that users want and get for free. Two airdrops in total have been given to all Blockchain users in two years. Blockchain wallets can be used on desktops, smartphones, and tablets.
Blockchain wallet only offers core cryptocurrencies on the wallet. The supported cryptos are: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Stellar (XLM), USD Digital (USD-D).
Blockchain wallet uses a user-friendly design, which is easy to navigate and control your funds. The user can use the wallet on web browsers such as Chrome, Mozilla, Opera, etc. With charts built on the platform, the user can get real-time quotes from major cryptos. The wallet also has more than 100 million transactions in total and supports 21 languages.
Blockchain users can access many menus from the home screen with simple navigation. From the left menu of the home screen, the user can access different tabs such as buy crypto, swap, airdrops, exchange, and more.
For users with many preferred choices of themes, Blockchain offers a choice of 5 themes with different colors. The user can send and receive cryptos or use QR code to complete payments. The fees for transactions start from $0.05 and depend on the blockchain network when it will be confirmed. To confirm the transaction faster, Blockchain wallet offers customizable fees to increase the amount of fee.
Blockchain wallet is supported for the BitPay payment system, which users can pay the invoice on BitBay by using the Blockchain wallet. BitPay is one leading payment processing for crypto and the user can use the QR code to send payments too.
The transactions usually take 1-2 hours to be confirmed. If the user wants to confirm the transaction faster, the transaction fee can be customized, and then the transaction will be confirmed faster. Some of the features and options of Blockchain wallet are listed below:
- User-friendly design
- QR code payments
- Exchange platform
- Buy crypto
- Low transaction fees
- Real-time crypto charts
- Borrow program
- 21 languages supported
- BitPay support
On the blockchain wallet, there are some features that can help you secure the Blockchain wallet. These features don’t offer the maximum security compared to hardware wallets like Ledger, Trezor, Cobo Vault, KeepKey. Hardware wallets offer the maximum security as they’re not vulnerable to viruses, malware, hackers, etc. Furthermore, the user can secure its wallet with these features and be vigilant on not falling for malicious attacks which could steal the crypto funds.
- Backup Phrase
The 12 random word is a backup phrase (mnemonic phrase) which can be used to backup your crypto funds from the Blockchain wallet. With the backup phrase, anyone can access your crypto funds by writing it on a new wallet, If you lose the backup phrase, you can’t reset it, so it’s recommended to store it somewhere safe. To set up the backup phrase, the user needs to navigate to the “Security Center” on the wallet and click on the option “Backup Phrase”.
- Two-factor authentication
Two-step verification (2FA) increases wallet security by preventing unauthorized access with a code number. For each login attempt after passing the login field, a code number needs to be written to login into the wallet. The two-step verification can be used with phone number with SMS or with QR code apps as Authy, Authenticator, etc. It’s recommended to always use the apps for QR code and not the phone number. Because if you lose your phone number you can not access the wallet.
Also, phone numbers linked with two-factor authentication are easier to hack. The phone number can be replaced with a technique from the hacker by calling your phone provider linked with the phone number and request a new sim card.
- Login IP Restriction
This method allows login to the wallet only from the IP addresses authorized by the user. With this feature, the access to the wallet is allowed only from the allowed IP address written by the user. The IP restriction method is not recommended for users who have a static IP address, as this may lock the access to the wallet.
To set up the login IP restriction, open your waller, go to “Security Center”, on the top right. Then switch to the “Advanced” button and below you’ll see the “Login IP Restriction” option.
- Tor Protection
The Tor browser is used mostly by hackers and scammers to access dark webs and illegal websites. The blockchain wallet, allows the user to protect the wallet by disabling access from the IP address from Tor browsers. Tor protection can be enabled on the “Security Center”, and then switching to the “Advanced” button.
- IP Whitelist –
IP whitelist allows login to the wallet from the IP addresses written by the user. With this feature enabled, your Blockchain wallet doesn’t need to use the email to allow access to the wallet. The wallet just needs to add his IP address and then for each login attempt, the user will have access to the wallet. IP whitelist feature is disabled automatically, but you can enable it on the “Security Center” page and then switch to the “Advanced” button.
- Password Brute-force Protection –
The password of the wallet can be compromised with brute-force attacks. And, Blockchain wallet offers protection of the password from brute-force with a password stretching feature. This feature increases the difficulty of your password discovered by brute-force programs. If the user increases the default number to 5000, it will reduce the loading time of the wallet and the saving process. To protect the account with brute-force protection feature, go to “Security Center”, and then switch to “Advanced”.
Blockchain wallet allows users to exchange one crypto for another crypto easily and quickly. The user can exchange Bitcoin (BTC), Bitcoin Cash (BCH) Ethereum (ETH), Stellar (XLM), and USD Digital (USD-D). For the exchange order to be completed, some confirmations are required to confirm the transaction. For Bitcoin and Bitcoin Cash, a minimum of 2 confirmations are required. Ethereum requires 3 confirmations and Stellar 1 confirmation. Below are the available cryptos to exchange with other cryptos.
BTC -> ETH, BTC -> XLM, BTC -> BCH, BTC -> USD-D
ETH -> BTC, ETH -> XLM, ETH -> BCH, ETH -> USD-D
XLM -> BTC, XLM -> ETH, XLM -> BCH, XLM -> USD-D
Bitcoin Cash (BCH)
BCH -> BTC, BCH -> ETH, BCH -> XLM, BCH -> USD-D
USD Digital (USD-D)
USD-D -> BTC, USD-D -> ETH, USD-D -> BCH, USD-D -> XLM
Purchasing Crypto on Blockchain
With Blockchain wallet, users can buy crypto directly from the platform in a shorter amount of time. The user can buy Bitcoin, Bitcoin Cash, Ethereum, Stellar, and USD Digital. Buying cryptos is not available for all countries and below are the supported countries and currencies to buy crypto:
Andorra (Euro), Armenia, Austria (Euro), Belgium (Euro), Bosnia, and Herzegovina (BAM), Bulgaria (Lev), Croatia (Kuna), Cyprus, Czech Republic (CZK), Denmark (Krone ), Estonia (Euro), Faeroe Islands (Króna), Finland (Euro), France (Euro), Georgia (Euro), Germany (Euro), Greece (Euro), Gibraltar (Pound), Guernsey (Pound), Hungary (HUF ), Ireland (Euro), Italy (Euro), Jersey (Pound), Latvia (LVL), Liechtenstein (CHF), Lithuania (LTL), Luxembourg (Euro), Malta (Euro), Monaco (Euro), Netherlands (Euro), Norway (Krone), Poland (PLN), Portugal (Euro), Romania (LEU), San Marino (Euro), Spain (Euro), Slovenia (Euro), Slovakia (Euro), Sweden (Krona), Switzerland (CHF), Ukraine (UAH), United Kingdom (Pound), and Vatican City State (Euro).
Blockchain offers the wallet for mobile apps too. The iOS and Android devices can download the app and manage the wallet directly from the phone or a tablet. The wallet uses a different design than the desktop. Some of the features are not fully supported on the mobile app, but the device can be paired with the web wallet easily.
The user can use the mobile app to exchange all cryptos supported on the web wallet. And buying Bitcoin, Bitcoin Cash, Ethereum, Stellar, USD Digital is available on the mobile platform too. The user can also receive airdrops through the mobile app.
The wallet is perfect to use on mobile devices to scan QR code and send or receive payments. To ensure more security for the wallet, a PIN code or a Touch ID can be set up to prevent authorized access on the mobile wallet.
Airdrop is a distribution of the cryptocurrency token given to the users. Blockchain is known for free airdrops to its users. The first airdrop was Stellar (XLM), where $125,000,000 were given in total to all Blockchain users. The second airdrop occurred in 2020 with Blockstack (STX) tokens worth $10. All Blockchain users can be part of airdrops if they’re a user of the “Gold Level”. At the moment, Blockchain isn’t holding any airdrop, but most likely the next airdrop will be in summer or in December 2020.
The borrowing program lets all Blockchain users borrow USD Digital currency by using Bitcoins from the wallet. To be eligible for borrowing, you need to verify with the “Gold Level”. The maximum amount of USD Digital currency the user can receive is based on the available balance in Bitcoins (BTC). Blockchain borrowing program doesn’t have any limit on the length of the loan. But if the user closes the loan in less than 30 days, a total month of interest will be deducted from the collateral balance.
The Borrowing program is available to all users to except the United States, Canada, and United Kingdom users. To borrow USD Digital currency, go to the “Borrow” menu on the wallet, and enter the amount of USD Digital you want to borrow.
Blockchain Wallet Review Trading Limits
Blockchain wallet offers two levels of verification to exchange cryptocurrencies. The verification is also required to take part in airdrops. You can find the full list of supported countries for level upgrading for blockchain.com here.
- Silver Level –
The silver level requires these documents for verification: Country of residence, first name, last name, date of birth, and the residential address.
After the application is approved, you will have a limit of $1,000 in total to exchange. This included daily and annual limits.
- Gold Level –
To upgrade to the “Gold Level”, the user needs to upload an identity document (IDs, Passport, Driver’s License) and take a photo or video showing the face.
With the gold level, the user can exchange more than $25,000 and a $100,000 limit to exchange weekly.
Blockchain wallet is a trusted wallet from millions of crypto users. But, the lack of regulation and identity verification can be seen from some users as a lookup for another wallet platform. Besides that, many users are skeptical of online wallets as they’re more vulnerable to hackers, viruses, malware, and scams.
The security features offered on Blockchain wallet are some which could be very useful to a secure online wallet. Blockchain transaction fees are some of the most competitive fees for sending transactions.
Buying bitcoins and exchanging cryptos are something that users would like. The orders confirmation on the blockchain network takes less than an hour approximately. The user can also borrow funds from USD Digital currency. And the airdrops giveaways by the Blockchain are a “tactical” way to attract clients.
As a summary, we do not recommend you to store your crypto funds on the online wallet as they’re more targeted from hackers and malicious attacks. But if you want to go with an online crypto wallet and the one that has many years of operating in this field, we can definitely recommend the Blockchain wallet. We also hope you enjoyed this blockchain wallet review and if you are still unsure about other source to get bitcoin we would suggest our coinmama review.
Image via shutterstock & pixabay, Writer Behar H.