The Blockchain wallet is a multicurrency wallet that was developed by Peter Smith and Nicholas Cary’s company called Blockchain in 2011. It is one of the most popular digital wallets because of its unique features and enhanced security.
Users can manage Ethereum and Bitcoin cryptocurrencies using the Bitcoin wallet on a computer or a mobile device.
Features of the Blockchain Wallet
The Bitcoin wallet supports only three leading cryptocurrencies, Bitcoin (BTC), Bitcoin-cash (BCH), and Ethereum (ETH). It does not limit the number of assets that a user wishes to store or trade, but the company does not recommend storing large amounts.
Linux, Windows, and iOS operating systems all support the Bitcoin wallet. The wallet’s mobile application can run in both Android and Apple smartphones. A user can synchronize his desktop and mobile apps for his wallet by scanning a QR code to pair the applications.
The Blockchain wallet has an online customer support center that attends to user issues and requests. A user can submit a ticket request for support whenever he requires, and the support team will respond to it. However, the applications do not have a 24/7 online chat function, and a user will have to wait for a response after submitting a request.
- Blockchain Wallet charges
Users are charged a small fee when they want to transfer Bitcoins or Ethereum coins across the blockchain network. This fee is paid to the mining community that record and authorizes each transaction. The users who commit to paying a higher price have their operations confirmed faster.
- Wallet Security
The Blockchain wallet offers a three-tier security infrastructure for every transfer. Using the wallet requires e-mail verification and password authentication before logging or before transactions. The wallet also blocks IP addresses from accessing your Blockchain wallet account and the Tor network.
The Bitcoin wallet is a free wallet, and a user only needs to visit the website, download the application, and begin using.
How to add currency to the Bitcoin wallet
After downloading or visiting the website on your computer or mobile device, you need to create an account to be able to start adding cryptocurrency to your wallet. The site will request you to enter your e-mail address and choose a password to activate the wallet.
After activation, open the Blockchain wallet page, log into your account, and press the request button. A list of the three currencies that the wallet will be displayed. Select the currencies of your choice.
After currency selection, you will notice a long string of numbers and letters displayed. The long string of numbers and letters is the wallet address that people can use to send cryptocurrency to you. You can share these addresses using a QR code.
You can now transfer Bitcoin or Ether from other wallets using this address, or you can purchase them through an exchange such as Coinbase to fund your wallet.
How to send cryptocurrency using the Bitcoin wallet
If you have cryptocurrency on your wallet, you can send them to another user by clicking the send button on your dashboard. You then select the relevant currency from the currencies displayed and specify the wallet address of the recipient. You can enter it manually or you can scan the QR code of the recipient’s wallet. You complete the transfer by entering the amount you want to transfer and specifying the transaction fee you wish to pay depending on its priority. Faster transactions attract higher transfer fees.
The Blockchain wallet has numerous advantages like it offers enhanced security for assets by the 2-step verification and e-mail confirmation features. It has an easy to navigate interface that displays useful details such as the balance that is presented in a user’s local currency. Blockchain wallet users can pair their web wallet with their mobile devices by simply scanning the QR code.
The major disadvantage of the Blockchain wallet is that it is an online wallet. Online wallets are more vulnerable to security breaches than offline wallets.
The other con of the Blockchain wallet is that it only supports Bitcoin and Ethereum currencies. Users that use multiple currencies may consider the Bitcoin wallet inconveniencing for them.
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